The Socialist-Syndicalist Plan for GM

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General Motors has announced a plan for a new ownership structure. The US government will swap debt for equity and take at least half ownership in GM. This amounts to socialization of a large part of the domestic means for automobile production. The UAW will swap debt for equity to cancel out the debt "owed" by GM to a union-run trust. Worker ownership of 39% of this company is syndicalism, plain and simple.

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