L CRE bitional Bas Red Weekly 21 September 1973 Page 6 of 1973 activity steped up their investment programmes, there by creating the inevitability of overproduction For the copper industry alone, an excess capacity of the order of 46% is expected by 1978. Under these conditions it will not be necessary to wait five years for the price of copper to Tall.
FALL OF THE DOLLAR One of the most die-hard legends circulating among the strategists of the Cafe du Commeroe and other generally well-informed circles is that the "free fall of the dollar is a diabolical war machine invented by American imperialism in order to cut its competitors in Europe and Japan down to size. Thanks to the continuing depreciation of the dollar (which, in the space of a few years, has lost one-third of its value relative to the Deutschemark and a quarter of its value relative to the yen), American commodities are supposed to become competitive once again.
It cannot be denied that during the last tew months American imperialism has scored some points on the trade level, thanks to the devaluation of the dollar. The fate of the Concorde, Shena's buying cheaper American planes instead of French Dessault planes, is eloquent testimony to this.
But for several years we have predicted what would bappen in an epoch of capitaliam in which movemens of capital is more decisive than movement of commodiries: American imperialism would lose on the level of capital and property what it won on the level of sales of commodities.
BUYING AMERICA With the latest devaluation of the dollar, a veritable rush for American stock was touched off among the European bourgeoisie. The same bloc of stock could be had for 15, 20, 25, or even 35% less European currency than it would have taken several years ugo, taking acount of Wall Street fluctuations, IRST CIT) of the doliar has proved to be a poisoned gift for Americin imperialism. The fall of the dollr has allowed, for example, Japanese copitalists to snatch up greater and greater tractions of current raw materials production at consider ably lower prices (in yent than those American industry has to pay in dollars. The dizzy rise in raw materials prices is no doubt partly a function of that competition.
It could be concluded that American imperiaIsm should be interested in a profound reform of the international monetary system. But all the debates are turning on the overhead cost of this reform. None of the imperialist powers is prepared to foot the bill for the others. UI.S imperialism cannot guarantee an end to the inflation of the dollar, which threatens to provoke an economic crisis of overproduction of unparalleled gruvity in the United States itself. But without halting this inflation, how can the convertibility of the dollar be re. establsted? And unless convertibility is re-established, little effective reform of the international monetary system will be possible. And the solution" would be a return to a system of quotas, of barter, and even of the partial economic isolationism that would threaton to sutfocate international trade, as during the 1930s EXPLOSIVE MATERIAL The crisis of the international monetary system and the sharpening of inter imperialist contradictions that it reflects today combining with the threat of a recession that will be closer to a generalised recession in all the imperialist countries than any other since the Second World Wur.
But to this accumulation of explosive material for the capitalist system in the economic domain is being added some explosive material in the social domain that is even more threatening to Capital.
The coming recession will break our at a time when the European working class is taking big steps forward in organised forces, combativity, and class consciousness. Never in the past have we seen such a simultaneous upsurge of workers struggles in Italy, in France, in Spain, and now, although at a slower pace, in West Germany: that is in ail the key capitalist countries of Europe.
The example of the Lip factory a symbolic in this respect. By its present militancy and consciousnesa, the European-working class is resolved -to a higher degree than in 1929 or in 1932—not to tolerate the reappearance of massive unemployment, During recent years it has demonstrated that it is capable of preventing Capital from making it bear the costs of infla tion. And it is preparing also to prevent Capital from making it bear the costs of the coming economic crisis.
Thus, the elements of an exceptionally serious social crisis are coming together on the European continent. For the European proletariat and for all humanity, this crisis cannot be resolved in a positive manner unless power passes out of the hands of the capitalist class, incapable under the present relationship of forces of applying its own class solutions, and into the hands of the working class, which will be capable of bringing its own revolutionary socialist solutions to the
Africar revolutionary militants have from the beginning tried to break out of their isolation by establishing links with those countries which his oppression of the Eritrean people? What is have already thrown off the imperialist yoke.
As the counter-revolutionary bureaucracy in the Soviet Union has long since sacrificed internationalist aid at the altar of its own interests. it was quite natural that these militants should turn towards People's China".
Since the Stno-Soviet split, Chinese policy in this part of the world has had two particular bridgebead in Africa for the Americans, who have given military support to Haile Sclassie in more, doesn't Haile Sclassic boast about the longstanding and cordial relations between Ethiopia and Israel", and doesa't he use Israeli thugs against the revolutionary movements? Only the "blind" bureaucrats of Peking could talk about a policy of peace and neutrality' In January 1973, it was the turn of President Mobutu of Zaire to be welcomed by Mao. He was praised to the skies in a communique pubuncovered (see Africasir, 20 August 1973). Mobutu, who at the same time is strengthening his economic ties with Portuguese imperialism. has niso launched an enormous propaganda campaign to depict Neto and the MPLA as the only obstacles on the road to the liberation of Angola'. It is clear what kind of "independence' Mobutu is struggling for, with the blessing of the Chinese bureaucracy.
Finally, the most recent of Peking's 'African guests*, President Ahidjo of Cameroun, had no Alridjo çame to prominence in a bloody struggle against the Union of Cameroun Peoples (UPC). In 1959 and 1960 he arranged the assassination of two of its leaders, Ruben Nyob€ and Felix Moumie. In January 1971, be ordered the execution of Ernest Candie, one of the principal leaders of the heroic struegle of the UPC. To get an idea of what the people of Camerous think of Peking's new ally, it is cnough to quote Quandie's last messre before his death: We Anna Libera