Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page:

From The Socialist newspaper, 23 January 2008

Looming recession...

Why should we pay for capitalist crisis?

Stock markets crash

Stock markets crash

THE BOSSES and their capitalist system - based on greed and profits for the few - have fouled up Britain and the world big time.

Dave Carr

They give the impression that the world economic tsunami, which has already struck the US and is about to wreak havoc in Britain, is like a natural disaster, an 'act of God'. It is not! It's the failure of their profit system.

So who will pay the price for this failure? The super-rich, the financial wheeler-dealers, the top bosses? No, it'll be us! Already housing repossessions are expected to rise to 45,000 this year, up from 30,000 in 2007, a 50% increase.

And one in six households - that's four million - is living in fuel poverty in Britain, yet the government's latest energy bill makes no mention of this. Meanwhile, the largest six energy supply companies made a whopping 2,000,000,000 profit in just six months. But even this mountain of cash isn't enough for them, as they whack up gas and electricity prices by up to 23% for customers.

Under New Labour the wealthy have enjoyed an income and profits bonanza, doubling their wealth. As a result of the speculative frenzy on the stock markets the mega-rich have increased their incomes even further. However, to join this elite 0.1% of income earners you will need an average income of 780,000 a year.

But while real incomes of the elite grew by 6.6% a year on average, (while contributing only 4.3% of income tax revenue), low-paid health workers, teaching assistants, local government workers, civil servants, etc, are having to fight pay cuts under the government's 2%, three-year public-sector deals.

But before we complain, bear in mind that Gordon Brown and chancellor Alistair Darling are short of cash. They have had to guarantee 55 billion of our money to bail out Northern Rock.

But instead of nationalising it, the government will guarantee a sale of bonds to revive a potential buy-out for financial fat cats like Richard Branson. In other words, our money will guarantee the bank's debt to allow it to be taken over by another private bank to make a big profit! Northern Rock shares immediately rose as much as 55% in speculative trading as a result.

So how come New Labour and the capitalists can get away with this rotten system? Mainly because the working class is denied a political voice. Instead of funding a workers' party, many at the tops of the trade unions continue to spend our union political funds on supporting New Labour. Moreover, these same officials continue to hold back workers' struggles over low pay and against privatisation.

We need to change the unions to break with this government of the rich, by the rich, for the rich. Our union money and resources should be used to build a new left-wing party to represent workers' interests and those of the poorest in Britain.

The Socialist Party is working to achieve such a goal. Join us to end the rule of the rich and to build a society based on equality and fulfilling people's needs.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.

In The Socialist 23 January 2008:

Why should we pay for capitalist crisis?

Shock of recession draws near

Workplace news

Strike against poverty deals in PCS

Marching behind the Burslem 12

Socialist Party women

New threats to abortion rights


Defend Tommy Sheridan

SNP 'trusts' are PFI in disguise

Socialist Party campaign news

Tower Colliery closes: A brave attempt

Post office campaign: Changes in the law to break the poor

Keep Marksbury library open!

International socialist news and analysis

Bolivia at breaking point

Workplace analysis

NUT national executive: Left fighter stopped from standing

More work for less pay

Socialist Party workplace news

Shelter staff under attack from management

Cadburys close Keynsham factory

Council spends thousands fighting workers' pay claims

No more stooge union reps!


Home   |   The Socialist 23 January 2008   |   Join the Socialist Party

Subscribe   |   Donate  

Related links:


triangleTheatre: On Bear Ridge - an examination of loss, set in a post-apocalyptic world

triangleReaders' opinion: Twitter's banning of political ads threatens workers' voice

triangleAttacks show elite fear a Corbyn election win

triangleHackney Socialist Party: Capitalist democracy V Socialist democracy

trianglePreparing to shape events internationally

Capitalist crisis:

triangleWaltham Forest Socialist Party: National identity and capitalist crisis

triangleSouthampton Socialist Party: Tories in meltdown, workers' revolt in France and capitalist crisis

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleThe ongoing capitalist crisis and the struggle for a socialist world


triangleWhat lies behind the US-China trade war?

triangleNew recession fear stalks the world economy

triangleBristol North Socialist Party: Is a recession coming?


triangleWest London Socialist Party: Rebellion around the world - Is it coming to Britain?

triangleHackney Socialist Party: Rebellion around the world - is it coming to Britain?

Northern Rock:

triangleTories flog bank assets to hellhound US profiteers

Capitalist system:

triangleThe 1929 Wall Street Crash: When the capitalist system was on its knees


triangleKnife and gun crime a product of poverty and austerity

Reports and campaigns

Reports and campaigns


Postal workers

Postal union determined to resist bosses' attacks


Socialist Party

I'm 90 and still a socialist



UCU strikes: Union means business in fight against employers



General secretary election: Enthusiastic support for Marion Lloyd



Socialism 2019 - what you thought



We saved Chatsworth Ward - two years on


Fighting Fund

Help socialist ideas spread this election: donate!



Barking: protest brings pledge to remove dangerous decking


Campaign Opposing Police Surveillance

Trade union conference to force secret police disclosure


Climate change

Socialism 2019 rally: "Socialist change needed to end climate change"



Leicester campaigns to save our NHS



Bradford libraries and museums: Unite members escalate action against cuts



Frimley NHS Trust strikes: Health workers walkout against privatisation



'McStrikers' demand 15 an hour


Socialist Students

Fighting for free education, jobs, homes, and a future worth living

triangleMore Reports and campaigns articles...

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube



Phone our national office on 020 8988 8777


Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07954 376 096

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551



Alphabetical listing

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019