Writing in the Guardian G2 today, actor Julie Hesmondhalgh expressed the disappointment many Labour members feel at the departure of Jeremy Corbyn as leader of the Labour Party. She felt that his time as leader was a missed opportunity; and while she encouraged Corbynistas to stay and work within the Labour Party, she nevertheless conceded that this work will now all be about getting the Tories out rather than creating an “amazing socialist utopia”.
Despair amongst the left in the Labour Party is understandable, but one consequence of Jeremy Corbyn’s brief time as leader has been a recognition by many within the Labour Party that they have more in common with members of socialist parties to the left of Labour, especially the Communist Party, than with their own right wing. In the 2017 general election, and again in 2019, when the right wing of their own party was actively conspiring to undermine Jeremy Corbyn, the support they received campaigning on the doorstep from card carrying communists and in the pages of the Morning Star, the only national newspaper to give Jeremy Corbyn unwavering support, will not have gone unnoticed.
As communists, we never believed that a Corbyn-led majority Labour government would result in the “amazing socialist utopia” which Julie envisaged. This will take a social revolution, not a fleeting parliamentary majority, and a wider social base than the Labour Party can presently provide. The bonds of solidarity and respect we have established with socialists within the Labour Party are nevertheless real ones which must not be allowed to wither on the vine now the right wing is back in control of Labour. It is not for the Communist Party to lure members from Labour, but for those Labour members who want to do more in the coming years than simply campaign to get the Tories out, we are here to welcome you.
In a month or two
• retailers and home mortgage borrowers won’t be able to service their loans from the banks
• private landlords won’t be able to service their loans from banks as their tenants are unable to pay their rent.
As a result property prices will collapse, rendering banks insolvent as much of their lending that isn’t dependent on vanishing future profits is secured on property. While central banks will continue to pump huge amounts of liquidity into the banking system, liquidity is not the same thing as solvency. Banks will inevitably go bust, necessitating governments to rescue them again, as it did in 2007-8, and, as they did post 2007, seek to re-balance the economy with a further round of ‘austerity’ for workers.
My speculation? No, it’s effectively what Larry Summers, the celebrated economist and former director of the National Economic Council under President Obama, was saying today on Bloomberg.
Summers predictably declined to predict how all this would all turn out. The aim for communists surely has to be to socialism. We allow banks this time to go bust while securing continuance of their money transmission and their other, essential i.e. non-speculative activities – something the Vickers Report should have ensured but which it failed to do. We close down tax havens. We appropriate the appropriators.
Meanwhile, the immediate need when Covid-19 has been brought under some control will be to hold the UK government to account. Why is our death rate heading to be the highest of any developed nation? Why were Johnson and Prince Charles tested when others were left to die? Why was the warning from the SARS outbreak ignored? Why has the government been closing hospitals and A&E, including the threatened closure in our area of Epsom and St Helier Hospital? Why has the NHS been used as a bargaining counter in trade negotiations with the USA? Why did the government fail to protect NHS staff with PPI?
We need more than just whistle blowing for the NHS every Thursday at 7 pm. We need immediate accountability post Covid-19, then to start building a better world.
The first thing on our minds when we now wake up in the middle of the night isn’t, of course, Covid-19 or even the health of our Prime Minister, it is relief that we have not been nuked as we slept by the dastardly Chinese or Russians. What better opportunity could they have than now when we are all being ravaged by a virus? We can, however, turn over and go back to sleep, content in the knowledge that Dominic Raab (or Keir Starmer, if he has mysteriously become Prime Minister in the middle of the night) is willing to push the Red Button and avenge us posthumously, even at the personal cost of becoming a genocidal mass murderer .
Throughout the coronavirus pandemic, one of our four nuclear missile-armed submarines has been at sea. The far-sighted people at the Admiralty have even taken Covid-19 into account. If only others in government had been so far sighted! Crews are now held in quarantine ahead of the deployment, so that, it is hoped, none of them develop the symptoms while at sea. As a further precaution, the crew currently at sea are thought not to have been told about the pandemic. This is so that they are not distracted by a fellow submariner with a cough from the business in hand: targeting their rockets on China, Russia and North Korea and the potential need to re-program them quickly to hit Iran (France and Israel, although nuclear armed, are presumably exempt).
CND has calculated that replacing Trident, Britain’s nuclear weapons system will cost at least £205 billion. See https://cnduk.org/resources/205-billion-cost-trident/ . Money well spent for a good night’s sleep!
Before returning to sleep with these reassuring thoughts in your head, don’t however dwell on the possibility that the USA might have sold us the systems with a disabling mechanism hidden within them. That would only give you feverish nightmares in which Mr Raab or Mr Starmer repeatedly stab at the Red Button and nothing happening while a ginger haired President sits in the White House and smirks.