No 1474 10th August 2015
Sudden Labour “left” surge an encouraging mass revolt but leaves workers still clueless about the real catastrophe and disaster of capitalist collapse, heading for scapegoating anti-immigrant, anti-Muslim fascism and more international war. Only revolutionary overturn of capitalism can “Stop Austerity” requiring scientific Marxist understanding and leadership not disarming old Labour “democracy” illusions. Fake-“left” back-Corbyn excitement exposes false tailending “revolutionary” posturing but, while correct, Stalinist sneers of “same old reformism” are just as useless, missing the importance of a movement temporarily lifting Corbyn but which can only sweep past this useless opportunism. Blairite sourness may split and destroy Labour and good riddance, but the working class will remain. Space for new centrism coming, where Leninist perspectives challenging PC stifling of revolutionary debate are vital. Build the science
There is more to the sudden popular upsurge around “left” MP Jeremy Corbyn in the Labour leadership election than just another attempt to fool the working class with the old reformist racket.
It is all that, and explaining its bogus “leftism” to the working class is crucial first priority for Marxist politics.
But the non-stop poisonous belittling of the campaign reflects a deeper ruling class fearfulness as capitalist crisis catastrophe unrolls and its war and drone terrorising tears country after country apart.
Whether it comes directly from the bourgeois press or generated by the disgusting warmonger Blairite wing of Labour (stooges for imperialism), the hostility against the surprise popular enthusiasm has been non-stop and almost desperate in tone.
It is not Corbyn’s empty protest opposition which is upsetting the apple cart, but fears of what could be unleashed once his “left” posturing is inevitably seen through.
There may also be secondary contradictory dissembling agenda too, of “bigging up” the Corbynite “left-threat” bogeyman image, to head the discontented working class precisely in that relatively safe direction, and keep it away from real communism.
But either way it is the sudden and explosive popular momentum behind Corbyn which concerns the ruling class and where it might go, driven by the greatest economic meltdown of all time.
Corbyn-ism itself cannot satisfy for long the frustration and anger trying to burst out or take it anywhere.
Revolution is where it needs to go, with a perspective of overturning capitalism completely, and of calling for its international exploitation tyranny and “war-on-terror” blitzing to be defeated everywhere by the growing anti-imperialist revolt, in Colombia, in Venezuela, by Cuba, throughout the Middle East, Yemen, Egypt’s Sinai, Palestine, Nigeria and Ukraine etc etc and not joining in with the condemnation and demonisation of jihadism and Islamic revolt (a craven capitulation by all the fake-“left”, Trotskyist and revisionist, to the Western propaganda and scapegoating which simply boosts imperialism’s now non-stop war and destruction).
Corbyn’s Labour “left” posing will not raise any such questions.
That is already clear from his empty “right-on” activism around the “Greek Solidarity Campaign” for example.
He was a key speaker just a few weeks ago at the central London TUC rally, cheering on the “No to Austerity” referendum result in Athens along with a clutch of assorted fake-“lefts”, hailing it as a “great victory”, all just hours before the total capitulation of the Syriza leadership to capitalist debt payment and Slump demands.
These “lefts” in Athens had been just as “popular” and elevated as Corbyn now, before completely betraying the hopes of the Greek workers.
Their climb down is another lesson that voting and “Democracy” will always be ignored, at best, by the ruling class when it comes to its real interests, and that the working class will be bullied into submission by big finance and ruling class state pressure.
If not, and they make a fist of resisting the Slump and exploitation, they will be totally and violently trampled over, as in 1973 by the murderous torturing General Pinochet coup in Chile and in dozens of other examples of coups and fascist dictatorships installed around the world, from Haiti, Indonesia and the Philippines, to the Congo’s Mobutu, Uganda’s Idi Amin and Rwanda’s Paul Kagame, and most recently in Honduras and Thailand, Kiev and Cairo all barely mentioned by the “democracy-loving” West.
No such lessons are being explained by Corbynism – least of all those from the misleading Greek jubilation which has left the working class devastated.
All is swept under the carpet (just as by all the fake-“lefts” who cheered on Syriza, simply walking away from the mess they have helped cause with their philistine anti-Marxist stupidities).
Now the same shallow populist “rejectionism” is offered as a policy for the UK!!
Nothing but a similar capitulation and disappointment can follow any such campaign in Britain which simply declares “austerity is unnecessary” and can be stopped, particularly via parliament “if only enough of us get behind it”.
It is a nonsense.
The crisis is incurable, unsolvable and relentless for as long as class domination profiteering is allowed to continue or in other words until there is a revolution to establish the dictatorship of the working class and build socialism.
A revolutionary perspective, guiding class-war struggle, is the only way to end the greatest disaster in all 800 years of the capitalist era, now hurtling towards inter-imperialist war and international destruction.
Devastation and Slump will continue until either the world is reduced to rubble as in two previous world wars (only worse with modern nuclear and chemical weapons etc) or the working class finally takes power guided by the conscious revolutionary Leninist party.
“Left” Labourism itself will solve nothing.
But things are getting so bad in this world crisis that even such usually safe posturing is causing ruling class jitters everywhere, afraid that it will unlock the debate that will lead on to Marxist understanding.
Corbyinism can only prove as hopeless as all other reformism and “left” pressure and is just as treacherous however “sincerely” the anti-austerity, anti-war message is put forwards.
Corbyn may not be a Blairite, but he and others like him keep this thoroughly rotten bourgeois Labour institution upright, giving it a “left” bulwark, to keep on fooling the working class into further support and trust with the illusions that this is the way to an eventual socialist future.
Labourism and its class collaborating trade union parentage has been the ruling class’s major instrument for maintaining its rule for the last 150 years.
It is a key part of the carefully honed parliamentary game, the lying fraud of “democracy” used to cover up the actual class rule dictatorship of the bourgeoisie which alone takes all the real decisions in society and always in favour of the profiteering and exploitation that is the heart of capitalism.
The whole Fabian- “democracy” - “steady change” - reforms and improvements philosophy of Labour has always been a giant lie and no more so than in its final manifestation as the cynical and vile spin bullshit, shallow glitz, cosmetic change, lying Goebbels warmongering Blairism.
