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From The Socialist newspaper, 27 January 2016

Davos summit: a broken capitalist system

Monopoly man with axe dancing on money bags, photo torbakhopper (Creative Commons)

Photo torbakhopper (Creative Commons)   (Click to enlarge)

Robin Clapp

At their annual semi-secret get together in Davos, Switzerland last week, 3,000 bankers, industry chiefs, media moguls and capitalist politicians met to deliberate the state of world affairs.

Their primary concerns were not that 900 children worldwide still die every day from drinking polluted water, or that climate change scientists have warned that 2015 was the warmest year ever recorded.

Nor were they embarrassed that under their ownership of the world economy the wealth gap has now widened to such mind-boggling proportions that just 62 multi-billionaires own the same amount of wealth as the poorest 3.5 billion people across the globe.

Inequality

This shocking report on inequality from Oxfam, concerned them far less than the news that their private casinos, more commonly known as the world's stock markets, had been experiencing difficulties that were undermining their profits and prospects.

These self-declared masters of the universe were forced to conclude that their system isn't working properly. Pumping the banks full of money through Quantitative Easing has merely created more debt and inflated asset prices.

The much-lauded recovery from the 2008 economic crash is unstable and without real foundation. Now, slowing growth in China, recessionary trends in Europe and plunging oil prices, are all creating a perfect storm of global gloominess.

But once again it's the working class and the poor who will be expected to pick up the tab for capitalism's failures. Our living standards haven't risen during the so-called recovery. On the contrary, savage cuts to jobs, wages and conditions are the new normal.

People know this system doesn't deliver for them and their families. What is needed instead is an alternative for the 21st century - a socialist system, where the real wealth creators, the 99%, control and own the wealth produced, thus providing the 1% represented at Davos with their final redundancy notices.

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In The Socialist 27 January 2016:


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Related links:

Davos:

triangleCapitalists fear for their system at Davos

triangleTory infighting escalates - workers' action can oust them

triangleEight billionaires own as much as half humanity!

triangleWorld economy heading into a storm

triangleDavos summit: 'The pitchforks are coming!'

Capitalist system:

triangleSpain: 'We don't want to be brave, we want to be free!'

triangleA world in crisis, ripe for revolution

triangle'Paradise' for billionaires - austerity for us

triangleRussia, October 1917: When workers took power

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triangleSpain: Student general strike against sexist, capitalist 'justice' system

triangleTories' continuing EU quagmire is Corbyn's opportunity

Wealth:

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triangleRichest worth 724bn... as 100,000 kids fall into poverty

Inequality:

triangleRoyal wedding opulence... during longest pay squeeze in 200 years

Economy:

triangleReject the mega-supermarket merger: nationalise to save jobs

World economy:

triangleBuilding workers' struggle and the forces of international socialism

Switzerland:

triangleTense, lively prologue to events which changed the world

Climate change:

triangleMovement growing against fracking giant Ineos

Banks:

triangleA socialist approach to Corbyn and a customs union

Bankers:

triangleTurn Carillion crisis into movement against privatisation and capitalism

Capitalism:

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