A Family Affair

Rahul Gandhi is the  general secretary of the Congress Party in India. Sonia Gandhi, his mother, is the party’s president. Rahul Gandhi’s late father was former Prime Minister Rajiv Gandhi, himself the son of Indira Ghandi who was the only child of Jawaharlal Nehru, the first prime minister of independent India.

In the Congress Party, democracy is a dynastic affair. Nepotism still dominates the Congress Party.

Sachin Pilot, who will run the Corporate Affairs Ministry, is the son of Rajesh Pilot, a minister in the Congress government in the 1990s. Milind Deora, a junior minister of communications and information technology since 2011, is the son of Murli Deora, a minister for petroleum and natural gas until recently. Jyotiradtiya Scindia, who now holds the energy portfolio, is the son of Madhavrao Scindia one of the most powerful members of the Congress Party until his death in 2001. Scindia is heir to the Scindia dynasty, which once ruled a large swath of central India and although royal titles and privileges have been abolished, members of such families enjoy residual prestige and status. Two others supporting Rahul Gandhi are Jitendra Singh, from the royal family of Alwar in Rajasthan, and R.P.N. Singh, from the royal family of a small principality in Uttar Pradesh. Rahul's advisors are headed by Kanishka Singh, the son of S.K. Singh, a foreign secretary under Rajiv Gandhi.

In his book “India: A Portrait,” Patrick French observed that all members of the 15th Lok Sabha (the lower house of Parliament elected in 2009) under the age of 30, as well as more than two-thirds of the 66 members of Parliament under 40, had in effect inherited their seats. And 33 of the 38 youngest members got there “with the help of mummy or daddy.”

Facts of the Day

How many people know that out of 150 countries, the United States have the fourth-highest wealth disparity? Only Zimbabwe, Namibia and Switzerland are worse. 93% of financial wealth is owned by the richest 20% of Americans.

The richest 1% have doubled their share of America's income in 30 years. From 1980 to 2006, the richest 1% actually tripled their share of after-tax income.

Only 4% of those raised in the bottom fifth make it to the top fifth as adults. Only about 20 percent even make it to the top half. 80% of black children who started in or near the top half of U.S. income levels experienced downward mobility later in life.

According to UNICEF, among industrialized countries only Romania has a higher child poverty rate than the United States. Just in the last 10 years the number of impoverished American children increased by 30%. While 12 percent of white children live in poverty, 35% of Hispanic children and 39% of black children start their lives below the poverty line.

 For every dollar of non-home wealth owned by white families, people of color have only 1 cent. Median wealth for a single white woman is over $40,000. For black and Hispanic women it is a little over $100.

Food for thought

Haroon Siddiqui enlightens us in The Toronto Star of the toxic aftermath of war. Falluja, Iraq, was the scene of two furious bombing campaigns to avenge the capture and mutilation of four American mercenaries. Instead of targeting the estimated 2 000 insurgents, the Marines, knights in shining armour that they are, levelled the city of 300 000. The city of Basra received eight hundred tons of bombs and one million rounds of ammunition in the first Gulf War. Radioactive residue is responsible for babies born with huge heads, eyes, stunted arms, bloated stomachs and defective hearts. Both cities are experiencing a staggering rise in birth defects. In September, 2009, Fallujah doctors reported that one quarter of the babies born there that month died within seven days and seventy-five per cent of them were deformed. In 2010 it was reported that the increases in congenital defects, leukemia, and infant mortality in that city were higher than in Nagasaki and Hiroshima in 1945. In Basra, half the pregnancies between 2004 and 2006 resulted in miscarriages, and birth defects increased 17-fold. War is the absolute worst thing that humans could ever wage against each other. If socialism could eliminate that one thing, it would be worth trying for that alone. That it will come with so many more benefits, just makes it all the more desirable. SPREAD THE WORD! John Ayers

No Borders

According to the Organization for the European Minorities there are 110 minority ethnic groups in Europe involved in conflicts and land claims with their respective governing majorities. That's EU only, not the rest of the world. To see a list of those go to Society for Threatened Peoples website.
Contrary to how it appears on a political map, the world is not and cannot be nicely partitioned into contiguous regions (or "countries") such that each country contains people of only one particular ethnicity. You would either have to engineer mass population migrations or expulsions, or you would have to forget about contiguous regions and end up with literally millions of tiny exclaves and enclaves.

