Statement on the US and Global Economic and Financial Crisis
BY THE INTERNATIONAL LEAGUE OF PEOPLES’ STRUGGLE
Posted by Bulatlat
We, the International League of Peoples’ Struggle, take cognizance of the total discredit of the “free market” dogma, the unraveling of the policy of “neoliberal globalization” and the gravity of the current level of the economic and financial crisis of the imperialist powers headed by the US. We condemn in the strongest terms all the economic and financial crimes of monopoly capitalism against the people under the slogans of “free market” and “neoliberal globalization”.
Such crimes are as follows:
1. The systematic driving down of the wages and other incomes of the working people and the suppression of their democratic rights for the purpose of maximizing the profits of the monopoly firms in the imperialist and other countries;
2. The cutbacks on social spending by governments for education, health and other basic services, tax cuts, gilded contracts, subsidies and insurance for the monopoly firms, the privatization of state assets, deregulation to make way for the unbridled exploitation of the working people and the environment and the use of state power in the service of monopoly capitalism;
3. The use of cheap labour in the less developed countries like China and India in order to produce cheap raw materials and semi-manufactured consumer products for the imperialist countries and thereby maximize imperialist profits;
4. The accelerated accumulation and centralization of productive and finance capital in the hands of the monopoly bourgeoisie and the growing financialization of the home economies of the US and other imperialist powers, with the financial corporations rapidly increasing their share of corporate profits;
5. The unbridled use of debt financing for consumption in order to conjure the illusion of economic growth, to cover trade deficits and budgetary deficits, to fuel corporate speculation in stock and bond issuances, mergers and derivatives, to allow unregulated money creation and debt expansion by commercial and investment banks and to stimulate financial bubbles like the mortgage scam in the US and elsewhere and debt-based consumption by households amidst industrial decline and decreasing employment in the US and other imperialist countries;
6. The use of public funds as well as people’s savings deposits and pension funds to bail out the bankrupted mortgage banks, commercial and investment banks and insurance companies involved in the massive mortgage fraud in the US and the global spread of poisoned securities backed by bad mortgages; and
7. The continuing accumulation and concentration of capital in the hands of the strongest corporate giants and the redeployment of finance capital in food, fuel and minerals causing a new bubble in prime commodities and generating inflation and price gouging at the expense of the broad masses of the people amidst depression and rampant unemployment.
The financial crisis, ignited by the mortgage meltdown and characterized by the bankruptcies of banks, abrupt stock market falls and severe credit crunch, and the economic crisis involving the further stagnation and depression of production and consumer market are destroying the forces of production and wreaking havoc on the lives of the people on a global scale.
The crisis of the imperialist system keeps on worsening, as the imperialist powers and all reactionary forces strive to preserve the moribund system of oppression and exploitation. They incite extreme reaction and fan the flames of chauvinism, racism, religious bigotry, fascism, military intervention and wars of aggression. Under these conditions, the suffering people everywhere are increasingly compelled to fight for their democratic rights and for national and social liberation.
We, the International League of Peoples’ Struggle, call on the people of the world:
1. To expose and oppose the root cause, historical sequence and circumstances of the current economic and financial crisis and condemn the economic and financial crimes of the US and other imperialist powers;
2. To intensify the mass movement for national and social liberation and wage all forms of struggle against the imperialist powers and their puppet states in all their attempts to perpetuate the imperialist system of exploitation and oppression and suppress the people’s movement by fomenting chauvinism, racism, religious bigotry and under the guise of anti- terrorism unleashing fascism, military intervention and wars of aggression;
3. To take advantage of the adverse effects of the aforesaid crisis on the status of the US as the No. 1 imperialist power, the intensified economic competition and political rivalries among the imperialist powers and the general discredit of the imperialist powers and their puppet states;
4. To seek ways of alleviating the poverty and economic suffering of the people while waging struggles against imperialism and the local reactionaries; and
5. To strengthen all progressive and democratic anti-imperialist forces and build the united front for the purpose of advancing the revolutionary mass movement in order to fight and defeat imperialism and reaction establishing new revolutionary and democratic states within the foreseeable future.
We are greatly inspired and strengthened by the resounding success of the Third International Assembly of the International League of Peoples’ Struggle. We feel confident and ever ready to realize our prime objective of bringing about greater unity among the people’s organisations and greater advances of the people’s struggles against imperialism and all reaction.
We reaffirm our commitment and resolve to step-up our preparations for the coordinated series of campaigns and actions and intensify the various forms of struggle against the whole imperialist system and all reactionary forces in power. We call on all progressive, democratic and anti-imperialist forces to join us and to seize every opportunity to unite and intensify the common struggle along the consistent and militant anti-imperialist and democratic line.
Prof. Jose Maria Sison
Chairperson, International Coordinating Committee
International League of Peoples’ Struggle
13 October 2008
(Posted by Bulatlat)