European stocks are bordering on a crash situation. In Spain the day opened with a sudden downturn in employment this September… despite European tourists delaying their holidays. Around the world, the worst oil production figures in 16 years and the stagnation of world trade (1.2%) speak of a productive engine unable to rev up or even keep up its rhythm. In Europe as a whole, industrial production has been at its worst since 2012. The first victim: Germany. Economic activity figures for 2019 have fallen so low that Germans coined the term “mini-growth” to describe the aggregate result.
This week started with the bankruptcy of Thomas Cook, the first sign of a crisis that is already plunging into recession; the trade war took over the universal postal system – a historic jewel of rising capitalism; it showed the inanity and immorality of the new ideologies of “sacred ecological union” with the bourgeoisie; it exacerbated the battle of the bourgeois factions in the United States; and it made clear the immediate limits that unions and the left impose on the only struggles that can offer a perspective of overcoming the morass that is unfolding before our eyes.
We are starting a new section: a weekly news report that puts into perspective the short term and its relationship with the interests and mobilizations of workers around the world.
Since midnight on Monday, workers at General Motors plants in the U.S. have been called to what could become the largest industrial strike in the country in a decade. 50,000 of them are on strike today.