The PMC Bank fiasco and the impending economic catastrophe

The Punjab and Maharashtra Cooperative Bank (PMC) fiasco is an indicator of the impending economic catastrophe. PMC is on verge of bankruptcy due to it lending 2,500 crore to real estate company HDIL, which went bancrupt pulling the bank down with it.

Continue reading “The PMC Bank fiasco and the impending economic catastrophe”

Over Production Under Consumption and the Government’s Prescription

After grabbing the bigger chunk from RBI, government has now directed the PSUs to loosen their pockets, and shelve out money for Capital Expenditure (Capex). What, does this mean? It is a jargon that amounts to ordering the few profit making PSUs to give money to corporates. When this amount would be invested into capex, it would translate to the corporates getting more work and ultimately getting sop indirectly from the government. Continue reading “Over Production Under Consumption and the Government’s Prescription”

Is Crony Capitalism Different from Capitalism?

                                                                                                                                                                                         By Damodar

Of late there has been a distinct unease among the bourgeoisie academicians’ world over on the rise of what they call as “crony” capitalism. Somehow there is an illusion among them of capitalism that has been derailed of its moral, ethics and the great ideal of freedom & free trade, usurped by what has increasingly been called as crony capitalism. Bourgeoisie academician from right to Left have been lamenting about the loss that capitalism has suffered and the crisis the capitalism is suffering and as a solution they say if the “real” capitalism is restored all the ills facing the planet would magically be solved. It is just a matter of bringing back real capitalism and get rid of cronyism or corporatism. Continue reading “Is Crony Capitalism Different from Capitalism?”

Capital’s Share of Income is Way Higher than You Think

Almost half of households’ market income is received for just being wealthy: owning stuff.

by Steve Roth (May 18 2018)

The shares of income going to “capital” and “labor” are vexed issues. How much is received for doing work, and how much is unearned “property income” – interest, dividends, et cetera? For a long time, economists thought these relative shares stayed roughly unchanged over time {1}. But since the 1970s, and especially since 2000, the share going to owners of capital has been increasing, while labor’s share has gone down.

People get income for doing stuff, and they get income for owning stuff. Increasingly the latter. And the ownership share of income goes to a small slice of households that own almost all the stuff {2}. Continue reading “Capital’s Share of Income is Way Higher than You Think”

Once Again Tokenism :: A Note by IFTU (Sarwahara) on One Day All India General Strike Called on 2nd September

Against the massive assault on the interest of working class, one day nationwide general strike called on 2nd September by Central Trade Unions (CITU, INTUC, HMS BMS and others)

A Note by IFTU (Sarwahara)

“Once Again Tokenism”

On 2nd September 2015, CITU, AITUC, AICCTU, IFTU (New Democracy), HMS and BMS and few others have once again called for a country wide “one day strike” against the extensive anti-working class action being taken by the Modi Government by amending the provisions of Labour laws. They have particularly appealed to the working class to make this strike a success. IFTU (Sarwahara) supports the working class demands that forms the part of the agenda of this strike and so is not against the strike. Having said this, however, the real question arises as such: Is this call for a “one day strike” is, in genuineness a call for a struggle? Isn’t it,   in reality, an attempted act to evade from struggle? Till when we will have this “one day strike”? Tokenism in name of struggle will go on for how long? The history and our own experience of these token strikes called by the central trade unions and federations since 1991 reveal that this tokenism is but an escape route to run away from the working class struggles and certainly not a call for a genuine working class action. When the history of the working class defeat will be penned, then these tokenism will be held as one of the major internal factors that led to the wkg class defeat. When the need of the hour is to build up a movement that can compel the capitalist-fascist government to halt its attacks on the working class as well as smash its bloated ego, then what is the logic of calling for such one day token strikes is understandable.

The place that such “one day strikes” have in the working class struggle needs to be understood here. These are like “flag march” of the detachments of the workers, through which the working class cautions the bourgeoisie and its government that if the assault does not stops then it will lead to battle on the streets. Thus, “flag march” can happen once, twice or even thrice. The point to ponder over here is: If, even after such marches, the capitalist assault continues, will workers still continue to do the flag march or will prepare for the combat? But we find since 1991 that these unions have done the “Flag March” for umpteen times and they are still doing it. They are not ready to move to the second i.e higher stage of struggle. They cannot think about a fight, even in their dream. And on the other hand, the assault on the working class continues unabated. The bastions of the working class are crumbling one after the other. These unions have made blunt this form of struggle i.e “Flag March” (One day token strike as a warning) which was once a critical weapon in the arsenal of the working class. They have converted it into a means of concealing their escapism thus disgracing and tarnishing it completely. The result is that the perpetual practice of tokenism has taken it toll on the moral of working class by killing the workers’ aspirations for struggles with each passing of the day.

