Tag Archives: crisis

Worst Economic Crisis Since Great Depression: No End in Sight for Working People

2888749178_5da9b504c31Commentary by the editors of Fight Back!

In the six months since the financial crisis exploded with the collapse of New York investment bank Lehman Brothers, the world economy has been gripped by the greatest economic crisis since the Great Depression of the 1930s. U.S. and European banks have admitted a trillion dollars in losses, while the banking system of Iceland totally collapsed. Almost all of the major economies of the world, with the exception of China, have started to contract, with millions of workers losing their jobs and businesses going bankrupt right and left. Hardest hit for now are the new capitalist economies of eastern Europe, who are being slammed by their dependence on borrowing from foreign bankers, falling exports and plunging currencies.

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The Good, the Bad, and the Ugly: Commentary on the Stimulus Package

6a00d83451e4d369e200e54f6f6c8c8833-800wiThe following is from Fight Back! News, published by Freedom Road Socialist Organization:

Commentary on the Stimulus Package
The Good, the Bad and the Ugly

By Adam Price

San José, CA – Representatives of the U.S. Senate and House of Representatives agreed upon a compromise economic package Feb. 11 totaling $789 billion in federal spending and tax cuts over the next two years. The bill is expected to quickly pass the House and Senate and be signed into law by President Obama within the next week.

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FRSO: Build a Fighting Workers Movement

Click the image for a PDF pamphlet version

Click the image for a PDF pamphlet version

The following is a new pamphlet on class struggle unionism from the Labor Commission of Freedom Road Socialist Organization. It helps give the lay of the land in the labor movement in the U.S. today and gives some particular guidance to communists intending to organize in the trade unions.

Build a Fighting Workers Movement

A pamphlet by the Labor Commission of Freedom Road Socialist Organization

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Jose Maria Sison: What the People Can and Must Do About the Financial and Economic Crisis

Thanks to Kalovski Itim for pointing out this article from the website of the International League of People’s Struggle:


Contribution to the Forum on the Global and Financial Crisis
on 30 January 2009 at De Balie, Amsterdam

By Prof. Jose Maria Sison
Chairperson, ILPS International Coordinating Committee

It is of utmost importance for the working class and the rest of the people exploited by the system of monopoly capitalism to discuss and clarify to themselves what they can and must do about the current grave financial and economic crisis.  They are necessarily concerned about being ceaselessly victimized by the monopoly bourgeoisie, extending  from the extraction of the surplus value in the process of production to the complexities of capital overaccumulation and abuses of finance capital.

In this connection,  I wish to point out certain facts in order to show in a comprehensive and profound way how the current grave crisis has come about  and how the working class and the rest of the people have been exploited and oppressed on a global scale, especially in the last three decades under the signboard of “neoliberal globalization”. Consequently, it becomes easier to discuss what the people can and must do about the crisis in terms of raising their consciousness, organizing and mobilizing themselves for making protests and demands in order to bring about the necessary social change for the better.

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Message to the Communist Party of the Philippines from the Freedom Road Socialist Organization

The following is from the websites of the Communist Party of the Philippines, the National Democratic Front of the Philippines and the Freedom Road Socialist Organization:

jrc-2576-6To: Central Committee, Communist Party of the Philippines

From: Freedom Road Socialist Organization

Dear Comrades,

We send militant greetings on the 40th anniversary of the re-establishment of the Communist Party of the Philippines. These past 40 years have been marked by heroic sacrifices and great victories for your Party, its army and for the patriotic people of the Philippines. We are confident that the future will be still more glorious, and will bring about a victory of the national democratic revolution, under the leadership of the working class and its Party, the Communist Party of the Philippines.

We have great respect for the ideological and political clarity of the CPP, along with your practical work. Not so long ago, more than a few forces in the world communist movement were wavering. Some even went over to the enemy. We appreciate the fact that your Party upheld the banner of Marxism-Leninism along with the contributions of Mao Zedong. Your firm stand was and is a great contribution to the fight of working and oppressed people everywhere, including the United States. We are sure you will make even greater contributions in the period ahead.

Our organization has worked against the repression directed against the CPP by U.S. imperialism and its puppets. We will continue to do so in the future and will continue to oppose U.S. intervention in the Philippines.

The people of the Philippines and the people of the United States share a common enemy in U.S. imperialism, and the unity between the peoples of our respective countries will, over the long run. contribute to U.S. imperialism’s defeat. Recognizing this, we will work to develop the warm, fraternal relations that exist between our organizations.

Today, the imperialists are beset by crisis. Countries want independence, nations want liberation and people need revolution. We are sure that the revolutionary process in the Philippines will continue to advance under the leadership of the CPP.

Long live proletarian internationalism!

Long live Marxism-Leninism!

Long live the Communist Party of the Philippines!

With Communist greetings,
Freedom Road Socialist Organization

Auto Workers Told to Take Concessions, Abandon Retirees

ph2008121903684The following is from Labor Notes:

Auto Workers Told to Take Concessions, Abandon Retirees

— Tiffany Ten Eyck

President George Bush announced December 19 a $17.4 billion dollar bridge loan for General Motors and Chrysler, a day after it hinted that the companies could be forced into “orderly” bankruptcy.

Auto workers who advocated for short-term aid to the auto industry’s crisis bristled at the conditions attached to the loan. The Bush administration’s requirements mirror demands from anti-union Republicans who torpedoed Congressional action last week. They would decimate UAW contracts and place retiree health care funds into company stock.

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The financial and economic crisis: the European Union affected by the US ‘example’

Karl MarxThe following is from the website of the Workers Party of Belgium:

The financial and economic crisis: the European Union affected by the US ‘example’

Bert De Belder, Institute for Marxist Studies (IMAST), Belgium

Paper presented at the 15th International Conference on European Studies
Center for European Studies (CES), Havana, Cuba, 25-28 November 2008

I. The ‘financial’ crisis : a Marxist analysis

September 2008 will probably continue to resonate for years and decades to come, just as September 2001 did, with 9/11. But with quite differente consequences. After the attack on the Twin Towers, the US went to war. After the crisis on Wall Street, the mighty superpower lies down on the canvass. An article in Der Spiegel headlined: “The End of Arrogance – America Loses Its Dominant Economic Role”.1 Several US financial institutions have gone bankrupt, while others could only be saved by capital injections to the tune of billions of dollars of public money.

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Rick Wolff: Capitalism Hits the Fan

Lecture by Professor Rick Wolff, Department of Economics at the University of Massachusetts – Amherst on October 7, 2008

Another version of the video is here: http://vimeo.com/1962208

Victory for Republic Windows Workers and the U.S. Working Class

chicago-workers-victoryThe following is from Fight Back! News:

Victory for Republic Windows Workers and the U.S. Working Class
By Cynthia Martinez and Stephanie Weiner

Chicago, IL – After a six-day occupation of the plant which brought them nationwide attention, the Republic Windows and Doors workers met inside their factory tonight, Dec. 10, to vote on the settlement offer from their employer. A roomful of politicians watched and a knot of supporters waited for the results with great anticipation.

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Victory to the Republic Window and Door Workers!

A Fight Back! Editorial

Workers TakeoverThe whole world is watching

Working people across the country are holding up newspaper photos and declaring, “Did you see this!” Like us, they are rooting for the Chicago workers waging a militant fight-back in the midst of the economic crisis. 260 union members are occupying their factory, owned by the Republic of Windows and Doors on Goose Island in Chicago. The workers were fired last Friday, two weeks before the holidays. Now the workers dare to set an example to millions of others. Instead of going to the unemployment lines with their heads down and pockets empty they are fighting back.

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