People are not machines. They need  something to sustain them. By no means do they get this at work, they feel lost in this vast meaningless world of capital, just another cog in the machine, and they would be right. So naturally they seek meaning. Often they find meaning in the idea of the nation. It is no coincidence that a person with a immensely draining and alienating repetitive job, will tend to cling desperately to an idea of nationality, as they find meaning and comfort in it when there is no meaning in their work. The presence of nationalist ideas is an indication that some groups in society feel its real material interests are being frustrated by forces outside or even inside the nation. The idea of William Wallace as an exponent of democratic patriotism gives to a medieval man the mind and sensibilities of a later, modern age. Wallace never fought for an abstract “people” or even “nation”, but always in the name of a legitimate power of which he was but the temporary protector or “guardian”. He battled and died for John Balliol.

There never has been, and never can be, socialism in just one country. Socialism will be one world-wide community without national boundaries, a united humanity, sharing a world of common interests, would also share world administration. This is the socialist alternative to the way that capitalism divides the planet into rival states and sets people against each other. But this does not rule out local democracy. It is sometimes said that world administration would mean power of central control over local democracy and that the objective isto create a super-state. In fact a democratic system of decision-making would require that the basic unit of social organisation would be the local community. However, the nature of some of the problems we face and the many goods and services presently produced, such as raw materials, energy sources, agricultural products, world transport and communications, need production and distribution to be organised at a world level.

Socialism will be a co-operative world wide system. Nations and frontiers and governments will disappear. Groups of people may well preserve their languages and customs but this will have nothing to do with claiming territorial rights or sovereignty over pieces of the world surface. To move forward, the dispossessed majority across the world must now look beyond the artificial barriers of nation-states and regional blocs, to perceive a common identity and purpose.

Because political power in capitalism is organised on a territorial basis each socialist party has the task of seeking democratically to gain political power in the country where it operates. This however is merely an organisational convenience; there is only one socialist movement, of which the separate socialist organisations are constituent parts. When the socialist movement grows larger its activities will be fully co-ordinated through its world-wide organisation.

There is but one world and we exist as one people in need of each other and with the same basic needs. There is far more that unites us than can ever divide us along cultural, nationalistic or religious lines. Together we can create a civilisation worth living in, but before that happens we need the conscious cooperation of ordinary people across the world, united in one common cause — to create a world in which each person has free access to the benefits of civilisation, a world without borders or frontiers, social classes or leaders and a world in which production is at last freed from the artificial constraints of profit and used for the good of humanity — socialism. There is in reality only one world. It is high time we reclaimed it. In socialism there will be just a free world for a free people. It could be like that now, so why not do something about it ? The world is ours for the taking. So why not take it?

"...By creating the world market, big industry has already brought all the peoples of the Earth, and especially the civilized peoples, into such close relation with one another that none is independent of what happens to the others...It follows that the communist revolution will not merely be a national phenomenon but must take place simultaneously in all civilized countries – that is to say, at least in England, America, France, and Germany.... It is a universal revolution and will, accordingly, have a universal range...The nationalities of the peoples associating themselves in accordance with the principle of community will be compelled to mingle with each other as a result of this association and thereby to dissolve themselves, just as the various estate and class distinctions must disappear through the abolition of their basis, private property." Engels

Food for thought

In the business section of the October 6 Toronto Star a headline shouted that the job market was 'inching upward'. Another said, " Hudson's Bay jobs head South to the US", which tells us that 210 workers will lose their jobs. In addition, 22 000 Zellers workers will be let go as Target and Walmart take over the store leases (for $1.825 billion). There is no security in the capitalist mode of production.

Wow! China is a communist country after all. In its attempt to get a share of all that the Arctic promises, it actually stated that the Arctic, " is the inherited wealth of all humankind". I wonder if that applies to the Chinese people regarding the wealth of China! Behind the scenes, China is hard at work making trade deals, trying to get a foothold in impoverished Iceland to make her Arctic claims a little more legitimate. (wink, wink, nudge, nudge).

Asbestos in Canada, the world's foremost exporter of the deadly toxin is in the news again. A motion has been tabled in the federal parliament to take steps to eliminate the industry. Even if all exposure to asbestos were to end today, as many as 2,600 new cases of asbestos related cancers would show up annually. At present about 150 000 workers in Canada are being exposed to it on a regular basis. But it is very profitable, isn't it and it creates jobs, doesn't it? (especially in the undertaking business!) John Ayers

Bank Nationalisation

It is no co-incidence that the cries for banking reform invariably comes during economic depressions. The lubrication that keeps the capitalist machine running – the money markets – are dysfunctional.