We saw the result of the 6-10 January (5 days) “historic” Coal India strike. Not only the strike was called off after 2 days, but BMS, and behind  it all the other unions (including CITU and AITUC) was seen fleeing from the battle and sitting in lap of Modi’s Govt. The working class could not prevent the Coal Ordinance from being passed. Today again, under the leadership of same BMS, the same deserter left unions and federations are undertaking one day strike against the Labour Laws reforms. Therefore its outcome is very well known even before its beginning. In a way, It is an indication to the government that now we have done the ritual of struggle, you do now whatever you want to do.

And, this is sure to happen. As we were unable to prevent the Coal India Ordinance, similarly we will fail to get the labour laws amendments revoked, due to the incongruity of these unions.

The extent of harm that these unions have bestowed on the workers movement, can be gauged from the fact that during the 6-10 January ‘historic Coal India strike’ they were silent on the labour laws amendments. Today they are howling at the labour laws amendments and are silent on the coal ordinance bill that was passed, and there is no word on revoking it. If due to their incompetence, defeatist and lackadaisical attitude, the provision to do away with the existing labour laws is passed, then should we understand that they will end all struggles against the passing of such amendments? What else than this will be a bigger service to the bourgeoisie and it’s Government?

In this situation, everything now rests in the hands of the working class and its truly advance rank and file spread throughout the country. How to get away with the quagmire of the central trade unions and what are the ways to get out of it, will depend on their preparedness and maturity. But what we wish to declare unambiguously today is that without getting out of the morass created by the central trade unions, thought of any meaningful struggle is a wishful thinking. This will happen only when the advance elements of the working class would take an initiative from within at the national level to demolish the present impasse created by these renegade unions, and take up full initiative to build the unity of working class. No doubt, the necessity of a single, united and a truly revolutionary vanguard of the working class is being deeply felt here, in the absence of which the main responsibility lies directly on the strong shoulder of its advance elements.

That is why, we call upon all the advance elements of the working class to expose those who have reneged on the class struggle by decoupling the working class from it, and have established a series of blunt “one day strikes” bringing the working class movement to such a sorry state. The time has come to take up the daunting task of creation of a nationwide revolutionary centre of workers movement. We are divided, yet we are the only real vanguard elements of the working class and we should initiate it unitedly right now.

It is to be noted that IFTU(Sarwahara), had declared its intention immediately after debacle of the 5 days strike in January. We noted that there is no possibility of a significant working class struggle and that is why we are moving towards the formation of a new national revolutionary forum of the working class. IFTU(Sarwahara) once again declares that these unions might be bigger in terms of numbers and size, but they have no future, as they have renegaded from the working class interest. On the other hand we or the unions like us may be smaller in size, but we have the future because we are the vanguard of the working class in terms of its both immediate and the long-term interests, and are in the struggle with firm conviction on working class.

We have not accepted defeat, whereas the other unions pretentiously carrying the Red Flag have not only accepted defeat, but they have found a safe haven of their own in the capitalist system itself. They can have small skirmishes with the bourgeoisie but are hand in glove with them. They have accepted to adjust with neo-liberalism and to harmonise their moves after some displeasure with them. They have accepted that the onslaught of capitalism-fascism is destined and have happily limited themselves to some petty reforms. This becomes palpable after witnessing their ground work and seeing how they have made for themselves a definite place in the management, government and the existing system.

The sum total of our above statement is that when the working class is unarmed amidst the massive onslaught of the capitalism-fascism, then the 2nd September ceremonial (one day) strike is a whimper. This nowhere arouses the hope of struggle among the vulnerable and dejected workers. This is not a call for the workers to arise against the exploitation and oppression.

Workers brothers and sisters, today we are in such a situation that we are being mugged by force and deceit. Hence we appeal to all the advance elements of the working class and particularly to our IFTU(S) comrades that we have to understand this dual task that is before us. It is not only arduous but tortuous. We appeal to our IFTU(S) comrades that during the 2 September strike we will have to boost our organisational, political and ideological activities among the workers. On one hand it is our duty that in spite of central trade unions’ ceremonial, defeatist attitude we counter the capitalist-fascist forces who oppose this strike. We need to agitate the workers in a mammoth way against the anti-workers steps being taken in the guise of labour amendments by the Modi’s government, and prepare them for the epic working class struggle that will be waged in the present and future. On the other side, it is our cardinal duty to expose the central trade unions who have enmeshed the entire strength of the working class and limited it to just “One day strike”, we would expose their incompetent and renegade character. We have to understand that we have to utilise this event to educate the working class by all possible means and to take the goal of the creation of revolutionary working class centre to the widest possible sections of the working class.