Forever in hock to every fatcat billionaire in the world, privatising and selling off public assets left-right-and-centre and mortgaging what was left of social and public services (hospitals, schools etc) to eternal future privatisation debt payments, in return for a few bits of cosmetic reform laced with pull-your-socks-up workfare disciplining (no different in ethos to the Tories’ workhouse impositions), this degeneracy turned ultimately to provoking and justifying the grotesque fascist warmongering in Iraq and Afghanistan, lying deliberately through its teeth about non-existent “weapons of mass destruction” in service to Bushite American shock-and-awe blitz imperialism.
It has helped sustain the nonsensical and meaningless war-on-terror propaganda ever since, the cover for US imperialism’s non-stop worldwide blitzing and torture war campaign, its hoped for “way out” of the disastrous collapse of its system into cutthroat international trade and currency war which is currently killing thousands of civilians in Ukraine, Yemen, Iraq, Syria and Somalia, and with endless drone terror across the Middle East, Pakistan and Afghanistan.
The shallow pretence of the ‘Third Way’ is that the benefits of capitalist entrepreneurship do not have to be ruthless and uncontrollable in their effect, up and down; and that capitalist state intervention in economic and social matters (bogusly called ‘reformism’) does not have to always end up as stifling, heartless bureaucracy which merely deadens everything but solves nothing.
It is the purest propaganda, utterly insincere, and disgracefully deluged now onto millions of worried people solely to paralyse them in confusion so that no mass movement for a real socialist takeover of the economy should begin.
In the West, this ‘Third Way’ posturing conceals a double fraud. First, Blair, Clinton, & Co have not the slightest intention (or purely governmental ability within a capitalist state) to do anything to control the effects and influences of monopoly-imperialism, dominating the Western way of life. Second, nothing but capitalism has ever ruled in the West anyway. The collectivist motivation of society has NEVER been tried here. The periods of Labour ‘reformist’ government have usually been periods of more relentlessly far-reaching capitalist reaction (as far as historical philosophical trends were concerned) than the periods of Tory rule have been.
The postwar Attlee Labour governments are accepted as the ‘highpoint’ of the attempt to organise the country in the collectivist, government-interventionist spirit, sometimes laughably known as a period of ‘socialism’ in Britain.
But what crucially happened in Britain from 1945 to 1951 (and even more crucially in the rest of Western Europe under the domination of American imperialism) was the re-establishment of the discredited capitalist class as the ruling class, - a capitalist system which had become universally hated for the brutal catastrophe of the 1930s worldwide Depression and the open encouragement it had given to the Hitler ‘solution’ to the ‘threat of Bolshevism’.
The actual historical effect of various ‘nationalisation’ measures was really only to revive industries which had been bankrupted by capitalism so that cheap services could be provided (rail, coal, electricity, water, air transport, etc) until the capitalist class was prepared to take them back into private profiteering ownership again, - a process now being completed under a Labour government once more, appropriately enough.
In terms of the international philosophical debate about a restored capitalist order postwar, or a completely new way of life under planned socialism, - the Attlee government’s totally fictitious ‘Second Way’ attempt from 1945 to 1951 was even more ruthlessly and blatantly in the service of capitalism, - helping the US imperialists to erect the vicious Cold-War Iron Curtain around the Soviet Union and the socialist camp, and to threaten it every day thereafter with imminent nuclear devastation; plus non-stop counter-revolutionary intervention on behalf of East Europe’s utterly degenerate and discredited capitalist class.
Nothing but the ethics and class-dominance of capitalism have ever held sway ANYWHERE in the West. The total economic and political disaster now staring the ‘free world’ in the face has come to the Western countries DIRECTLY from capitalism, which has ruled unbroken since the 16th century in West Europe, with no other form of class rule EVER having been tried, or even got close to it.
There has only ever been ‘One Way’ in the West, - society totally DOMINATED by the capitalist class and capitalism’s ethics.
The slimy deceitfulness, crookedness, and posturing of Blairism needs carefully noting. West Europe has known another period of terrifying capitalist economic turmoil this century when a bogus ‘Third Way’ was loudly touted as the obviously attractive ‘alternative’ to failed capitalism and to ‘equally failed socialism’ (meaning feared like the devil by all good petty-bourgeois, such as Blair represents).
And the propagandist of this imaginary ‘Third Way’ so appealing to the petty-bourgeoisie at the time? Adolf Hitler in the rise to prominence (courtesy of big-business backing) of his ‘new movement’ of the 1920s crisis-turmoil period,— the National Socialist German Workers Party, or Nazis for short.
This, it be noted, was well before the outright warmongering degeneracy of Iraq when the Nazi character of Blairism was confirmed.
“Left” protest like Corbyn’s in the Labour Party and on its fringes has always been part of this whole fraudulent Parliamentary game, sustaining it.
It is a deliberate “left” feint, long readied to keep on hoodwinking the working class and tying it back to parliament just at the point when it is increasingly confronted with the harsh Slump realities of cuts and escalating torture and refugee warmongering that is running ever more out of control.
Corbyn’s nomination in the leadership election was supposed to a routine part of this bourgeois democracy racket, the notional “far out leftie” to placate the socialist aspirations of the more thoughtful working class, as for decades before, with the pretence that if “we all hang on in there” eventually this parliamentary system can deliver a better and more fair world, gradually removing the inequalities and opening up opportunities and life prospects for all.
So safe was this tokenism deemed to be initially that the rightwing Blairites (with tacit approval from the establishment circles they are embedded in (up to the fundament)) even made sure Corbyn got enough votes to stand, by “lending him” their nominations to make sure he got into the leadership competition.
By patronisingly seeking to leaven the whole thing with a bit of “left” spice the aim was to bolster the pretence of “everyone getting a say” and a “real democratic debate” – as long as nothing came of it.
But it has gone badly wrong for them.
Unwittingly Corbyn’s campaign has become the focus for a great groundswell of dissent, reflecting huge turmoil among ordinary people, similar to the upheavals around the Scottish referendum.
Slump realities are getting desperate for the poorest sections, and the savagery of the Tory cutbacks and workhouse impositions is building up frustration and hostility in the working class, and even some sections of the petty bourgeoisie, which is steadily reaching boiling point.
That will be multiplied a hundredfold once even the shallow pretences of “growth” are wiped out by the returning crisis (fended off temporarily only by Mickey Mouse QE money printing and unsustainable near-zero interest rates).
Everyone senses that despite all the topsy-turvy pretences about “an upturn” and idiotic la-la “happy days are here again” claims by the Tories, the economic and political disaster seen in 2008 is ready to re-surface with full Slump force at some point soon.
