Clinging onto power
And yet, despite this incredible wreckage, this almost incomprehensible corruption, this reckless speculation, these merchants of plunder, debt and hardship are still attempting to resolve this financial crisis in a way that continues to leave them in charge of the main levers of power and their wealth intact.
As I said earlier, this is not socialism. A more apt description is parasitic state monopoly-finance capitalism. According to marxism, the main mission of the state is to reproduce the conditions for the reproduction of the class structure and economic relations of capitalism. If I am not mistaken, isn't this precisely what Bush, Paulson and team are doing now?
Arena of struggle
Of course, marxism also says that state is an arena of struggle. While the ruling class employs the state apparatus, including violence when necessary, to impose its interests on society, a united working class and people can successfully resist these measures from within as well as outside state structures. This was done in the 1930s and in so doing, secured important victories for the nation's working class and its allies. It was also done in the 1960s and in doing so brought down the system of legal segregation. And we see it again today in the incredible efforts of millions of working people of all races and nationalities and their allies to elect Barack Obama and larger Democratic Party Congressional majorities in November. Indeed, it is a task that takes on even greater significance given the financial storm that is shaking our country.
For the moment however, the American people and their friends in Congress are faced with a first class challenge "" to impose their own imprint on the way in which this financial crisis is resolved. Let's have no doubt that our financial system can be stabilized and restored to its orderly functioning in a way that meets the needs of the American people and our country. But will take a fight!
This article originally appeared at www.pww.org
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