Revolution in South Asia

An Internationalist Info Project

Archive for November 5th, 2008

Philippine Communists: Capitalist Crisis is Excellent Conditions for Revolution

Posted by n3wday on November 5, 2008

This article was sent out on the Maoist Revolution e-list.

Excellent conditions for revolutionary upsurge in the face of the worsening global capitalist crisis

Communist Party of the Philippines
October 15, 2008

The world capitalist system is undergoing a deepening recession that can only result in the massive destruction of productive forces and further concentration of capital in the hands of a few. This global economic malaise is now causing production slowdowns, massive job losses, worsening impoverishment and intensified exploitation and oppression of the proletariat and ordinary people in the capitalist centers, with even worse consequences for peoples in the Third World.

The bursting of the biggest financial bubble in history and the severest financial crisis since the Great Depression have already caused the collapse and subsumption of many of the largest banks and financial
institutions, the sweeping credit crunch, the continuing meltdown of stock markets and near paralyzation of other financial markets.

Read the rest of this entry »

Posted in Philippines background | Leave a Comment »