In Southern Ireland the
economic miracle is well and truly over. As we have predicted and explained for
some time now, the Celtic Tiger phenomenon did not mean that capitalism had
solved any of its contradictions. Now in the context of a declining world market
the only road open to the bosses to protect their profits will be an assault on
workers living standards.
establishment of the Premier League in Britain, a renaming of the old
First Division, in the early 1990s opened up a period of naked
commercial exploitation of football. The new league exists to maximise
the profits and commercial potential of the richest clubs at the
expense of the rest. Central to this are clubs like Manchester United,
the world’s richest club which has now been virtually bought up by US
tycoon Malcolm Glazier, who has grabbed control of over 75% of the
House price increases are slowing down in Britain. In June in London
prices actually fell. This is the beginning of the end of the house
price bubble and it will be very painful for many families who have
borrowed on the basis of the increased equity in their property. It
will have a knock-on effect on the whole economy as spending is already
Whoever was responsible for today’s terrorist attacks in Central London
showed no mercy to the innocent victims of their actions. Such
activities are utterly repugnant to anybody who defends the cause of
socialism and the working class. This kind of action serves only to
bolster the forces of reaction. It must be condemned outright.
The recurring theme of today’s mass media coverage can be summed up in three words: “Business as usual.” After all, life goes on for most Londoners. This indomitable spirit of the ordinary people is something that Tony Blair and the Establishment are seeking to exploit. One thing is clear: if the imperialist bullying continues, the epidemic of terrorism will continue to spread uncontrollably, a terrible expression of the impasse of the capitalist system on a global scale.