On top of pain and penury of the crisis the deluge of ruling class and establishment incompetence, sleaze, depravity and cynical careerist opportunism is now beyond the wildest dreams of supposed “conspiracy theorists.
Daily “you-could-not-make-it-up” revelations pour out over cocaine snorting sex party Lords (so not just “drunk as” then?) unbelievably actually in charge of the moral standards committee, Nazi sympathies rife in the Royals, non-stop stripping of state assets in outrageous thieving fire-sales to feed the greed of the fatcats who can no longer make profits any other way (selling off the Post Office, the efficient East coast rail line and RBS shares at dirt cheap prices etc etc) and most of all of the deep running and sinister establishment cover-ups over decades of the vilest child abuse scandals (well known of and ignored throughout the politigensia and Fleet Street and helped along by “left” PC “gay rights” defensive cover up).
Lies, duplicity and incompetence are illustrated currently in the collapse of the Kid’s Company charity adopted originally by Blairism to paper over the disastrous ruination of young urban lives caused by the brutality, exploitation and alienation of capitalism itself, and the total bankrupted failure of even the pathetic amelioration measures once offered by state welfare reformism but steadily removed (as all reformist gains are being, and were always going to be, removed).
Funding such “charridee” from Red Nose Day downwards was a mainstay of Blairite petty bourgeois individualistic moralising about “self help and improvement” inadequately covering over the vacuum left as the state provision was shut down, and was so indistinguishable from Toryism that Kid’s Company was even personally adopted by David Cameron, part of hijacking the Blairite bullshit spin and stretching it to the limit as the cynical Big Society “compassion” and “one nation” all “in it together” of the 2010 election.
Like all charity, home and abroad, the Kids Company’s well-meaning personnel and their individual sacrifice only ever serve to put an inadequate sticking plaster over the worst of the social and psychological wounds caused by capitalism’s ruthless exploitation, salving petty bourgeois donor consciences and heading-off the deepest class agonies and contradictions that would otherwise have nowhere else to go but explosive rebelliousness.
Like all charity it is part of the problem, masking the true impact of capitalist crisis disintegration and fostering illusions in “good works” somehow improving the world, when the agonies it deals with will endlessly be regenerated by the conflict and antagonisms of capitalism.
But now even this Band-aid social mechanism has fallen foul of the crisis(being as precariously vulnerable financially as all charity), with the bankrupt and incompetent ruling class no longer able or willing to keep it going, and managing to demonstrate its low-down dirty dealing nature even in the way it has shut the organisation down, using a campaign of vile innuendo and unsubstantiated bourgeois press vilification about financial incompetence and sexual abuse to deflect the blame.
It moves the social tension ratchet up another notch, making the ruling class even more jittery about even something as safe as this Corbyn upsurge.
The whole of capitalist society is a festering mess and the ruling class sees all kinds of dangers emerging for their control, not least in the further breakdown and disintegration of the entire reformist pretence.
Their fears are well founded.
Far from writing it off the surge as “nothing new, just a piece of reformist wishful thinking” as the museum-Stalinist do in their latest Proletarian paper, revolutionaries should see a potentially profound change taking place.
This could be the next step in the complete breakdown of Labourism in the working class and the rearrangement of British working class politics into a new period of centrism – the halfway house between old parliamentary illusions and revolutionary anti-capitalism – as long expected by Marxist analysis of the crisis.
As yet such change is only a tentative possibility from this groundswell.
But several false starts have already shaken the old class collaborating foundations of Labourism, most notably Arthur Scargill’s initially promising but ultimately sterile trade union bureaucratic Socialist Labour Party, – avowedly anti-capitalist when it began but eventually shutting down vital open Marxist discussion (with the kangaroo court expulsion of EPSR editor Roy Bull just after his election as SLP vice-chairman (see EPSR No1245 24-08-04) – to such stuttering careerist efforts as parliamentary opportunist George Galloway’s Respect party.
Assorted Trot infested artificially forced fake-“left” collations like the Socialist Alliance, the censorious PC single-issue priggery of Left Unity (the exact opposite of open polemical debate) and the Little Englander “left”-nationalism of the Trotskyite/trade union TUSC grouping, have also tried hopelessly to ride the upswell as self-declared “revolutionaries”, though without any connection to the working class and anyway intent only to infect it with their poisonous hatred of the USSR and other workers states and all things with any working class discipline.
None have taken off but there is a vacuum developing as Labour disintegrates, and nature abhors a vacuum.
The Brarites as usual are missing the point, because for all their phrasemongering about the crisis, they do not have the slightest grasp or belief in the complete transformation it must force the entire world towards.
Writing off the Corbyn surge as “just another alternate face” for left Labour trickery misses everything.
It is as philistine as the Old Bolsheviks who could not see the importance of the new Soviets when they emerged in the Russian Revolution in 1917, the “dual power” revolutionary challenge to the bourgeois government.
It is as philistine as their own failure to see the collapse in the Labour vote in election after election, and overall working class abstentionism, in anything but miserable defeatist terms, declaring it to be just “apathy”, a position they slyly changed with no explanation (after reading the EPSR’s analysis - see issue No 1470 eg).
But that voting breakdown, and the positive contempt it expresses for parliament (as the Brarites later acknowledged, changing their view) is part of the same movement behind the Corbyn surge.
Contradictorily, despite the thoroughly bourgeois and reactionary nature of class collaborating TUC/Labourism, its exceptionally deep and long history in workers movement history may mean such development emerges around the Labour Party or rather its breakup and collapse (as Scargill was a Labour breakaway).
The Labour party has virtually been the workers movement in Britain.
It has already been abandoned by much of the working class.
It could now collapse completely, possibly splitting wide into two separate parties or even multiple fragments
Corbynism is not advocating any such thing of course.
Just the opposite, his aim is to try and hold the wreckage together as he has made clear with placatory olive branch statements to the backstabbing nastiness of the Blairites, despite their non-stop sabotaging and hate-filled articles filling the bourgeois press against him.
And the arrival of the most grotesque careerist opportunists on the “left” political scene, from Ken Livingstone to George Galloway to “pledge their support”, rejoining Labour if necessary, is no encouragement.
Even the mountebank Militant (now Socialist Party) Labour entrist Derek Hatton, whose tricky Trot “left” posturing leadership of Liverpool council eventually sold-out the working class to the Gnomes of Zurich bankers, has suddenly reemerged after a long career as a wide-boy operator in the city, riding around in a Rolls-Royce after the gross debacle of the failed Trot takeover, ready to inject a dose of this particularly poisonous anti-communist Trotskyist sectarianism into proceedings.
