Comment by tonytran2015: The present capitalists are safe from their workers, most of them have dual citizenship and can safely go to their other country with their heist. USD will lose its reserve currency status in other countries (The next fall of US dollars after their rejection by Shanghai Cooperation Organization.).
by Joseph Kishore—SEP candidate for US president https://www.wsws.org/en/articles/2020/04/28/pers-a28.html
Gigantic corporations, many of which have massive cash hoards, are laying off employees while continuing to pay executives. Entertainment giant Disney … has furloughed more than 100,000 workers while maintaining its executive compensation program. But this is the general rule.
US billionaires, since mid-March, have increased their wealth by $282 billion. The collective fortune of these 614 individuals, which totals
$3.2 trillion, has been buoyed by the continued rise of share values on Wall Street, which increased sharply again on Monday.
… the German newsweekly Der Spiegel yesterday captured the economic situation: “The death toll in the US is rising—so are the markets.”, Der Spiegel writes: “So if the fundamental economic data actually offer so little incentive to buy, what is behind the rally? The solution to the riddle has three letters: Fed.”
The Fed has made clear that it will do everything in its power to support Wall Street… “If you wanted to bet on price losses,” Der Spiegel remarks, “you would have to bet against an institution whose funds are practically infinite.”
Beginning in March, … the Federal Reserve began funneling money into the markets—first by reducing
interest rates to zero, then by initiating a raft of programs to buy up assets from banks and corporations, providing them with cash to purchase
The activity of the Federal Reserve was endorsed unanimously by the
US Congress in late March, when it passed the “CARES Act,” which allocated $454 billion to finance up to $4 trillion in asset purchases.
Every single senator voted for the CARES Act, including … Bernie Sanders.
The Fed is spending something on the order of $80 billion every day. The central bank’s balance sheet is expected to increase to as much as $11 trillion, from less than $4 trillion last year and less than $1 trillion before 2008. This would bring the overall value of assets held by the Fed to nearly half the entire annual economic output of the
… Trillions must be allocated, not to bail out Wall Street, but to implement an emergency program to build up health care infrastructure and provide protective equipment to all essential workers.
The loans and other mechanisms through which the income of workers is earmarked for payments to the banks must be immediately forgiven… with trillions still left over.
All workers must continue to receive their full income for the duration of the pandemic. The highest quality health care must be available to all, free of charge and on a completely equal basis.
There must, moreover, be real assistance to small businesses. The so-called Paycheck Protection Program passed by Congress, ostensibly to aid small businesses, has turned out to be another massive swindle for large corporations,… conglomerates and hedge funds.
Such actions and other emergency measures to secure the interests of the working class, in the United States and internationally, could not and cannot be secured within the framework of the existing state institutions.
The entire response to the pandemic… is proof of the Marxist theory of the state. The state is not a neutral body. The financial oligarchy rules. It is their state. The politicians are their politicians. The media is their media.