A Tale of Two Societies – Scottish Socialist Party

by Sandra Webster It is ironic today when an Oxfam report tells a sorry tale of the inequalities of wealth on a global scale 1% owe 99% of the world’s resources, that we have to report the latest government attack on the most needy in our society. It is us who have to endure the cuts and now people on Employment Support Allowance (ESA), the sick and disabled are being attacked. PICTURE: OXFAM GB This is not new news like a series of other measures it was sneakily sent out before Christmas. Iain Duncan Smith, Secretary of State for Work …

The Fed, interest rates and recession | Michael Roberts Blog

On Friday, US stock markets fell to their lowest level since August 2015 in its third consecutive weekly decline. In many previous posts, I have argued that stock markets are really still in a long-term secular ‘bear market’ of decline.  Stock market values follow the profitability of capital and, as I have argued in other posts, the profitability of US capital has not yet reached the bottom of its current downwave that, in my view, began in 1997, with various upturns (2001-6, 2009-13).  If that is correct, then the US stock market (and others as well) have yet to reach …

Shoosh 4 Indy Redux

I wrote this piece in February 2015, before the general election and it is focused on that upcoming contest. However, I think the themes are relevant now. So here’s an edited version, just removing some of my crap, nothing substantive. ————————————— February 2015 I am such a let down Apparently I am not seeing sense and I’m weakening our best chance for independence by engaging in petty political grievances. Furthermore I have been letting the “Red Tories” live instead of helping to end them in Scotland. I am being hopelessly naïve. I clearly don’t understand what’s at stake. I am being sectarian. …

Support the Vale Hospital Campaign

This week Scottish Socialist Party councillor Jim Bollan is asking West Dunbartonshire residents to get behind the petition and campaign to “Save our Services” in the Vale of Leven Hospital. Glasgow North West and Clydebank SSP fully support Jim’s call for a people’s campaign to turn back the tide of Tory cuts, many of which are being imposed via our own Scottish Government. Please endorse the sentiments of the Lennox Herald editor below by signing the petition here (and linked after the letter quote too). LETTER TO Scottish Health Secretary Shona Robison Dear Ms Robison, The Save Our Services at …

RECOLLECTIONS OF GLACIER METAL FACTORY SIT-IN VICTORY

On Hogmanay 1996, the Glasgow Glacier Metal engineering workers were ringing the bells in elation at their victory, whilst Glacier bosses were wringing their hands in despair. The ‘Polmadie 103’ had scored a landmark victory for class struggle trade unionism, defeating the factory’s multinational owners, Turner & Newall, after a seven week factory sit-in. It was the first workplace occupation in ten years, and was provoked by dictatorial bosses trying to impose a 15-point change of contract, which aimed to double company profits, cut wages by £123 a week and slash sick pay, the canteen subsidy and other benefits won over …

Will China pull down the world?

The world’s stock markets are spiralling down.  The US equity market has fallen 10% in the last month, a figure that is called a ‘correction’ in investor terminology.  That’s not yet a crash or ‘bear market’, usually measured as a 20% fall.  But it’s going that way. Stock markets are diving because it seems that the big investors, banks and financial institutions globally, are worried that China is imploding and planning to devalue its currency hugely, thus driving down the rest of emerging economies, many of which are already in recession (Brazil, Russia, South Africa etc) and so will pull …

Predictions for 2016

As I write, global stock markets kicked off 2016 by plunging, so much so in the case of China that stock market exchange was closed to stop selling.  The fall was prompted by all-round disappointing surveys of business activity in China, India, the US and parts of Europe. Indeed, by the end of 2015, most stock markets had their worst yearly results since the Great Recession in 2009  Clearly, rich investors and financial institutions are getting worried that the global economy, far from picking up pace, is slowing even further. It has now been eight years of what I have …

West Dunbartonshire secondary schools in one-day strike

All five main secondary schools in West Dunbartonshire have been closed because of a one-day strike by some teachers. Members of the EIS union are protesting about planned changes to the schools’ management structures.The council said it was “saddened” the action was going ahead.The EIS said the council’s plans were financially driven and would see a cut in the number of deputy head teachers, principal teachers of subjects and pastoral care posts. Following the strike, EIS members will start working to contract from Wednesday.The council’s plans involve related subjects being managed together in so-called “faculties” with one head. For instance, …