Not one of these comes within a million miles of the only understanding that the working class needs, Marxism-Leninism and the struggle for a world perspective of revolutionary overturn.
And they certainly are not going to help open up the great debate in the working class that is needed to build a Leninist leadership.
Far from exposing and challenging all the old fake-“leftism” and petty bourgeois opportunism, that has confused and held back the working class, they are its very personification.
But dialectical movement is sharpening things up.
It may well be the Blairite reactionaries who will push the whole thing over the edge themselves, feeling that their grubby opportunism is being sidelined, just as the Social-Democrat breakaway opportunists deliberately scuttled the “left” Foot and Benn Labourism of the Thatcher period.
The Blairite opportunist argument for continued grovelling service to the ruling class on the grounds that “demanding more left moves would make us unelectable” is specious defeatism.
It echoes the eternal opportunism which has hampered the working class from the Bernsteinism of the Second International right through to the “don’t provoke imperialism” retreat from revolution by Stalinist revisionism.
This has always pretended that “we should not ask for too much at once”, just the small changes that “win the most support”.
As Lenin pointed out (see Once again about the Duma Cabinet June 1906 eg quoted in EPSR 1170), this is entirely the wrong grasp; reforms have only ever been won as a by-product of revolutionary upheaval when the ruling class desperately “throws something to the wolves” to hold them back.
The entire social services and improved conditions gains of the post-war period were achieved not because a reformist government (Attlee) had been elected but because a revolutionary wave of struggle across Europe has just driven back Nazism and threatened to sweep all the way to the Atlantic.
Reformism not only never achieves anything for the working class of any permanence, but in crisis sees all the “gains” dismantled again (the Labourites either directly instrumental in the sell-off or making no efforts to resist, hardly even fighting to get elected. Labour deliberately made no effort to stop the Liberal-Tory coalition in 2010 - despite first crack at negotiations with the LibDems - and its campaign this year was even more deliberately lacklustre; the Blairites do not even want to challenge for power).
Their grovelling class collusion ends up exactly where the repellent Harriet Harman did after George Osborne’s latest savage budget cuts, actually offering support to the ruling class for its attacks on the working class.
This spirit will run all the way to trusteeship in the concentration camps, helping the ruling class do its dirty work.
Or worse still which signs up as the gauleiters in the Nazi party as the EPSR was already predicting in the above quotes.
The sudden “left” surge trying to bypass this deliberately supine TUC/Labourism, has already forced to the surface more of the scummy duplicity and underhandedness of this outright bourgeois politics, now turning to the vilest blackmail sabotage threats for example by “refusing to serve” in a Corbyn cabinet.
So much for the “party loyalty” they are insisting on for those voting for Corbyn!
But let them break up the Labour racket, – and good riddance to a century and half long millstone round the neck of the working class and its revolutionary instincts.
The critical thing is to see what emerges from the fragments and to be ready to make the revolutionary Leninist input as some kind of centrism emerges, whatever petty bourgeois reformist illusions and anti-communists prejudices prevail to start with (as certainly is the case with the populist movement flocking into the Corbyn meetings).
To dismiss this knowingly as “just the same old thing” is a sectarian mistake but the fight must be on for revolutionary understanding.
First off will be to warn about the central nonsense in Corbynism, that the Slump can be stopped, ignoring completely the devastating reality of capitalist collapse and the world war it is unstoppably heading for (to destroy the surplus capital clogging the system) and keep on imposing the will of the US Empire despite its bankruptcy, suppressing growing revolt.
Like all reformism Corbyn’s petty bourgeois do-gooding does not want to see the crisis in its full and unstoppable extent because of the inevitable necessity that imposes of ending capitalism as the only way forwards, and therefore the necessity of revolution.
Labourism has always failed to warn the working class of the greater crisis, pretending (quite cynically) that there is simply a “better way” to run capitalism.
For the doubters, who resist Marxist theory, let the bourgeois press tell some of it:
[Apart from Greece] more than 20 other countries are also wrestling with their own debt crises. Many more, from Senegal to Laos, lie in a debt danger zone, where an economic downturn or a sudden jump in interest rates on world debt markets could lead to disaster.
One of the lessons from the 2008 crash was that hefty debt levels can leave countries vulnerable to sudden shifts in market mood. ...rock-bottom interest rates across major economies, which have been a key response to the crisis, have in many cases prompted governments, firms and consumers to go on a fresh borrowing binge, storing up potential problems for the future.
Judith Tyson of the Overseas Development Institute thinktank says the flipside of the latest round of borrowing has been investors and lenders in the west looking for bigger returns than they could get at home.
“Since 2012, there’s been a huge increase in sovereign debt, in Africa in particular,” she says. Some of the countries involved were beneficiaries of the debt relief programme that G8 leaders signed up to at the Gleneagles summit in 2005. “They were given debt relief with the idea that it would give a clean slate to go forward”.
She warns that countries have “loaded up” on debt – and while some governments had invested wisely, diversifying and improving infrastructure, others have not. She points to Ghana, in west Africa, where a sharp increase in borrowing has been spent on what she calls “pork-barrel politics. They’ve spent it in a frivolous way.”
Jubilee’s analysis defines countries as at high risk of a government debt crisis if they have net debt higher than 30% of GDP, a current-account deficit of over 5% of GDP and future debt repayments worth more than 10% of government revenue. “We estimate that 14 countries are rapidly heading towards new government debt crises, based on their large external debts, large and persistent current account deficits, and high projected future government debt payments,” it says.
One vulnerable example is Tanzania, a country that suffered a severe debt crisis in the 1990s. In many ways, it has been a success story since receiving international debt relief in 2001 and 2006, allowing repayments to fall from 27% of government revenue to 2%. Child mortality has dropped; fees for primary schools have been abolished; more children are completing their schooling.
Yet borrowing has steadily risen since 2009, including from multilateral donors such as the World Bank, which tend to offer aid in the form of cheap loans rather than handouts. It’s a measure of success in some ways that the country managed to raise money from private investors in the capital markets by issuing bonds.
But Tanzania’s economic growth, and government revenues, are heavily dependent on exports of gold and precious metal ores, which have fallen in price in recent months. Jubilee’s numbers show that slower than expected growth could see debt repayments shoot up from an expected 10% of government revenue in 2018 to double that – well into the danger zone.
