An interesting article by a ( bourgeois liberal) economist, Richard Murphy, in the Guardian today on the looming danger of a second, deeper, stage of the ongoing world financial crisis, as major economies in the Eurozone approach debt default – and the central destabilizing role played by what he calls the "feral" economy, but we would simply call "finance capital", in this deepening downward spiral of instability:
"Stock markets took fright on Wednesday as fears grew over the health of the global economy and the ongoing European debt crisis.
There was heavy selling in London when trading began, sending the blue-chip FTSE 100 index falling by 91 points, or 1.6%, to 5626. There were also heavy losses across Europe, The French CAC and German DAX indices were down 1.6% and 1.1% respectively.
The European markets took their cue from Tuesday's 2.2% fall in the US Dow Jones index. Overnight, the Japanese Nikkei fell 2.1%, its biggest daily loss since the rout that followed Japan's March earthquake
And the effective interest rates Italy and Spain are paying have gone over 6% when Germany is paying 2.4%, while the US is being marked for credit downgrade by all major ratings agencies. Gold has hit a record price. Perversely, the cost of UK debt has fallen to new lows: we're now a safe haven. Anyone who thinks we are out of the crisis has to be seriously misguided. "
As the world spirals into possibly a new Great Depression it is interesting to see what has happened to the previously rampant BNP with its highly successful "populist Poujadist" electoral strategy, ie providing a protest vehicle for the "politics of bigotry and disgruntlement at perceived exclusion from the then fruits of the pre 2008 economic boom" of sections of the white working class . One might have supposed that with inter community tensions increased by the impact of unemployment and the cuts it would be doing very well, BUT , it has of course in fact lost most of its councillors and is falling apart from fraticidal infighting.
But why ?
a) like the revolutionary Left, fascists are innately factional, so any growth setback sets the "racial comrades" at each others throats.
And , more importantly,
b) just as Militant found in the 80's in Liverpool, it is impossible to actually DELIVER on the radical promises made to supporters and voters for radical movements of both Far Right and Far Left – short of a really profound social crisis in which there is a major shift in established voting patterns and class forces. TODAY the white working class in Stoke, Barking etc, want solutions NOW to growing mass unemployment and welfare cuts - and the BNP simply can't deliver, and certainly can't attack/deport/rob the local ethnic minority communities which much of their voting base would like to blame, and make suffer, for the crisis.
Unfortunately for the BNP we aren't at a point where there is a major realignment of class forces in the UK, the economic crisis is still at an early stage, and so no section of the capitalist class has any motivation to back a fascist movement – as there is no mass Left movement to crush.
I think this will require a readjustment/update of some of the conclusions of "Filling the vacuum" and BTF – not the central point that the Left needs to build a viable alternative to Labour and the BNP in white working class communities (and others of course) – but a recognition that the Far Right will from now on as the crisis bites, be in profound crisis and reassessment and restructuring mode as they try to respond to the crisis too – and as well as regroupment organisationally, regardless of the current apparent signs of breakup in EDL ranks, I think there will soon be much more of the chaotic and shambolic EDL – type ("Brownshirt") provocations on the streets .
These provocations are likely to be both linked to Far Right political party building - along the lines of the earlier "march and build " strategies , a la 1970's NF, AND many more semi spontaneous, non formal political party organised Far Right Blogosphere generated "Flashmob" provocative "events" . This likely return to street action will be caused by a need by the Far Right to respond to the economic hammering their actual and potential white working class base will be increasingly suffering, giving the appearance of "action" to supporters , but really reflecting the Far Right's impotence in the face of the economic attacks on the white working class, (just as with the Left's similar current impotence of course ) and their subsequent failure to maintain the BNP's electoral momentum from the pre 2008 economic crisis boom period into the current period of economic crisis.
It should also be stated that as we move from a long period of economic boom to a long period of serious attacks on all aspects of working class (and middle class) living standards , it is the LEFT, not the fascists, who should be best placed, through concerted militant community action against the cuts locally , and militant trades union action against unemployment, closures and wage reductions etc , to build up fighting political organisations - This is regardless of the current woeful weakness of the Left and militant trades unionism --IF we can all work together , minimizei sectarian infighting, and sieze the opportunity yet another capitalist crisis presents to offer a real alternative .