As Marx identified “So long as things go well, competition effects an operating fraternity of the capitalist class…so that each shares in the common loot in proportion to the size of his respective investment. But as soon as it is no longer a question of sharing profits, but of sharing losses, everyone tries to reduce his own share to a minimum and to shove it off upon another. The class, as such, must inevitably lose. How much the individual capitalist must bear of the loss, ie, to what extent he must share in it at all, is decided by strength and cunning, and competition then becomes a fight among hostile brothers. The antagonism between each individual capitalist’s interests and those of the capitalist class as a whole, then comes to the surface…”

 Marx also pointed out that “the moneyed interest enriches itself at the cost of the industrial interest in the course of a crisis” Bankers are enriching themselves at the expense of industry and workers, in other words. So whats new?

The economist David Harvey has explained that the losses of the crisis are finally distributed between factions of the capitalist class, and between the working and capitalist classes, and whatever the power struggle that ensues, the necessary result will be the destruction of value (closure of workplaces, the laying off of workers, destruction of surpluses, defaulting on debt, cutting of state services, and so on) so that a new round of capitalist accumulation can begin. The sad but inevitable reality of capitalism.

Some in America seek a solution in the likes of the State Bank of North Dakota. That the bank owned by state authorities weathered the recession was perhaps more a reflection that the state’s economy is primarily based on agriculture and oil, both involved in current boom times. Nor was the state particularly exposed to the sub-prime disaster “North Dakota really didn’t participate in subprime to a significant degree. I mean, that was–you know, it was sort of a flyover state. All of the aggressive subprime lenders apparently didn’t think there were enough folks in farms that they could get to lever up to take on these dodgy loans.” explained  Yves Smith. author of the book ECONned and creator of the website NakedCapitalism.com

In Scotland, we have the almost unique bank success story of the Airdrie Savings Bank, the UK's last remaining independent savings bank  The bank was founded in 1835 and was born out of the general "thrift" movement prevalent at the time.

 Bucking the trend of the credit crunch, Airdrie Savings Bank has increased its lending for the third year in a row, according to its latest annual results, it lent a record £48.5m - a 35% increase on 2010.  It lent 24% more in 2010 than it did in 2009. Yet we still witness that “North Lanarkshire has been particularly rocked by the recession, including above-average redundancies, because the economy is not as diverse as some and there remains a heavy reliance on sectors that seem more susceptible to economic shocks” as one report describes. Not much of a success story.

What socialists say about the banks is not regulate them, nor nationalise them, but make them redundant. Abolish them, along with all the rest of the complicated, financial superstructure of the capitalist production-for-profit economy. The mythology surrounding the power of banking helps those who take the view that this vast institution is so necessary that the prospect of a world without money would be unthinkable. Let’s abolish capitalism and live in a moneyless, propertyless world without banks. That means moving from a demand for ‘regulation change’ to one for ‘system change’. Perceived wisdom is that it should be easier to make socialists in a recession when the shortcomings of capitalism are more evident. This capitalist recession will eventually end and the economy at some time in the future will inevitably return to growth. If there are more socialists at that future time, then at least one positive outcome will have resulted from this sorry and preventable mess.

“…no kind of bank legislation can eliminate a crisis” – Marx

Food for thought

About seventeen per cent of Torontonians between the ages of fifteen and twenty-four were unemployed last year according to a report by the Toronto Community Foundation. The report attributes youth unemployment to the disappearance of mid-level jobs and increased employment among seniors. Under capitalism, it's a competition at all levels; if some people do well others will do badly. It's in its DNA.
Tim Hudak, leader of the opposition Conservative Party in Ontario is spouting the usual neo-liberal garbage as he sees an opportunity for power now that Liberal Premier, McGuinty, has resigned. Paraphrasing the disastrous (for workers) Mike Harris of the former Conservative government, Hudak is calling for smaller government (read less services), 'common sense', 'straight talk', and lower taxes (read more money for the capitalist class and, again, less services). No doubt many in the working class will fall for that claptrap again.
"Is low-wage coal mining a unique skill?" asks Thomas Walkom (Toronto Star, Oct 13, 2012). Early in the 20th century, he tells us that when the workers in the gold mines of Northern Ontario went on strike, French Canadians were brought in, and when they struck, the Finns arrived, then the Ukrainians, the Poles, the Italians, and after them, the Cornish miners from England. In each case the tactic was to bring in workers who did not make common cause with those already there and who would work for less. That was one hundred years ago so it's depressing to hear that the coal mines in BC are bringing in two thousand Chinese workers. They will be dependent on their employer for work visas and so less likely to complain about poor conditions and low pay. Now that the Harper government has allowed temporary migrant workers to go virtually unlimited, this is a scenario that will be repeated often. This just shows that nothing changes in capitalism -- the driving force will always to be to produce ever more surplus-value in whatever way it takes. John Ayers

