The post-World War II world order is breaking
apart. The role of the US dollar as the only
world's reserve currency is threatened.
This world order replaced the previous one led
by Britain with its empire and gigantic military
power. In those days, the British pound operated
as the world's reserve currency. The change in
leadership lasted 30 bloody and destructive years,
which saw two world wars as well as two massive
social revolutions led by communists (first
the Soviet Union, then China).
The world order is breaking
apart because the world economic
crisis which erupted in
2008 is far from over. This crisis
is caused by a general fall in the
rate of profit from productive
investments. There is too much
productive capacity in the
world's economy for any particular
investment to reap a
healthy profitable return. Until
enough of that capacity has
been destroyed - either by bankruptcies
or war - the economic
crisis will continue.
IMPERIALISTS VERSUS
IMPERIALISTS
The longer the crisis lasts, the
more volatile the situation becomes.
There is no ruling class
in the world, for example, that
has not declared war on its
working class. The idea is that
through cuts in health care, pensions or wages,
they can restore some profitability. This means
there is not a country in the world where the capitalist
few aren't facing the increasingly impoverished
masses with fear.
This fear plays a larger and larger role in their
calculations, but it is not yet the main thing that
worries them: restoring the rate of profit to capitalist
production is. Capitalism is a world system
that needs a world market to expand into and a
world currency to operate it. Since World War II,
the US dollar has played that
role. Since the 1970's when the
US told the world "It's our currency,
your problem," there has
been a growing resentment
among imperialists about the
way the US uses its position to
protect its investments and
threaten those of other countries.
The crisis has accelerated
both tendencies. On the one
hand, the US made a unilateral
decision to flood the world's financial
markets by printing trillions
of dollars. Called
'Quantitative Easing' (QE), it is
a decision that has played havoc
with markets around the world
but kept the US free from the
worst aspects of the crisis. On
the other hand, the relative
weakness of the US economy
(the world's largest debtor nation)
and the relative strength of the Chinese
economy (with one of the largest reserves in the
world) has presented China with the opportunity
to strive to replace the US dollar with the yuan as
the world's reserve currency.
IMPERIALIST WARS OR COMMUNIST
REVOLUTION?
Initiating a number of currency swaps (where
trade is done in yuans and local currencies) with
countries like Iran, India, and Brazil, China set in
motion a movement in the world's economy to bypass
the role of the dollar. Now, as the major meeting
of the Chinese ruling party takes place, its
official think tank published the 383 Project, a detailed
plan to make the yuan an international currency
in some regions and an international reserve
currency within ten years.
The plans might be drawn up by economists in
think tanks but they will be implemented by generals
and Armed Forces. Their success or failure,
however, depends on us - the workers and soldiers
of the world. The imperialists have their QEs or
383 Projects, we--the workers of the world--are
developing our answer: Red Flag and the communist
revolution we are organizing.
It took two world wars for the dollar to vanquish
the pound. It will take another one to change the
dollar for the yuan. Such a war will affect everyone
the world over. Let's fight to usher in the age of no
currency: a communist world without money,
where production is for need, not for sale and profits.
As the old world order breaks apart, it's time
for us to "Seize the hour, seize the minute!" Let's
Mobilize the Masses for Communism!
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