Posted by John, June 17th, 2011 - under Saturday's socialist speak out.



The Greek Government is battling its own people and a debt crisis it can no longer control and which the EU and the IMF might be no longer be able to control. French and German banks may be dragged down with Greek capitalism, spreading the contagion across Europe and then the globe.

Add in the ongoing crisis in the US, where unemployment is at over 9 percent and refusing to drop, and it all makes the nightmare scenario of prolonged depression around the world a possibility.

That is why global capitalism will do all it can to stop the Greek debt crisis spreading. But it may not have the fire power necessary to do that.

The Arab revolutions continue, almost as a a counterpoise to the economic crisis threatening the developed countries. Here lies the possibility of a new world where production is organised to satisfy human need.

But that is for the future.

In Syria today the dictatorship is killing its own people to stay in power. The regime has some support, the working class has not yet found its voice as working class and its social weight may not be enough to topple Assad and his henchmen.

The overthrow of the Syrian regime might depend more on what happens in other countries, especially Egypt.

In Egypt the armed forces remain in power but there are signs that the demands of the left for a second revolution are getting a hearing. Tens of thousands turned up to Tahrir Square on 27 may to make that demand.

The Army cannot satisfy the demands of Egyptian workers and peasants for justice and jobs, freedom and food and those contradictions will push the revolution relentlessly to its next stage.

In Morocco the king will announce reforms in an attempt to head off revolution. It may not be enough.

In Australia the economy bubbles along with the mining companies making huge profits thanks to China.

This two speed economy will burst asunder at some stage, particularly if Chinese growth figures continue to fall and the prolonged depression I mentioned above kicks in.

Prime Minister Julia Gillard refused to meet the Dalai Lama in case that would offend the butchers in Beijing.

Magnificent demonstrations greeted Labor’s Immigration Minister Chris Bowen when he went to the University of New South Wales. If only every rotten reactionary Labor Minister met with the same response no matter where they went.

Twiggy Forrest, with a net worth according to Business Review Weekly of $6.2 billion, complained again about the proposed mining tax and muttered something about it being ‘unAustralian’.

Perhaps he means paying tax is unAustralian. According to Laura Tingle in today’s Australian Financial Review

Forrest has never signed a corporate income tax cheque for any of the listed companies he has run in the past 16 years. And FMG [his main company] has another $700 million in tax losses still to bring to account before he will have to do that.

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