Falling commodity prices as growth in China slows, as well as the strong dollar – a danger because much of African governments’ borrowing is dollar-denominated – will create pressures on many other developing countries.
Ethiopia, where ministers from around the world will gather this week to discuss how to fund the next wave of international development, is another country whose debt levels have been steadily rising. Mongolia, which has welcomed foreign investment to exploit its huge natural resources, including coal, has plans to borrow $1bn over the next year; but with its currency, the tugrik, declining sharply, it could be hit hard.
But it’s not just in the developing world where low interest rates and the legacy of the crisis have increased the temptation to paper over the cracks with borrowed money. Jubilee found that net cross-border lending worldwide, including the private sector as well as governments, has increased from $11.3 trillion in 2011 to $13.8tn in 2014 – and forecasts that it will reach $14.7tn this year.
That’s a 30% rise in just four years and a sign that the “global imbalances” many experts saw as a key cause of the crisis are far from resolved. “The world is still very out of kilter,” says Russell Jones, economist at Llewellyn Consulting.
The lacklustre global recovery has also been a factor in driving up debt levels as policymakers seek to restore pre-crisis living standards.
“All this debt is probably being accumulated because other sources of growth are increasingly in decline,” says Russell Jones.
As Greece’s government found, debts that seem manageable one day can quickly become unsustainable the next if conditions in financial markets or the economy abruptly shift.
Northern Rock, Britain’s bailed-out mortgage bank, made the same discovery in August 2007 when, as its then boss Adam Applegarth put it, “the world changed”. Many experts believe that if, as expected, the US Federal Reserve starts to increase interest rates from their record low later this year, that could shake-up in global debt markets [with] far-reaching consequences.
In its twice-yearly report on the global economy last month, the World Bank warned that developing countries facing up to the prospect of the flood of cheap money being turned off should be “hoping for the best, preparing for the worst”.
Countries at high risk of government external debt crisis: Bhutan - Cape Verde - Dominica - Ethiopia - Ghana - Laos - Mauritania - Mongolia - Mozambique - Samoa - Sao Tome e Principe - Senegal - Tanzania - Uganda
Countries currently in government external debt crisis: Armenia -- Belize - Costa Rica - Croatia - Cyprus - Dominican Republic - El Salvador-- The Gambia - Greece - Grenada - Ireland - Jamaica - Lebanon - Macedonia - Marshall Islands - Montenegro - Portugal - Spain - Sri Lanka - St Vincent and the Grenadines - Tunisia - Ukraine - Sudan - Zimbabwe
Car parks filled with abandoned sand covered Porsche and Ferrari sports cars was an enduring image of Dubai’s last flirtation with economic oblivion five years ago.
The Persian Gulf sheikhdom had loaded up on billions of dollars debt during the last decade in a race to diversify its economy which unlike many of its neighbours isn’t dependent on oil.
The strategy came unstuck in late 2009 when the emirate announced it needed to freeze $26bn of debt owed by one of its largest “GovernmentRelated Entities” (GREs), Dubai World.
Eventually Dubai was able to borrow from Abu Dhabi, its wealthy partner in the United Arab Emirates and the nasty bankers in New York and London who had lent the money didn’t have to mark a massive default on their balance sheets.
It looked like Dubai was out of the woods and the economy well on the way to recovery until late last year when the price of oil started to plummet. Although the port city has little crude of its own its mercantile economy depends to a large extent on the wealth and economic activity that is created around in Abu Dhabi, Saudi Arabia, Qatar and Kuwait.
These sustain Dubai and its large service economic which rests on the industrial port of Jebel Ali and the emirate’s position as a transport hub. When oil is trading at $100 per barrel this model works well. International companies base more of their employees in Dubai and this in turn creates demand for real estate and services such as banking and leisure.
However, with oil now trading at around $50 per barrel and some forecasters warning that crude may even drop to levels much lower Dubai’s economy is once again looking extremely fragile.
The International Monetary Fund (IMF) warned recently that Dubai was once again loading up on debt. According to the fund GREs have their net debt positions to around $93bn (£60bn) over the last year, while the emirate’s total debt is arguably unsustainable at around 102pc of gross domestic product.
At the same time some key drivers of Dubai’s economy are beginning to stutter. Real estate a key driver for the economy and one partly linked to expat employment is in reverse.
Of course Dubai will also be able to fall back on the financial support of Abu Dhabi and the wider UAE. However, the fall in oil prices is now taking its toll on the entire federation. According to the IMF, the UAE’s fiscal balance will turn negative this year for the first time since 2009
Corbyn’s “social QE” money printing is just further credit creation, no different essentially to what Labourism (and Bush, and Clinton, Cameron and Obama) did, and in fact what US imperialism has done since Nixon took the dollar off the Bretton Woods agreed gold standard in 1973, reneging on US international debts and forcing the economic burden outwards through currency and banking war onto workers in other nations. It all ratchets up the deadly inter-imperialist tensions:
The Riksbank’s decision last week to cut its policy interest rate by 10 basis points to minus 0.35 per cent was widely seen as the latest skirmish in renewed currency warfare. Memories of the competitive devaluations of the 1930s are being stirred, while the threat of protectionism is becoming more real.
Yet currency wars are a tricky concept. Clearly a devaluation that is explicitly designed to increase exports to boost growth and employment in the domestic economy counts as belligerent. This is a zero or negative sum game in terms of global economic growth. But many supposedly aggressive devaluations have been a byproduct rather than the primary objective of policy makers.
This was certainly true in the 1930s. The fall in the value of the Austrian currency in 1931 was precipitated by the collapse of Credit Anstalt — not something that any rational policy maker would have wished for. Britain’s exit from the gold standard was similarly unintended. As with many other devaluations at the time, it came when sterling was under speculative attack. The British currency was fundamentally overvalued since Churchill, the British chancellor at the time, returned it to the gold standard in 1925 at its 1914 parity.
The same point is equally relevant today. The Riksbank is, understandably enough, trying to head off the threat of deflation in Sweden. Critics could nonetheless argue that to address the problems of the domestic economy by increasing a current account surplus that is already running at more than six per cent of gross domestic product is a hostile act.
That said, Sweden is small in the global context. The same is not true of Japan and it is relatively easy to make the case that Abenomics boils down to a classic beggar-thy-neighbour expedient. When Shinzo Abe, the prime minister, first started talking down the yen in 2012 Japan was running a current account surplus of about two per cent of GDP. The only part of Abenomics that has worked since then is the competitive devaluation powered by the Bank of Japan’s enormous quantitative easing programme.
