This slightly edited talk was given by WWP First Secretary, Larry Holmes, at a New York City branch meeting on June 16.
The economic crisis that is unfolding is by far the biggest development right now. Bigger than anything I can think of, and a lot of important things are happening.
One of the things that makes it more dangerous, more combustible for capitalism and also for the working class, is that a number of other crises are developing at the same time, and they all impact on each other. There’s the war crisis, which definitely impacts the economy. I’m not going to mention all the crises, but there’s a political crisis in this country with the ruling class, and the Jan. 6 hearings now on television are a reflection of that.
It’s not an overstatement to say that right now, even as distinct from a few weeks ago, Wall Street has been gripped by panic. Listening to these bankers and the “talking heads” and reading what they’re saying, they’re trying to tamp down demoralization and are freaking out like the world’s coming to an end. That seems to be the mood, at least on the part of a lot of bankers and investors — and a lot of people associated with finance capital, not only in this country but around the world.
I’m not going to talk right now about how it impacts the working class, which is far more important to us than how it impacts the capitalist system. But it’s important to look at how they see it and also to step back and take a…
