Coronavirus outbreak threatens world economy

 

The latest outbreak of coronavirus has caused the biggest wave of stock market losses since 2008, wiping $5tn off share values worldwide. Markets are worried that the virus will have a serious impact on an already weak world economy. These fears are not unfounded.

The new coronavirus epidemic is having important implications for the class struggle, which we covered yesterday in an article about the outbreak in Italy. In this article we will deal with the effect the outbreak is going to have on the world economy.

Read more ...

Bernie Sanders vs the Democrats - fight for a workers’ party


 

 
The Democratic primary campaign has become a two-horse race. Former Vice President Joe Biden and self-proclaimed socialist Bernie Sanders are set to slog it out over a gruelling campaign, reminiscent of the Democratic primaries in 2016. The party establishment are terrified of a Sanders win - not simply because of the Vermont Senator himself, but because of the mass movement behind him. An article in the Economist even argued that Democratic primaries are too democratic and that it would be preferable for “party insiders” to “vet candidates by setting tighter eligibility criteria” in order to prevent a “populist takeover” by the left.
Sanders has built a powerful base amongst the working class and the youth. He has achieved this on the basis of class-based demands, such as universal healthcare, combined with radical rhetoric - including calls for a political revolution against the billionaire class.  This has resonated with many in the US - in particular those who have remained outside of politics, due to a lack of an alternative to the two establishment parties, as well as new layers of radicalised youth.

 

Read more ...

Britain: lessons of the election, don’t mourn – organise!

All the reactionaries are crowing. Donald Trump expressed particular delight at the result. “Congratulations to Boris Johnson on his great WIN!” the US President wrote on Twitter. “Johnson secures crushing UK election victory,” exuded the Financial Times, as the pound rose on foreign exchange markets.

Read more ...

Britain after the election defeat

“The idea that all Britain’s Labour party needs to do to win is offer true socialism has been tested to destruction.” (Financial Times) 

News of the British election result was greeted by jubilation on the stock markets of the world. The pound sterling soared, and Donald J Trump tweeted: “Congratulations to Boris Johnson on his great WIN!”

But all history shows that a rise in the stock market does not necessarily signify anything positive for the working class. Rather, the opposite is the truth. And what pleases the present occupant of the White House will not necessarily be to the liking of the working people of Britain.

Read more ...

IMT statement: for revolutionary change, not climate change!

The international climate strike movement has created waves across the world. Over the past year, during the course of several global days of action, millions of young people from over 100 countries have walked out of school in order to join the ‘Fridays for Future’ protests, demanding immediate action against the climate crisis.

Read more ...