Can Obama Save Capitalism?

 The capitalist system may well be suffering the worst crisis in its history. According to George Soros, billionaire investor and frank analyst of the system he defends, the world financial system has in effect disintegrated and there is no possibility of a near-term resolution to the crisis. In 2007 there were a total of three bank failures. Last year there were 25. As of this writing, 13 have failed in the first few weeks of 2009.

Editorial for Socialist Appeal 45

Obama and the Economic Crisis

ObamaNow that the electoral dust has settled, many are already disappointed with Obama and his cabinet picks. Nonetheless, he enjoys astonishing approval ratings of over 80 percent. But this only means that the reaction to the inevitable disappointment will be that much more explosive.

The world economic crisis is shaking the consciousness of the world working class. Nowhere is this more true than in the most powerful and wealthy country on earth: the United States. After decades of relative peace between the classes, the class struggle is now back on the agenda.

Editorial for Socialist Appeal 44

Obama's Election and the Working Class

ObamaThe U.S. has elected a new president. On January 20, 2009, Barack Hussein Obama will be sworn in as the 44th President of the United States. Along with the dramatic turn in the economic situation, this marks a definite turning point in the history of the country and of the world. On the streets across the U.S., you could feel a collective sigh of relief. And yet, the pessimism is worse than anytime since World War Two; more even than the Watergate era. For Marxists, it’s not the color of the President’s skin that determines our attitude. What matters are the class interests a candidate represents.

Editorial for Socialist Appeal 43

"Wall Street Socialism" and the US elections

The straw that broke the camel's back. Photo by Francois Roche on Flickr.It was not the immediate crisis on Wall Street that has “caused” the public outrage against the Big Business bail out. This was only the “straw that broke the camel’s back.” This has simply brought to the surface deep-seated discontent that had been brewing for years.

Editorial for Socialist Appeal 42

Socialism: Change We Can Actually Believe In

Barack ObamaIt’s official. Barack Obama is the presidential candidate of the Democratic Party. His rapid rise to national prominence and eventual nomination have left millions of American workers and youth dizzy with hope for real change. Many have lamented or attempted to justify his shift to the right since he won the nomination (a shift from the so-called “center” of U.S. politics as he has never been on the “left”). But few have drawn the logical conclusion from this: that as we have explained time and again in the pages of Socialist Appeal, Obama does not represent real change and is organically incapable of changing anything fundamental. How could he? He is a Big Business politician and he will defend Big Business’ interests.

Edtorial for Socialist Appeal 41