EXPLOITATION AND HYPOCRISY

There are charities like WaterAid that want you to spend a few pounds in helping to have clean water for millions doomed to death because of the lack of clean water. You can read of children dying because they cannot have anything to eat and some dogooders asking you do something about it. Meanwhile in the real world the owning class live lives of extraordinary affluence. "RBS boss Stephen Hester is renting a £260,000-a-year Victorian mansion - on top of the two multimillion-pound properties he already owns. Hester, who has run the taxpayer-backed bank since 2008, has begun renting the five-bedroomed townhouse to live with new bride new bride Suzy Neubert, 47, according to reports." (Daily Mail, 30 October) The owning class live of working class exploitations and then construct charity organisations. Hypocrisy! RD

Them that got, are them that gets

Discontent has always provided fertile soil for nationalism. Many on the Left advance nationalism and support the nation-state as a bulwark against globalisation. This is a dangerous fallacy. Nationalism produces artificial borders between human beings based on arbitrary biological, linguistic and cultural differences, and it conceals class conflicts. There is no benevolent progressive nationalism. Nationalism is an opportunistic way to prey on people's prejudices and stereotypes. A  conception of national identity has long been useful to ruling classes wishing to divide their subjects in order to better rule them. Nationalism as a concept presupposes that a person places the interests of his or her nation above all others.

Behind the Saltire stands a ruling elite. In the end, everything that is done in the name of “Scotland” is done for the benefit of this ruling elite, even if it is at the expense of every other Scot. The flag is a tool the ruling class can use to tie all the Scottish people together, to bind Scots into believing that all that their government does is in their interest. You may wave the Saltire. Or you may look behind the flag and see who is trying to pull your strings and manipulate your emotions.

 Socialists reject the very notion of nationalism. We believe that there is no common interest between the people of a particular nation. The world is divided into two great classes, the workers and the bosses, their common class interests are so great that their cultural differences are irrelevant. We believe that human culture is much too varied to be neatly boxed up into any number of national identities. We embrace diversity and acknowledges the right of all to choose their own culture, language and beliefs. We believe that this can only be achieved by ending the fundamental division of our society, the class division. The Socialist Party challenges the very idea of classifying people into nationalities by concentrating on the common class interests that unite workers across national divides. Nationalism can never address the workers' real problems.

Tom Bell - Industrial Unionist

What they said before they became Moscow's men and followed the Moscow line.

British Advocates of Industrial Unionism
Glasgow Branch

Extract

The above body has come into existence to advocate the principles of Industrial Unionism, i.e., an economic organisation embracing all wage-workers, irrespective of the trade or craft to which they belong, and having for its object the taking and holding “of all the means of production for the entire working class.” ...

...What we aim at is an Industrial Union broad enough to take all wage-workers into its ranks, thus making an injury to one the concern of all. As the old handicraft form, of production has been brushed aside in the march of economic development to make way for the modern machine industry with its sub-division of labour and complexity of form, so craft unionism, which is a reflex of the former, must make way for an industrial organisation of the workers to suit modern conditions....

...The Industrial Unionist stands firmly on the bed-rock of the class struggle, and; declares, that so long as the means of production are in the hands of a numerically small class, the workers will be forced to sell their labour-power to them for a bare subsistence wage. Consequently, between these two classes a struggle must go on until the toilers come together on the political as well as on the industrial field and take over for themselves that which, being the result of their labour, justly belongs to them...

....Industrial Unionism in recognising that there never can been anything in common between the employing class and the working class, instils into the workers’ mind a sense of class solidarity on the economic field and promotes unity on the political field. With these two separate though complementary movements, the political to destroy the capitalist political State, and the Industrial to back up the political and form the Parliament of Industry in place of the defunct class State,— the workers could forthwith lock-out the employing class and accomplish their freedom...

 Secretary,
THOMAS BELL.
333 Westmuir Road, Parkhead.

