Political suicide or managed decline?

With the sovereign debt contagion spreading, the euro facing existential crisis, the possibility of a US default and gold prices hitting record highs there is a real possibility that capitalism is heading for a further sharp downturn. But, asks Jack Conrad, does Keynesianism offer a way out?

Before he carried the heavy responsibility of serving as shadow chancellor, Ed Balls “cast himself as a latter-day John Maynard Keynes”.[1] The TUC’s industrial investment, job creation and VAT cutting alternative budget proposals are quintessentially Keynesian.[2] The same goes for the demands of the People’s Charter promoted by the Morning Star and supported by Aslef, RMT, FBU, GMB, Unite, PCS, NUR and a range of other trade unions.[3] The assumptions, proposals and expectations of many other organisations, campaigns and individuals on the left are either explicitly or implicitly Keynesian too: Labour Representation Committee, Left Economics Advisory Panel, Respect, Caroline Lucas, Gregor Gall, Andrew Fisher, Green New Deal, etc. All call for deficit financing as a means of slashing unemployment and putting the country back onto the high road to economic growth, as mapped out by the “great saviour” (Robert Skidelsky).[4]

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Letters

Relevant option; Weird; Wonderful; Equals; Multi-tasking; Disgusting; Idiotic; Racist Israel; Improvement; Questions; Rebuff for Alex; New charge

Look to our own strength

Michael Copstake demands the break up of Murdoch's media empire

Cracking pace

Mark Fischer updates us on the role of zombie Nazis, new gazebos and shithouse rats in this year's CPGB fundraising drive

Affiliation tersely rejected

A tactical question for the new CPGB

Cops, press, and capital

The scandal at News International reveals a few home truths about the corrupt establishment, writes James Turley

Contagion spreads to the core

The escalating euro zone crisis and the possibility of the US defaulting on its deficit could trigger another global economic meltdown, writes Eddie Ford - and yet more attacks on the working class

The Arab awakening and the prospect of unity

In this edited version of a speech given to the CPGB's Marxism fringe on July 3, Mosh

Weekly Worker 875 is also available in PDF format