Crisis caused by failure of Capitalism

This was not just a failure of systems but of Capitalism itself

The President of the Workers Party Michael Finnegan has said that the debate arising from the reports on the banking collapse had missed the point that it was not just the banking system that had failed but the capitalist system as a whole.

Mr. Finnegan said that in-depth analysis of why the banks collapsed was a mere exercise in navel gazing if it ignored the wider context of the world financial system which is based on greed and profit rather than addressing the needs of six and a half billion human beings on this planet.

“While the present government certainly deserve the blame as overseers of the financial collapse, the whole system of global capitalism should be in the dock along with them. Ireland stands out as one of the countries where the collapse has been most severe. This is because of the craven adherence of our government to globalisation policies and the feeding frenzy of big business stimulated by Fianna Fáil and the triumvirate that presided over the economy since 1997, namely Charlie McCreevey, Bertie Ahern and Brian Cowen”, said Mr. Finnegan.

“Across the world, and in the European Union in particular, working people and their families are being scapegoated to pay for the rescue of utterly corrupt institutions under the direction of those who fanned the flames of economic meltdown.   There are at least 30 million people unemployed in the EU and many millions more in low paid, dead end jobs while those in work are to carry the millstone of banking bailouts on their backs for the rest of their lives. Their children also face that prospect.  It is a never-ending circle of debt and struggle for those concerned”.

Mr. Finnegan said that despite the massive cuts in pay and services with the resultant hardship that workers and their families will have to endure there is no light at the end of the tunnel because governments only want to reconstruct the same failed capitalist system as before.

“In the 1990s we were told that socialism had failed and was in fact dead. In 2010 we can see clearly that capitalism has failed utterly, yet workers are being bled dry in order to revive its putrid corpse. There will be no justice for workers under capitalism.  There is no hope for humanity under capitalism. For that reason they must unite to abolish capitalism and put in its place a system built around the needs of workers and their families – Socialism is the Alternative”, said Michael Finnegan.

Issued 10th June 2010

Peace, Work, Democracy & Class Politics