Domestic demand remains stagnant, not least because Abenomics does nothing to address the excess savings habit of the Japanese corporate sector — a big part of the explanation for deficient Japanese household incomes. Devaluation exacerbates the problem by further redistributing income away from households to business.
An interesting feature of the recent second leg of Japan’s devaluation is the extent to which its beneficial domestic impact has been offset by the weakness of the euro. Once again this was a case of a central bank seeking to address the threat of deflation. Yet the devaluation will cause a eurozone current account deficit that is now running at close to 2 per cent of GDP to swell. Meantime, the German current account surplus is running at more than 7 per cent, which is both unconscionable and unsustainable.
In this respect, according to Robert Aliber of University of Chicago, today’s currency wars are more severe than those of the 1930s. If the IMF were still the sheriff for determining whether a country could reduce the price of its currency, he adds, it would have concluded that neither Japan nor the eurozone countries were in fundamental disequilibrium, and that the proposed declines in the prices of the yen and the euro were unacceptable.
We are now at a pivotal stage in the global currency wars. As long as Abenomics fails to stoke up domestic demand in Japan it seems likely that quantitative easing will continue and the yen will weaken further. At the same time China now confronts a potentially deflationary hangover after its credit driven property bubble. Already there is deflation in Chinese producer prices. The likelihood of an officially induced exchange rate depreciation is growing by the day.
That in turn would lead to a further appreciation of the dollar when corporate profits in the US are already under pressure from a strengthening currency. The current account deficit would increase. More manufacturing jobs would disappear to Asia and continental Europe. Now that American corporations’ supply chains extend across the world it is not clear that protectionism would work as savagely as it did in the 1930s. The lobbying power of businesses and campaign finance would be deployed to restrain politicians on Capitol Hill from resorting to outright trade warfare. Yet there is bound to be some political fallout. Expect the skirmishes to become more like pitched battles.
Expect them to become more like all-out world war three more like, exactly what the world is being prepared for by the non-stop shock-and-awe blitzing and drone terrorising in the Middle East, using the demonisation of the jihadist revolt and the meaningless and absurd “war-on-terror” as the scapegoats to cover-up imperialism’s sole and only responsibility for this destruction.
Classically the FT piece quoted here declares, as if it is some excuse, that this warmongering is not the conscious intention of the capitalist regimes. That is only partially true - the US neocon “New American Century” plans have been quite deliberate – but misses the point anyway.
As Marx long ago said history is driven by material factors unfolding with unintended consequences - behind men’s backs. The point is precisely to make conscious the dialectical contradictions that are not known – above all to guide vital class struggle.
The direct link between slump and war is even clearer with the biggest oil producer:
If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade.
The Saudis took a huge gamble last November when they stopped supporting (oil) prices and opted instead to flood the market and drive out rivals, boosting their own output to 10.6m barrels a day (b/d) into the teeth of the downturn.
If the aim was to choke the US shale industry, the Saudis have misjudged badly, just as they misjudged the growing shale threat at every stage for eight years. “It is becoming apparent that non-OPEC producers are not as responsive to low oil prices as had been thought, at least in the shortrun,” said the Saudi central bank in its latest stability report.
“The main impact has been to cut back on developmental drilling of new oil wells, rather than slowing the flow of oil from existing wells. This requires more patience,” it said.
One Saudi expert was blunter. “The policy hasn’t worked and it will never work,” he said.
By causing the oil price to crash, the Saudis and their Gulf allies have certainly killed off prospects for a raft of highcost ventures in the Russian Arctic, the Gulf of Mexico, the deep waters of the midAtlantic, and the Canadian tar sands.
Consultants Wood Mackenzie say the major oil and gas companies have shelved 46 large projects, deferring $200bn of investments.
The problem for the Saudis is that US shale frackers are not highcost. They are mostly midcost, and as I reported from the CERAWeek energy forum in Houston, experts at IHS think shale companies may be able to shave those costs by 45pc this year and not only by switching tactically to highyielding wells.
Until now, shale drillers have been cushioned by hedging contracts. The stress test will come over coming months as these expire. But even if scores of overleveraged wildcatters go bankrupt as funding dries up, it will not do OPEC any good.
The wells will still be there. The technology and infrastructure will still be there. Stronger companies will mop up on the cheap, taking over the operations. Once oil climbs back to $60 or even $55 since the threshold keeps falling they will crank up production almost instantly.
OPEC now faces a permanent headwind. Each rise in price will be capped by a surge in US output. The only constraint is the scale of US reserves that can be extracted at midcost, and these may be bigger than originally supposed, not to mention the parallel possibilities in Argentina and Australia, or the possibility for “clean fracking” in China as plasma pulse technology cuts water needs.
Saudi Arabia is effectively beached. It relies on oil for 90pc of its budget revenues. There is no other industry to speak of, a full fifty years after the oil bonanza began.
The International Monetary Fund estimates that the budget deficit will reach 20pc of GDP this year, or roughly $140bn. The ‘fiscal breakeven price’ is $106.
Far from retrenching, King Salman is spraying money around, giving away $32bn in a coronation bonus for all workers and pensioners.
He has launched a costly war against the Houthis in Yemen and is engaged in a massive military buildup entirely reliant on imported weapons that will propel Saudi Arabia to fifth place in the world defence ranking.
The Saudi royal family is leading the Sunni cause against a resurgent Iran, battling for dominance in a bitter struggle between Sunni and Shia across the Middle East. “Right now, the Saudis have only one thing on their mind and that is the Iranians. They have a very serious problem. Iranian proxies are running Yemen, Syria, Iraq, and Lebanon,” said Jim Woolsey, the former head of the US Central Intelligence Agency.
Money began to leak out of Saudi Arabia after the Arab Spring, with net capital outflows reaching 8pc of GDP annually even before the oil price crash. The country has since been burning its foreign reserves at a vertiginous pace.
The Saudi buffer is not particularly large given the country’s fixed exchange system. Kuwait, Qatar, and Abu Dhabi all have three times greater reserves per capita. “We are much more vulnerable. That is why we are the fourth rated sovereign in the Gulf at AA.
We cannot afford to lose our cushion over the next two years,” he said.
In hindsight, it was a strategic error to hold prices so high, for so long, allowing shale frackers and the solar industry to come of age. The genie cannot be put back in the bottle.
The Saudis are now trapped.