A CUT RATE HEALTH SERVICE

In times of economic downturn the government searches eagerly for ways to cut expenditure and one of the easier targets is the National Health Service. "The Royal College of Nursing (RCN) said that despite the Coalition's promise to protect frontline staff from cuts the NHS workforce has fallen by almost 21,000 since the Coalition Government came to power. This includes a loss of more than 6,000 qualified nursing posts – from a total of 312,000 nursing posts in the NHS. ..... Patient safety will be seriously undermined by falling numbers of nurses, with the RCN's chief executive warning that standards of care "are going to get a lot worse"." (Independent, 13 November) Bigger and better bombs but less spent on health services that is how capitalism operates. RD.

A CANCEROUS SOCIETY

The class division between the wealthy minority of the capitalist class and the impoverished working class not only decides what kind of life you live but also whether you live at all. "Each year 5,600 people in England miss out on having their cancer diagnosed at an earlier stage because of social inequalities, say experts. The findings in Annals of Oncology show a gulf between the richest and poorest remains despite efforts to improve cancer awareness and access to care. ..... Patients living in poorer neighbourhoods in eastern England were less likely to have their cancers picked up early than those living in more affluent parts of this region." (BBC News, 13 November) RD

Quote of the Day

"Written right across every page of human history is the declaration that no people can be free so long as the private ownership of the means of production and distribution endures. Self-determination under capitalism is therefore an impossibility, and demands for its realisation a preceding social revolution. Such a fundamental change of the internal structure of society liberates the social aspirations of the peoples of the world, shatters the exploiting factions, and rising from the age-long struggles free citizens of the world combine. Thus the League of capitalist groups sinks out of sight, joins the barbaric ages, to which it rightfully belongs, and on the basis of the social ownership and control of the means of life there rises the new order—the self-determining combined in the great Federative Republic of the Workers of the World."

 Arthur. MacManus, Red Clydesider, (1889 – 1927)

LAND OF THE FREE?

Patriotic Americans are fond of boasting about the great freedom enjoyed by their citizens compared to other countries, but recent figures show this to be an insupportable falsehood. "Correctional institutions across the U.S are bursting at the seams with more than two million Americans behind bars. The worst hit state, California, houses 140,000 inmates when its 33 adult prisons are only designed to hold a maximum of 80,000. Overall, the Bureau of Prisons Network is around 39 per cent over 'rated capacity' - their highest level since 2004 - with that figure expected to soar to 45 per cent above its limit by 2018." (Daily Mail, 26 October) RD

THE PRIORITIES OF CAPITALISM

All over the world capitalist governments facing an economic recession are eager to cut expenditures and are examining ways to cut pensions and welfare payments, but there is one area of government expenditure that shows no signs of cut-backs. "The USS Gerald R. Ford is the most expensive weapon ever created and will run about $11.5 billion, with three ships costing about $40.2 billion. Even given these generous estimates, the Navy figures that the USS Gerald R. Ford could cost as much as $1.1 billion more than planned, making it far and away the service's most expensive warship." (Business Insider, 25 October) In order to protect sources of raw materials, markets and spheres of economic and political influence the owning class must have up-to-date weapons of destruction. RD

THIS IS PROGRESS?

 

Away back in the 1960s newspapers used to speculate that with the advance of science and labour-saving gadgets the working week would be cut drastically and retirement ages would fall dramatically, but capitalism just doesn't work that way. "As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80's. Nearly one-third, or 30%, now plan to work until they are 80 or older -- up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000. "It is so tough for Americans to save for retirement that the answer seems to be to work longer," said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. Overall, 70% of respondents plan to work during retirement, many of whom plan to do so because they simply won't be able to afford to retire full time." (CNN Money.com, 25 October) In the most developed capitalist country in the world the working class are working harder and longer that they did in the 1960s. RD

FEED THE WORLD

One in eight people — 870 million worldwide — will go to bed hungry tonight. One-third of all child deaths globally are caused by under-nutrition. Most of the world’s hungry are farm families; 75 percent of the world’s poor are rural. In poor countries, people spend two-thirds of their daily income on food. When food prices rise, poor households eat less nutritious food. Malnutrition decreases learning capacity. 80 percent of our brain develops during the first 1,000 days of life; if malnourished, then it doesn’t recover.

The tragic irony is feeding the planet, now and in the future, can be done. According to estimates by several studies, there are already 3,000 calories available for every man, woman and child, which is more than enough to sustain us.

 Who cares what’s in store for the future, as long as the rich can pocket the money they make today? Who cares what their craving for more profits may bring tomorrow?

