Socialist correspondent

Blackrock is the biggest finance company in the world yet few will have heard of it and its trillions of dollars of assets. The immense power of this ‘shadow bank’ is based on its control over a vast network of interests, giving it a hold over almost every sector of the economy. In the US, BlackRock is the controlling shareholder of all the major banks, big pharma, oil and tech giants, agribusiness, airlines, automotive companies, arms manufacturers and the media. It represents a dangerous new stage in the monopolisation of finance capital, the high degree of which makes for tremendous instability.

Venezuela has a robust and accountable voting system yet the results of its elections are constantly declared illegitimate by the enemies of of the Bolivarian revolution at home and abroad. With the fake president Juan Guaido now totally discredited the West is having to deal with the political realities in Venezuela, including the recent electoral victories of the United Socialist Party.

While people in Britain face numerous assaults on their living standards - inflation, soaring energy prices and cuts to benefits to name a few, workers in the garment industry face particularly bad conditions. Servicing the cut-throat fast fashion industry, they are virtually hidden from view in unsafe sweatshops or homeworking and earning much less than the minimum wage. Legislation is ineffective in improving workers conditions and trade unions find it hard to organise due to the vulnerability of workers who fear for their livelihoods. Such is the real world for a section of the working class in Britain today.

Angela Merkel is no longer German Chancellor. Germany has the biggest economy in the EU, nothing happening without its approval. Merkel was the dominant figure in the EU for 16 years. Her departure will increase strains within the Union.

This year has seen a significant rise in tensions over Taiwan. It is now a flashpoint as dangerous as Ukraine, and it is the USthat is deliberately escalating the aggression as it faces China's continued advance. China's GDP is set to lead the world by 2035.

Well into our second year since the outbreak of the coronavirus pandemic, the world capitalist economy is now also suffering from a new malaise, a global economic pandemic involving some symptoms which seem entirely new and others which have not been seen for many years. These symptoms can only be understood in terms of capitalism, and of the actions taken by the capitalist states and central banks to shore the system up. It involves price inflation. This is not caused by workers demanding higher pay, but by the use of monetary policy to protect big business and the ultra-rich.

There is an urgent need for socialist policies and working class campaigning, yet some on the left seem to want to dilute our power by introducing proportional representation in UK parliamentary elections. Though seemingly more democratic, this self-defeating move would drive politics to the right through enforced coalitions with the Liberal Democrats. And this is only one of the problems with PR, which has failed to produce any positive change where it has already been implemented in elections in Britain. In fact through permanent coalitions will deliver less of what people voted for rather than more.

COP 26 happened in Glasgow at the beginning of November and demonstrated the difficulties that free-market capitalism has in addressing major global challenges which require collaboration and planning. However, faced with its own extinction it is not impossible for capitalism to set aside some of its rivalries to try to save itself. Whether it will succeed is another matter and it will be worrying if the future of humanity is left in its hands. However, as capitalism tries to save itself it will have scant regard for the impact of its climate change policies on working people and the developing world. Workers are rightly skeptical of vague promises about new green jobs. The North Sea oil industry is a specific example of this. Workers are interested in transferring from an industry in decline to green jobs, but they themselves identify a lack of planning by the UK, the Scottish and local governments to make this possible. Market forces mean that contracts for wind turbines, for example, go abroad and there is a lack of validation of their skills and qualifications if they want to move jobs. Like other workers across all industries in recent decades they have faced casualisation through bogus self-employment, cuts in wages and conditions and health and safety concerns.

When the United States, Britain and Australia formed the AUKUS pact tensions were ramped up further with allies. The move enraged France as it meant Australia cancelling its order for new French submarines in favour of buying US nuclear powered ones instead. It is not just this further snub which has implications, AUKUS is a new alliance among several which are being orientated towards confrontation with China. This is a significant escalation of the threat to peace in the Asia/Pacific region and it is particularly concerning that the US is transferring nuclear technology to Australia as part of the submarine deal. The United States’ strategic priority is now pushing back China. To that end it is building up its military alliances and power in the Asia/Pacific. It is also reorienting the alliances it leads, like NATO, towards China and corralling its allies into following its hostile approach. It has had success at this but relations are increasingly strained with countries which take a different view of how to deal with China (and it should be said Russia), like Germany. This has been exacerbated by the US’ contemptuous treatment of them over Afghanistan and AUKUS.

Soviet military assistance was sent to Afghanistan in 1979 to help defend the progressive and democratic government against Islamic fundamentalist terrorists. This is well known, as is its outcome - the withdrawal of the Soviets, final defeat of the government and the take over by the Taliban. What is less well known are the historic links between the young Soviet Union and the newly formed Afghan state, which involved aid and cooperation over decades. Neither are the achievements of the Democratic Republic of Afghanistan, overthrown by the Taliban, which promoted the rights of women and girls, workers and farmers. By contrast the West and the USA supported the terrorists facilitating the seizure of power by the Taliban. They wreaked further destruction and massive loss of life through their invasion. And now the US has withdrawn and the Taliban are back in power again.