Let us participate in the 2 September strike with the following declaration:

End the ceremonial One day Strike, unite for a decisive, momentous militant struggle

*Jointly issued by comrade Shekhar, Damodar and Kanhai for the central committee of Indian Federation of Trade Unions (Sarwahara)

A Note on the Debt Crisis and Neo-Liberalism



From Greece to Ireland and from USA to Japan a spectre is haunting international capitalism, the spectre of public debt. If the year 2008 would go into history as the year when banks started to default; 2010 would be remembered as the year when countries started defaulting on their loans. Continue reading “A Note on the Debt Crisis and Neo-Liberalism”

सिरिज़ा सरकार का सामाजिक सुरक्षा पर हमला शुरू

Hindi Translation of Greek Trade Union Front PAME (All Workers Militant Front) statement — Information On The Attack of the SYRIZA Government Against Social Security–

Hindi Translation of Greek Trade Union Front PAME (All Workers Militant Front) statement — Information On The Attack of the SYRIZA Government Against Social Security–

सिरिज़ा सरकार ने लगभग सारे बुर्जुआ दलों की मदद से सामाजिक सुरक्षा क्षेत्र में नई मजदूर विरोधी कदम उठाना शुरु कर दिया है. वो इसी तरह के अतिरिक्त अधिनियम/प्रस्ताव को पारित करना जारी रखेगी,  जिनका उद्देश्य जो थोडे सामाजिक सुरक्षा बची है उसे ख़तम करना, तथा निजी  बीमा मॉडल जिसमें व्यक्ति का योगदान उसके नौकरी पर आधारित होगा. यह यूरोपियन यूनियन की पेंशन पर ‘ग्रीन बुक’ में लिखित  नियम पर आधारित है.

यह तथाकथित गैर-वेतन(मज़दूरी) कटौती बड़े पूँजी कि पिछ्ले कई वर्षों से मांग थी और अभी भी है.

सरकार और पूंजीपति वर्ग नें जल्दी से जल्दी यूरोपियन यूनियन के स्तर पर हुई कई वर्ष पहले के निर्णय  को लागू करने का फैसला कर लिया  है,  इस फैसले के तहत सामाजिक सुरक्षा प्रणाली की जगह एक ऐसी व्यवस्था स्थापित की जायेगी जिसमे पेंशन दान की तरह होगा, और इसमें राज्य और मालिकों को उनके योगदान से पूरी तरह से निजात मिल जायेगा। वे एक ऐसे सामाजिक बीमा प्रणाली की तैयारी कर रहें हैं, जहाँ बीमा धारक अपने रिटायरमेंट के 67 के उम्र बाद भी नौकरी की भीख मांगेगे, ताकि वह जीने के लिये न्यूनतम पेंशन की आवश्यकता को पूरा कर सके।

अभी तक इन प्रावधानों को लागू सिर्फ एक ही कारण से नहीं किया जा सका था, वह था वर्ग आधारित ट्रेड यूनियन का प्रतिरोध आन्दोलन।

अभी तक  संकट के दौरान भी हमने जिन (सामाजिक सुरक्षा) व्यवस्था को हमने बचा कर रखा था उसे यह “वाम” सरकार ने ख़तम कर दिया, जिसका जनहित पर दुखद परिणाम पड़ा है।

यह संगठित होने और लड़ने का समय है। निराशा और हार के लिये कोई जगह नहीं है। यह समय है मजदूर वर्ग के प्रतिकार का। अपनी महाशक्ति को जांचने का, वह महाशक्ति जो अभी तक इस यूरोपियन यूनियन से टकराव के बिना सरकारी परिवर्तन पर उमीदें लगा रखी थी।

सामाजिक सुरक्षा पर अबतक पारित कर दिये गए कानून

  • 1 जुलाई 2015 सप्लीमेंट्री (पूरक) पेंशन में 6% कटौती और मुख्य पेंशन में 2% की कटौती
  • राज्य द्वारा न्यूनतम गारेंटी कि समाप्ति, जो लोग 67 वर्ष की आयु से पहले रिटायर कर गए हैं उनके पेंशन में 60% तक कि कटौती. इस कदम से महिलायें, मातायें और विकलांगता पेंशन पाने वाले, स्वरोजगार व्यक्ति सबसे ज्यादा प्रभावित होंगे
  • 1 जनवरी २०१६ से २०२१ तक सभी राज्य द्वारा वित्तीय सहायता पर रोक।
  • वे लोग जो 1.1.२०१५ के बार रिटायर किये हैं उनके मुख्य पेंशन की गणना नए तरीके से करना, इसका मतलब जो 67 वर्ष के पहले और 1 जुलाई २०१५ के बाद रिटायर किये हैं उनके पेंशन में करीब ३०% से ५०% तक कि कटौती।


