In 2008, Satoshi Nakamoto established the first digital bitcoin transaction by mining the so-called genesis block. This was to be the beginning of a new era for money and the payment system, but the story did not develop according to the original aims of the pseudonymous bitcoin creator. Digital currencies really have the potential to change the economic landscape. The problem is that, under capitalist conditions, they will not be used to help ordinary people, but rather, the profiteering bankers.Continue reading How digital currencies could help humanity — and why they won’t
A string of bond defaults by hitherto top–rated Chinese state owned companies in November has cast a shadow over China’s relatively firm economic recovery from the downturn set off by the COVID–19 pandemic. This shows that the Chinese state is fundamentally unable to avoid the organic crisis of the capitalist system.Continue reading China: SOE bond defaults show turbulent days ahead
In the past week, university students all over China have been openly struggling against their school administrations for effectively confining them on campus in the name of complying with the government’s coronavirus safety instructions. These protests have been spreading like wildfire, from the capital Beijing to Fujian in the south, to Inner Mongolia in the north and beyond, engulfing thousands of campuses.Continue reading Chinese students struggling against “formalist lockdown”
This document was passed by the leading body of the International Marxist Tendency following a discussion on 12-13 September 2020. It updates our perspectives on the explosive world situation.
We are living through a decisive turning point in history. At such times, it is natural to look for reference points or historical parallels. But nothing seems to really fit what we are experiencing.Continue reading A World On The Brink: Revolution Looming