So not a war for oil at all then but war because there is too much oil and too much of all other commodities, and the capital accumulated to invest in their production and unable to find a profitable outlet even to get started – exactly as the EPSR was spelling out more than ten years ago against the wooden and shallow one sided oil theories of the fake-“lefts”.
Even more to the point, it is exactly as Marx spells out in his deep analysis in Capital (allowing for modern monopoly dominance of the planet ) and Lenin in Imperialism -the highest stage of capitalism.
The sick and degenerate warmongering being waged by Saudi Arabia on Yemen, blasting hundreds of civilians and their cities to fragments with the huge stack of high-tech weaponry supplied by the imperialist war industries, is just one facet of an even more important and increasingly complex question that needs to be grasped and understood by the working class, namely that of supposed “inhuman terror” and “evil jihadism” which must be “scourged from the face of the earth etc etc”.
And the insistence on this being accepted - with all objection deemed punishable “extremism” - is the main excuse and justification for all the non-stop warmongering which capitalism has been waging now for two decades, particularly in the Middle East, driven by and caused only by the deliberate turn of the imperialist system itself to war destruction to “solve” its unsolvable epochal breakdown and failure.
Until the working class gets to grip with this question it is fatally compromised and associated with the most craven capitulation to Western barbarity and oppression, led up the garden path towards imperialist war.
In as much as it means anything at all, war on “terror” means a war on the explosively growing anti-Western revolt and rebellion.
That has been forced to the surface firstly by the steadily growing resistance of the Third World masses in general to their lot, of tyrannically imposed and degrading near-slave labour on plantations and in sweatshops for sometimes less than even the pittance required to keep body and soul together (with millions of their children dying from disease and starvation each year, and tens of millions undernourished and deprived of even basic education and sanitation etc) let alone see any kind of human future, kept down brutally and barbarically by tinpot fascist and gangster regimes either installed by or sustained by Western intelligence and political agencies.
And then it has been hugely inflamed and escalated by the barbaric Nazi blitzkrieging and torture camp terror imposed on their anti-imperialism, (routinely in the case of the genocidally persecuted Palestinians, endlessly terrorised and ethnically cleansed from their own land within still living memory, forced into humiliating and degrading exile and lifetime refugee status or kept in near concentration camp conditions on the scrappiest fragments of their own stolen country), - on a new world scale since the turn of the century, such as the fascist barbarity of the arbitrary war destruction imposed on Iraq and Afghanistan and escalated ever since.
The rebellion has found all kinds of expression, in the long and desperate struggle of the Palestinians particularly for example, and all kinds of other struggles, flinging themselves against Western interests, with suicide bombing, individual attacks, anarcho-revolts, “amateur” missile building, shootings, etc etc. mostly but not all using modified and adapted Islamic ideology for the moment.
With pure Goebbels topsy turvy logic and astounding self-righteousness the West has incredibly declared this desperate and piecemeal (though growing increasingly organised and sophisticated), upheaval to be the instigator and cause of the problems in the world, an inversion of reality and evasion of their own barbarous responsibility of such breathtaking chutzpah and arrogance that it takes the breath away.
Western (and Japanese) imperialism’s own non-stop centuries-long record is one of utter colonialist depravity, violence, and horror, a gruesome history of every kind of killing, mass murder, outright slaughter and butchery of entire nations (dozens of Native American peoples, Caribs, Aborigines,Maoris, Bengalis, Chinese, Malays, Incas, Aztecs, Congolese, Zulus etc etc etc ) terrorised, kidnapped, hostaged, hung, beheaded, disembowelled, dismembered, fatally infected, mass poisoned and starved into savage slavery and incarceration, (in their own lands and deported to others) but is completely ignored.
It is from this, with the most gruesome crimes continuing right through into modern times (witness the Kenyan court cases, British army Malaysian atrocities, multiple beheadings of Greek partisan communists in the 1945-9 civil war (all run by the British Attlee government), French Algerian and other horrors, endless Latin American CIA-guided massacres and torture (still underway in Colombia eg), the million strong slaughter of Indonesians in 1965 (see the Oppenheimer films The Act of Killing and Look of Silence) and the barbarities of Vietnam, Korea, Iraq, Afghanistan, Guantánamo, Bagram etc that the Third World has learned its ruthlessness in its growing fightback.
Since 9/11 the entire “left” has gone along with Western propaganda blaming the growing Islamic revolt as just an “evil aberration” or “reactionary” cause of the world’s chaos, and needing to be totally wiped out by the “kill them all” frenzy which underpins the non-stop war blitzing by Washington and its various proxies, and which it deliberately keeps on the boil.
This “left” capitulation is on a par with the Second International voting for their own national bourgeoisies as the robber-colonialist plundering imperialist First World War got underway.
The only policy then, fought for by a tiny minority around Lenin, was defeat for imperialism and its warmaking.
All the groups following the craven “condemn” terror line, directly or via a various supposed “theoretical” justifications about “impermissible methods” or via elaborate conspiracy theories alleging that growing insurgencies are all secretly set up by and controlled by Western intelligence, have come down on the wrong side.
However barbaric ISIS is deemed to be, or Boko Haram, or Al-Shabaab, etc etc it is a complete betrayal of Marxist understanding, in fact not Marxist understanding at all, to write them off as “evil” etc.or “just a CIA manipulation”.
These are the beginnings of worldwide anti-imperialist revolt, crude, often going in the wrong direction, sometimes manipulated and used by the West (including all evidence suggests, the ISIS itself to begin with), self-destructively sectarian and without the conscious scientific Marxist leadership that alone can lift the struggle out of chaos and confusion.
Their often barmy, sometimes reactionary, and definitely inadequate ideologies are neither subscribed to or supported by Marxism.
They arise because the total failure of the revisionist “communism” in the world (for the time being), due to the great retreats from revolutionary understanding and objective Marxist Leninist science in Moscow emerging from the moment Lenin died in 1924 and culminating in the liquidation of the dictatorship of the proletariat in the USSR under Gorbachevism (its deluded notions of allowing “free market” principles to take things forwards instantly allowing in the complete counter-revolution and the oligarch plundering of the great achievement of the 70 year long Soviet workers state, and destroying much remaining faith in “communism” worldwide.
