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“ Emerging ” countries and “ BRICS ”, the So-Called Saviors of World Economy are Collapsing... (August 11th 2015)

This August, the economic dead-end of world Capitalism is showing signs of worsening that we can’t ignore because of their economic, political and imperialist consequences. On August 11th, the news announced that China devalued its currency in response to the reduction of its exports after the collapse of real-estate and of the Shanghai stock exchange, and that Russia’s GDP has fallen 4.6% last quarter while inflation explodes (18%). The BRICS don’t inspire illusions any longer : Brazil’s GDP retreated since 2013 provoking increasing consequences in Latin America. Meanwhile, Europe and the United States attempt to delay as much as they can the effects of their huge debts. The first one is unable to resolve the so-called “ sovereign ” debt, the second has doubled its public and private debt since 2007.

The dead-end is obvious. The expedients used since the subprime crisis, generalization of misery and multiplied super-exploitation of the working class, for one part and, for the other, total international debt which has passed from 267% of the world GDP in 2007 up to 286% in 2014, don’t succeed – they can’t because of the very laws of Capitalism itself – to resolve the economic crisis.

Immediate consequences : China’s decision, the devaluation of the Yuan (Reminbi), means an international revival of the currency war, the exacerbation of international economic competition and increased imperialist tensions; for the international proletariat, an inescapable redoubling of misery and exploitation on the altar of economic competition and imperialist rivalries and wars. These last events just confirm that there is no economic solution to Capitalist crisis except the 3rd World War or the most powerful and definitive class struggle against Capitalism’s consequences, ultimately leading to its supersession and replacement with communism.

IGCL, August 11th 2015.