Main Political Resolution,
YCL-LJC Central Committee
Jan. 15th, 2012
Since our last Central Committee, we are still being told by politicians and the corporate media that the economic crisis is over. At the same time, the crisis is blamed for aggressive budget cut-backs.
The economic crisis of capitalism is the main fact dominating the struggle of the youth and students today The latest Euro-zone sovereign debt crisis is a continuation of that crisis.
The Eurozone crisis: more crisis of capitalism
The sovereign debt crisis forcefully imploded across the European Union over the past several months. It began with the capitalist governments of Portugal, Ireland, Greece and Spain suddenly announcing they could not refinance their national debt to the Banks (ie. the country is bankrupt). Consequently, they experienced a major downgrading of there credit ratings by finance capital, further aggravating the situation. Even France‘s credit rating has just been downgraded.
The crisis was not simply sparked by the quantitative amount debt of these countries. Because of the domination of banking and financial capital (that is non-value producing or parasitic) and its ever-greater concentration and centralization within the interconnected Eurozone, when a country like Greece defaulted there was a qualitative change: a domino-effect of defaulting (and a resulting political crisis; for example, in Italy the Berlusconi was suddenly replaced by high level administrators or “technocrats.”)
Nobody has a crystal ball, but the future of the entire EU is being drawn into question. The EU is now in a recession that has even hit Germany. Can it be confidently said that Canada is immune? Not at all.
