Workers Solidarity Movement

Billionaire investor Warren Buffett commented on the US financial crisis that “it’s only when the tide goes out that you learn who’s been swimming naked, and Wall Street now looks like a nudist beach.” Well when it comes to Ireland, the receding tide of the global economy has revealed that not only were our business and political elites swimming naked, they were engaged in a great big orgy as well.

Anarchists want to change the world. Instead of the present order – capitalism – with its focus on inequality and profits for a few, we want to build a new society based around the principles of participatory democracy, freedom and production for need not profit. For anarchists the type of society we want to build is best summed up by the slogan: ‘To each according to their needs, from each according to their ability’.

Workers Solidarity’s Vincent O’Malley spoke to his local Citizens Information Centre about some of the obstacles facing people who have lost their jobs.

A major financial company with 40,000 customers in the North has admitted that it charges 183.2% interest. This is no backstreet loanshark operation, Provident Financial is a completely legal and government regulated firm.

WSM member Joe King, a clerical officer in the public sector, responds to the calls for pay cuts and redundancies.

Click on one of the thumbnails for a a PDF version of the northern or southern edition of Workers Solidarity 106 which can be printed out on eight A4 pages.

Recession is just another word when you are rich. Google bosses, Larry Page and Sergey Brin, have just spent €17.6 million on a 60-seater Boeing jet for their “personal use”. Microsoft co-founder Paul Allen splashed out €140 million to buy the world’s eighth largest yacht. It comes with two helicopters, two submarines, eight smaller boats, a basketball court, swimming pool, a crew of 60 and running costs of about €15 million a year.

Big Business doesn’t like what’s happening in South America. The election of reforming governments in Peru and Ecuador might have been a bearable irritant but that Chavez guy in Venezuela has really got up their noses. In Bolivia sections of the local ruling class got so riled up that they tried to overthrow President Morales in September. The US ruling class, in collusion with local bosses, is trying to destabilise political and economic reforms. As they see it, too much is going to workers and peasants, and not enough into their own coffers.

The official story is that the origins of the current crisis lie in the collapse of the US subprime mortgage market - i.e. poor people not paying their mortgages. Although this may have been the trigger event, it is not the real cause. The real cause lies in pyramids not houses. Specifically the enormous debt pyramid built up by the Western countries, particularly those following the Anglo-saxon economic model - which, unfortunately for us, includes Ireland.

The financial markets have taken a hammering. Speculators (that’s a rich person’s word for ‘gambler’) lost incredible sums of borrowed cash in bets on everything from mortgage values to the possible price of wheat in 2011. Banks who lent out far more money than they actually had needed governments to step in with billions to bail them out. In some countries the state took them over.