House of cards built on the excrement of a decaying system totters on the brink.
The much heralded recovery from the 2007/8 economic crisis has proven short lived and the policies pursued by the the Obama administration of “quantitative easing”, the European Union's ongoing attempts to prop up a collapsing financial system have shown not to provide any long term solutions. The Irish government pathetically follows the orders coming from the European Union.
Throughout the developed capitalist system there are vast sums of capital swilling about with no productive avenues for investment open to them, due to the deep crisis of over supply and the stagnation in the productive economy. The strategy of austerity is not designed to rejuvenate the economy but instead to squeeze enough capital from working people to transfer it to finance houses to try and ‘sure up’ the systems last investment avenue – finance.
The USA economy is now sliding into a recession on the back of a massive increase in state debt, a feature which is also common to the EU and this Irish state. The political establishment here in Ireland, in Brussels/Berlin or across the Atlantic have no answers nor solutions other than to continue to undermine and roll back workers' rights, wages and working conditions. We now face the prospect of growing mass unemployment and mass poverty and the repossession of family homes.
Working people, the poor and the sick will be made to pay the price for a system that is now caught up into a spiral of irreconcilable contradictions. There can be no lasting solution to the structural and systemic crisis at its very heart.
The Irish trade union movement must break free and shake off its petrified stupor and take courageous action to defend Irish workers and the our nation as a whole. Resistance will instill courage to fight for a better way forward than that presented by the current Irish government and its EU masters.
Eugene M Cartan
General Secretary Communist Party of Ireland