कानून जो पारित होने वाले हैं

  • ३००,००० लोगों के रिटायरमेंट कि अवधी 1 से १२ साल तक बढ़ाना
  • अगले 5 सालों में जल्दी रिटायरमेंट (early retirement) पर 80% तक की कटौती


अभी और जो प्रस्ताव अक्टूबर २०१५ तक पारित किये जायेंगे उनमे ट्रेड यूनियन विरोधी सुधार और हड़ताल करने के अधिकार को ख़तम करना तथा  मजदूरों कि व्यापक स्तर पर छटनी शामिल है।

 हमें  बर्दाश्त नहीं है, और ना ही हम इसकी इजाज़त देते हैं – हम उन्हें उखाड़ फेंकने के लिए संगठित हो रहे हैं!

केवल संगठित वर्ग आधारित संघर्ष इन नये और पुराने प्रस्ताव और मजदूर विरोधी कानून को ख़तम कर सकता है।

 हमें इस दरिद्रता भरे भयंकर दुस्वापन को ख़तम करना होगा~केवल वर्ग संघर्ष में ही सच्ची उम्मीद है। हम जो भी पेंशन और स्वस्थ्य सेवा में अधिकार बचे हैं उनकी रक्षा करनी होगी। हम लड़ेंगे अपने हुए नुकसान को वापिस पाने के लिये और पेंशन और सामाजिक हक़ को आज के स्तर पर लाने के लिये। हर कार्यस्थल पर मजबूत और बड़ा ट्रेड यूनियन, जो कि मजदूरों को एकत्रित और संगठित करेगा, वो एक मज़बूत संयुक्त मोर्चा तैयार करेगा मालिकों, ग्रीस की सरकार और ई.यू के खिलाफ। सामाजिक भागीदारी और मालिकों द्वारा पोषित वर्ग सहयोग की बात करने वाले दलाल ट्रेड-यूनियनवादीयों के ज़हरीले प्रभाव के खिलाफ संघर्ष करना. सामाजिक गठबंधन को मज़बूत करना। सामाजिक सुरक्षा, पेंशन और स्वास्थ्य सुविधा स्वरोज़गार और छोटे किसानों का भी मसला है।

 यह हमारी प्रतिक्रिया है। मजदूर विरोधी  ‘समझौतों के खिलाफ हमारा गठबंधन। कोई फर्क नहीं पड़ता कि वे कितने ही कानून बनाये, केवल जिस कानून के प्रति हमारी निष्ठा है, वह है “जो मजदूरों के लिए न्यायसंगत है”!

 हमें अपने शक्तियों को संगठित करते हुए, यह मांग करना हैं कि जो हमारा है, वह जनता की ज़रूरतों को पूरा करने के लिये है, ना कि (पूंजीपति) एकाधिकार के मुनाफे के लिये.

Translated from English to Hindi by Damodar

Lenin on Keynes

Lenin on Keynes


This excerpt has been taken from Lenin’s report to the The Second Congress of the Communist International, highlights his thinking on world debt and his thoughts on Keynes.

The piece is still relevant amidst the backdrop of the economic crisis and the subsequent debt crisis that started in 2008 shows no signs of abetting. Globally the disenchantment with capitalism is growing, so is the yearning of the masses to sweep away old political and economic landmarks. World over we are seeing capitalism’s frantic effort to reinvigorate itself and the imperialist powers attempt to scuttle voice of dissent with increasing military ferocity. The Arab dream has turned into a nightmare thanks to the capitulationist position taken by the so-called ‘revolutionary’ leaders and the US imperialist’s new game to subjugate and divide the world. Yet on the other hand we are also witnessing a change where US no longer occupies the same unchallenged hegemony it held at the end of the Cold War. NATO is no longer a cohesive alliance, and the divisions in the Western imperialists are growing more and more to get the share of pie. The temporary successes of the counter-revolution in parts of Africa and Asia are a harsh reminder that imperialism still has been able to maintain its stranglehold in large part of the world and still we are living in the era of imperialism—the highest stage of capitalism. Continue reading “Lenin on Keynes”

Enver Hoxha :: The Marxist-Leninist Movement and the World Crisis of Capitalism



The international situation is becoming ever more complicated. In saying this I have in mind that the situation is not tranquil either for capitalism or for the revolutionaries. Capitalism is in a great fever, in crisis. Continue reading “Enver Hoxha :: The Marxist-Leninist Movement and the World Crisis of Capitalism”