crisis of capitalism

Iran

Tulku Phurbu Tsering Rinpoche

After all the talk we've heard in recent years about how depressed oil prices are now permanent, in the wake of Trump's announced withdrawal from the Iran nuclear deal Bank of America is predicting that the price of Brent crude could go as high as the once-dreaded $100 per barrel in 2019. The report also cited collapsing production in Venezuela due to the crisis there. Brent prices have risen above $77 per barrel since Trump's announcement. Prices have jumped more than 8% over the past month and 15% since the beginning of the year. According to the analysis, investors fear that renewed sanctions on Iran could lead to supply disruptions. Although the report failed to mention it, the Israeli air-strikes on Iranian targets in Syria have doubtless contributed to the jitters. (Photo: Shana)

Central America

Tompkins Square anarchists ride again

Tens of thousands from across Nicaragua marched on the capital Managua, including large delegations of campesinos from the countryside, in a "pilgrimage for peace" called by Archbishop Leopoldo Brenes following days of angry protests and repression that left some 50 dead. The Catholic Church agreed to mediate a dialogue between the government and opposition over the planned reform of the social security system that set off the protests. But the "pilgrimage" struck a political tone, with marchers calling for the resignation of President Daniel Ortega. (Photo: Nuevo Diario)

The Andes

santi2

Potato farmers across Peru's sierras blocked roads with their tractors and trucks for weeks, demanding a subsidized distribution system for the staple crop in the face of plummeting prices. The National Commission of Potato Producers (Conapropa) struck a deal with the government, but wildcat protests continued in Huancavelica, Huánuco, Junín, Ayacucho and Arequipa regions. Finally, farmers advanced on Lima in a cross-country motorcade. This forced Conapropa leader Fernando Gutiérrez back to the table, meeting with Agriculture Minister José Arista to strike a better deal. Huancavelica regional governor Glodoaldo Álvarez denied government claims of over-production by farmers, and pointed to massive imports since the 2009 Free Trade Agreement with the US. Farmers at the roadblocks carried banners with slogans such as "¡Abajo el TLC!" (Down with the FTA!). (Photo: La República)

East Asia

basquesports

In Episode Five of the CounterVortex podcast, Bill Weinberg makes the case that despite the official ideology of "socialism with Chinese characteristics" and the revival of rhetoric and imagery from the Mao era, media commentators are off base in their comparison of Xi Jinping and Mao Zedong. The new personalistic dictatorship of Xi is appropriating the outward forms of Maoism, but whereas the Great Helmsman used totalitarian methods to advance socialism (at least in terms of his own intentions) Xi is doing so to further entrench China's savage capitalist system. As a part of the same constitutional changes that have installed Xi as the new "paramount leader," the Chinese Communist Party is imposing further market liberalization and "supply-side" economic reform. The New Cold War between the US and China is simply a rivalry between capitalist powers. But in the global divide-and-conquer game, the leaders of oppressed nationalities within China such as the Tibetans and Uighurs look to the US and the West as allies, while left-populist governments in Latin America such as Venezuela and Bolivia similarly look to China. How can we respond to these developments in a way that builds solidarity between peasants, workers and indigenous peoples across the geopolitical divide? Listen on SoundCloud, and support our podcast via Patreon
(Photo: chinaworker.info)