THE GLOBAL CAPITALIST economy has been hit by a major credit crunch. The collapse of the sub-prime mortgage business in the US, brought home by the collapse of two hedge funds managed by Bear Stearns investment bank, provoked panic on money markets. The effects have already spread much wider than the housing finance sector. As a result, there is a paralysis of inter-bank lending and a seizing up of big sections of the wholesale money market.
Editorial from the October issue of Socialism Today (more…)

SP Newsletter No.188
Approximately 20,000 Victorian workers rallied against the Federal Government’s industrial relations (IR) laws on September 26. The rally was mostly made up of building and manufacturing workers. (more…)

For the second day running, on Thursday 27 September, Burmese police and soldiers fired on peaceful protesters, as they attempted to quell anti-military protests in the main city, Rangoon. Overnight, six Buddhist monasteries were raided by soldiers, who beat monks and took many away in army trucks.
By Khalid Bhatti, CWI Pakistan (more…)

Join the rally against Howard meet 10am Wednesday 26th September 2007. Assemble at Trades Hall, corner of Lygon and Victoria Sts, Carlton South. March through the Melbourne CBD to Flinders St. Meet SP members at our office in Trades Hall at 9.30am. The following is the text of the leaflet that SP members will be handing out on the rally. (more…)

The looming environmental catastrophe has provoked an urgent search for solutions to stop global warming and save the planet for future generations. There is a growing concern even among the political and corporate elite that something is very wrong. Economist Sir Nicholas Stern, author of the recent British government report outlining the stark potential economic impact of climate change, frankly admitted that global warming “represents the biggest market failure the world has ever seen.”
By Dan DiMaggio and Philip Locker, Socialist Alternative (CWI - United States) (more…)

“Generals lie, Soldiers die,” chanted protesters when general David Petraeus appeared before a Congressional committee in Washington on 10 September. Petraeus’s mission? To provide military cover for Bush’s cynical tactic of playing for time. With over 3,700 US troops killed, Bush refuses to own up to the reality of a devastating defeat for US imperialism in Iraq. He wants to pass the problem of a humiliating exit on to his successor after the 2008 elections.
From The Socialist newspaper, paper of the SP in England and Wales (more…)

SP Newsletter No.187
On Thursday September 26 Melbourne University will host the first leg of the ‘Safeguarding Australia Homeland Security Summit’. This summit is organised by the Research Network for a Secure Australia (RNSA) which is a body funded by the federal government and supported by university research & private industry leaders. (more…)

The Federal election is just around the corner and in the press this week there is ripe speculation that John Howard might lose his own seat. As a previous Labor supporter news like this would make my day. As a current Socialist Party member I listen to this speculation with passing curiosity. My sentiments regarding who will win the federal seat I live in are the same. I don’t care who wins the election. Labor almost equals Liberal.
By Fikret Pajalic, Socialist Party western suburbs Melbourne (more…)

The following is a report of the September 2007 Yarra Council meeting by Socialist Party Councillor Stephen Jolly. For more information about the Socialist Party’s work in the City of Yarra visit our SP Yarra Council webpage click here (more…)

The following is an open letter to the International Socialist Organisation (ISO) from the Socialist Party. The ISO are the Australian affiliate of the International Socialist Tendency (IST). We have asked that they consider publishing this letter in their newspaper the Socialist Worker and that they accept our challenge to a debate on the question of ‘How should socialists relate to the Greens?’ (more…)