Ruling by Fooling

 The Socialist Party constantly hammers home that the SNP are nothing but another party of the ruling class. The Scottish Saltire is a commercial asset. A brand label. It represents the economic and political interests of the capitalist classes. Many on the Left believe that Scottish nationalism is a progressive force, and can therefore be used. They either do not understand, or opportunistically refuse to accept the fundamental role of nationalism. Deceived by this, sincere people work in the nationalist movement only to discover that they have been misled and have been wasting their time. You can't be a good internationalist and a nationalist at the same time, just as you cannot be a good monarchist and at the same time a good republican. Workers have to make the choice.

Socialists are not working to divide the working class. We are working to get the whole movement on to the lines of class conscious revolutionary activity to achieve the social revolution. To socialists neither race nor creed should separate the workers of the world. We believe that the co-operative commonwealth cannot be reached till capitalism is overthrown by the workers. Socialists re-affirm "It is better to be a traitor to your country than a traitor to your class!"

It is not possible to achieve a socialist society in Scotland. This is because, if such a society were realised, it would be easily crushed by the capitalist states that surround it. A socialist Scotland is sustainable only if socialism has been realised world-wide. At the present time most that socialists in Scotland can do is create an organisation to spread socialist ideas.

It is too easy to simply place the blame for the failures of capitalism upon the shoulders of the banks and financial speculators. Such criticisms are a form of simple minded nationalism. The acute economic and financial problems currently besetting Scotland are a product of world capitalism.

Parties like the Scottish Socialist Party clamour for a state-capitalist solution to Scotland's problems but there is essentially no difference between their position and the position being held by the SNP. Both want a capitalist solution within a national framework. Their differences are rooted in mere modifications as to how wealth is to be distributed. Modifications in wealth distribution fails to change class relations. Neither want a real revolution in the character of the production process -- a socialist solution. There cannot be a "socialist" solution except within an international framework. In short the Scottish working class need the revolutionary awakening  mobilisation of the Europen, North American and Asian working class. Other than that a capitalist solution is the only solution possible.

The SSP call for more and more state spending as the means towards the solution of the problems of the working class. In other words it calls for the growing expansion of the capitalist state as the solution to social problems. In other words they want a stronger more all-embracing capitalist state. They are forever offering solutions that endeavour to make capitalist society more efficient. They want to save capitalism not overturn it. The SSP mislead the voters when they claim to have a "socialist" alternative to the policies of the SNP and the Labour Party. Nor are the nationalist policies of the SSP actually sustainable.

 Consequently the SSP are incapable of implementing nationalist policies nor social revolution. No-where in the world has capitalism been reformed out of existence. Nor can it be. The politics of the SSP are inherently opportunist. They fail to make clear that it is the character of capitalism that is the fundamental problem -- not incompetent governments. Socialists support the socialisation of the forces of production on a world basis. Consequently we don't support nationalist solutions to what are global problems

However, we should emphasise that the Socialist Party does not envisage a socialist world from which all the existing variations between different communities and cultures have been stamped out. That is total uniformity – with all people speaking the same language, reading the same books, watching the same television programmes. On the contrary, we assume that different communities each with their own history, literature and language may well desire to preserve their different cultural, environmental and artistic characteristics.

BEHIND THE STATISTICS

The recent economic downturn throughout Europe has led to the publication of staggering statistics about poverty. "Every fifth resident lives in poverty in Spain, new figures showed Monday, dpa reported. The national statistics institute INE said 21.1 per cent of the 47-million population lives below the poverty line, meaning they live on less than 7,355 euros (9,610 dollars) annually. ..... The number of minors aged under 16 living in poverty has increased to 21 per cent from 19.4 per cent in 2011." (Turkish Weekly, 22 October) Behind the grim figures lies the day to day to misery that capitalism forces on members of the working class. "A woman aged 53 jumped to her death from the balcony of her fourth-floor flat in Bilbao as baliffs arrived to evict her for failing to pay her mortgage. There are 500 evictions a day in Spain." (Times, 10 November) RD

Food for thought

From the Casino of capitalism -- The National Stock Exchange of India reported (Toronto Star, October 6, 2012) that fifty-nine erroneous orders prompted a plunge in equities that briefly erased about $58 billion in value, underscoring growing global concern about the integrity of financial markets. Senior managing director of Aquarius Investments that manages about $400 million, said, " India has joined the big league with this trading disaster. It's very surprising so many erroneous orders went through. Exchanges and regulators must be one step ahead as systems and technologies upgrade." No kidding, most people get concerned if they lose a few dollars! John Ayers