The G20 Summit: Trying to square the circle

There has been much focus on the assaults on civil liberties in Toronto during the G20 summit.  However, the summit was also a failure within the fences.  The recent G20 summit in Toronto brought to the surface all the contradictions of global capitalism. Every capitalist nation wants to climb out of the crisis at the expense of its competitors. Everyone is calling for demand to be kept up, while at the same time applying cuts in public spending at home. At the heart of this are the mountains of debt that have accumulated everywhere.

A New Stage in the Crisis of Capitalism

After talk of the so called "credit crunch" gave way to optimistic comments about the "green shoots" in the economy, events in Greece caught the bourgeois commentators unaware. Now the world economy has once again been plunged into chaos and uncertainty as the governments of Europe try to contain the fall-out from the near-default of Greece and it is the workers who will be presented with the bill.

Greyhound Canada threatens to cut bus routes

In early September, Greyhound Canada announced a plan to cut its bus services in Manitoba and north-western Ontario, unless the federal government subsidized them with an additional $15 million.  Greyhound Canada already receives subsidies from the government on the condition that it services the less profitable routes. But now, the company is claiming that it is not making enough profits from running these routes. Greyhound claims that it has been hit by the crisis and needs a “bail-out.”

Capitalism Versus Science

We are constantly bombarded with the myth that capitalism drives innovation, technology, and scientific advancement. We are told that competition, combined with the profit motive, pushes science to new frontiers and gives big corporations incentive to invent new medicines, drugs, and treatments. The free market, we are told, is the greatest motivator for human advance. But in fact, the precise opposite is true. Patents, profits, and private ownership of the means of production are actually the greatest fetters science has known in recent history. Capitalism is holding back every aspect of human development, and science and technology is no exception.

Canadian household debt reaches record numbers -- Headed for crash

New numbers about personal debt loads have come out and they point towards an impending economic catastrophe in Canada. Many politicians and economists eagerly tell the public that Canada has come through the worst of the recession and the economy will be rebounding very soon. But, the numbers tell a different story. Canada, so far, has been hit hard by the fallout of the global recession with exports of manufactured goods plummeting, but until this point the domestic markets have remained strong. This is about to change.

Housing for Profit or Homes for All?

On Saturday, April 4 2009, thousands of people from communities across BC will come together to demand immediate government action to end homelessness, build social housing, protect rental housing and raise welfare and minimum wage rates. Fightback will be joining this rally to demand "Homes For All" and a socialist solution to the housing crisis.

The Financial Crisis and the Auto Sector

The crisis in the auto industry is now affecting nearly every country. Demand for vehicles has fallen sharply all over the globe, with sales reaching lows not seen for three decades. If the main auto manufacturing companies go under, there will be millions of jobs lost and a massive blow to the rest of the economy, which would have a disastrous effect on the living conditions of millions of workers around the globe. Ordinary people all around the world are seriously questioning what is going on. What is happening? How can we save our jobs and our communities?

The crisis of world capitalism is gathering speed

The crisis of world capitalism is unfolding relentlessly and with gathering speed. First came the financial crisis (the so-called credit crunch), but now the second phase has begun - the crisis of the real economy - and it is accelerating as each day goes by. This is leading to sharp changes in consciousness, rising working class militancy and the beginnings of polarisation within the labour movement itself.

Canadian workers bear the pain of the global financial crisis

As we predicted, the global economic crisis has hit Canada. For months, finance ministers and bankers have tried to reassure Canadians that the housing bubble, the credit crisis, and sub-prime mortgages were all foreign problems that could not apply to Canada. Every day they are being proved wrong. Working class leaders need to be calling for the nationalization of industry and the banks under workers’ control as the only solution to the financial mess.

Markets routed in global sell-off – “It’s every man for himself!”

In the words of Alan Greenspan, “The crisis will mean a return to the ideological struggle between socialism and capitalism. Many of us thought that struggle was over with the collapse of the command economies, but this is not the case.” Reality is indeed coming home with a bang!
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