Without conscious (Leninist) science, which urgently needs rebuilding, the unstoppable worldwide ferment has turned to its own (often Muslim) local traditions, exactly as Marx described a 150 years ago:
Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like a nightmare on the brains of the living. And just as they seem to be occupied with revolutionizing themselves and things, creating something that did not exist before, precisely in such epochs of revolutionary crisis they anxiously conjure up the spirits of the past to their service, borrowing from them names, battle slogans, and costumes in order to present this new scene in world history in time-honoured disguise and borrowed language. Thus Luther put on the mask of the Apostle Paul, the Revolution of 1789-1814 draped itself alternately in the guise of the Roman Republic and the Roman Empire, and the Revolution of 1848 knew nothing better to do than to parody, now 1789, now the revolutionary tradition of 1793-95. In like manner, the beginner who has learned a new language always translates it back into his mother tongue, but he assimilates the spirit of the new language and expresses himself freely in it only when he moves in it without recalling the old and when he forgets his native tongue.
The eighteenth Brumaire of Louis Napoleon Karl Marx 1952
To stand with Western condemnation is to betray all the growing rebellion.
It is not enough to declare, as Corbyn does, that he is “against intervention” while continuing to condemn this world ferment as “a problem”.
If ISIS etc is “a problem” all such “no to War” social pacifism is completely undermined by the stampeding logic that “the problem” has to be “dealt with” - and imperialism’s “righteous” war drive continues to sweep public opinion along.
The West’s warmongering, sabotage, repression and bullying needs to be defeated, everywhere, Ukraine, Middle East, Mali, Congo, Colombia, Venezuela, Greece and domestically too, its police state censorship, repression and racism overturned.
Such defeats can only further fragment and split the ruling class and undermine its confidence, opening up greater possibilities for development of socialist revolution.
This implies no support for the weird ideas of a “Caliphate” any more than a call for a defeat ten years ago for the imperialist blitzkrieg and occupation of Iraq or Afghanistan implied supporting the thug Saddam Hussein or the puritanical Taliban - of even that calling for the fascist occupying Zionist monstrosity to be defeated and driven out of the lands it has stolen, implies support for the Hamas leadership's notions of a religious state.
These movements will themselves be forced to change and evolve (as Marx says) and to learn by the relentless logic of the crisis.
The tangle of ludicrous contradictions the entire fake-left” is caught in with its high-handed sneering at “backwardness” nevertheless leaves them supporting this or that Islamist movement or allegedly Islamist grouping. Some Trotskyist anti-communists declare the anti-Assad Syrian counter-revolutionary terror, deliberately encouraged by Saudi and Gulf money and US approval, training and arms, and staffed with assorted special forces and covert agents, to be a “freedom struggle” on one side, while the Assad regime and its Hezbollah defenders are supported as the progressive way forwards by others like Lalkar-Proletarian. But Lalkar, simultaneously decries other alleged “jihadist headbangers” such as the fighters in the Sinai who are battling the General Sisi dictatorship in Egypt and its brutal torture, mass death sentences and cold-blooded street killing of thousands of unarmed civilian “democracy” demonstrators.
The entire “left” has stood and watched the brutal counter revolution set in train against the giant spontaneous Arab Spring revolution in Egypt in 2011, all approving the carefully choreographed downfall of the Muslim Brotherhood, and all taken in by the shallowest of “democracy” illusions and their wooden failure to see the real enemy, namely imperialism.
For sure, the Morsi presidency was an imperialist-accepted stopgap compromise, on the back of a hastily created new “democratic constitution” ,“generously (!) given” to the Egyptian masses, to fool and head off any further development of the genuine revolution, but even that was too uncertain for imperialism (probably pushed by its Zionist attack dogs).
The later 2013 “popular movement” against Morsi was never anything but a careful choreographed counter-revolution tapping the shallowest petty bourgeois anarchist anti-Marxism and anti-leadership, and peopled by the middle class and bureaucracy, backed by a deluge of Western press lies and interventions from Tony Blair etc.
It was carried out alongside the counter-revolutions set going in Libya and Syria, both bogusly declared to be “extensions of the Arab Spring” but aimed at containing the Egyptian events.
Instead of calling for the Sisi stooge dictatorship’s defeat and downfall, the “lefts” now denounce the militant forces which are trying to fight its torture regime from the Sinai, and increasingly by armed and “terrorist” revolt through Egypt.
Their hostility to Third World upheaval is also generated by the now almost completely reactionary culture of “political correctness” in all its forms from feminist individualism and black nationalism to “gay rights”, whose sanctimonious self-righteous individualism overrides all political objectivity and is increasingly used to suppress and censor scientific political debate (as in Left Unity for example where any attempt to discuss such issues is blocked off by its bureaucratically subjective “safe-spaces” policy) .
The EPSR has pointed before to how “gay rights” single-issue obsessions were used to sabotage Palestinian protests in London (EPSR 1242) and they have become a leading support for the reactionary war-and-drone-assassination Barack Obama presidency, happy to see the endless warmongering in the Middle East continue as long as they got “gay marriage” recognition - a light minded single issue trade-off that is added to by their joining in with the “kill-them-all” fascist demonisation of the Islamic revolt solely because its culture does not accept the “gay is normal” principle.
Backwardness in homophobic persecution there is, and brutally intolerant in part, but solving such problems is not done by backing Western bloody massacres of whole towns and villages.
The lightmindedness of the self-obsessed “gay is normal” support for the Western anti-Putin hate campaign is even worse in its willingness to back nazi-NATO provocations, merely because Russian culture has not been persuaded that anything more than civilised tolerance for homosexuality is appropriate in society, and stands against teaching children that it is “just normal”.
This bulwark of petty bourgeois priggery is now a major weapon in capitalism’s anti-communist and world war arsenal ready to shout “homophobe” at every attempt to discuss such issues or even at anyone who disagrees with the proposition that homosexuality must be deemed “no different”, or that gay adoption is a good way to bring up children.
Its damaging influence has protected and shielded the most appalling child abuse in a string of London boroughs, and in numerous children’s homes preventing all kinds of investigations and checks of individuals, through a PC climate of “that would be homophobic” with the added fanatical denial that there could ever be any kind of connection between homosexuality and paedophilia at the heart of it.
But as the deluge of revelations and allegations emerges building up a picture of about the most degenerate Establishment perversion and appalling abuse, colluded in and screened at the highest levels, and deliberately ignored and lied about for decades, the PC lobby is increasingly exposed for firstly what it has allowed to happen, ruining hundreds of lives and how now it fails to attack and expose this sick degeneracy in the establishment revealing the rottenness of this system.
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