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From The Socialist newspaper, 28 January 2015

Quantitative Easing: Socialism for the rich!

If you're in a hole, stop digging. But not it seems if you happen to be the European Central Bank (ECB) dealing with the depressed Eurozone economies.

The ECB has announced quantitative easing (QE) measures ie printing new money, amounting to a staggering 1,100,000,000,000 (1.1 trillion), in order to stimulate economic growth.

This high-risk strategy assumes that the recipients of this ECB largesse ie the banks and other capitalist financial institutions, will provide private industry with new investment. But why would capitalists rise to the bait with a current excess of capacity in industry?

Indeed, political economist Richard Murphy has rubbished the ECB's QE measures, saying: "Because... there is no demand for new cash for private sector investment in the EU, or beyond it, this money will not be invested in new productive capital. Not a new job will be created as a result. Not a single social need will be met. Instead the money will be used for speculation... There will be a boom. A bust will follow.

"But in the meantime market gamblers will celebrate their profits, acclaim their abilities, and demand their bonuses.

"A few will get very rich indeed. Many will pay the inflated commodity prices and vast numbers of young people will end up priced even further out of property markets, where a few will purchase considerable portfolios and yet more trophy apartments that prevent access to housing at affordable prices to millions. This will be socialism for the rich."

Dave Carr

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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

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In The Socialist 28 January 2015:


Socialist Party news and analysis

Syriza victory shows austerity elite can be beaten

Is the Green Party the answer?

Government welfare cuts: No to sanctions!

Tories and Labour refuse moratorium on fracking

Davos summit: 'The pitchforks are coming!'

Quantitative Easing: Socialism for the rich!

'Defenders of democracy' mourn despot's death

Them & Us


Trade Unionist and Socialist Coalition

Gearing up for largest anti-cuts election challenge yet

Election Appeal 2015


Socialist Party reports and campaigns

End the housing crisis

Extra, extra! Socialist needs new sales!

Lib-Lab political bung scandal

Leicester marches for free education

Burns' Night a blazing success


Socialist Party comments and reviews

Book review: Unison bureaucracy unmasked

Why I joined the Socialist Party

Shapps' lies on housing

Inept waste site renationalised


Socialist Party workplace news

Usdaw elections: 'We need a winning, fighting union'

RMT forces DLR bosses back

NI Water workers' victory

Workplace news in brief


 

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