Finance Ministers and Bank Governors Are Haunted by Problems Their Own Economic and Financial Systems Have Spawned
In the lead-up to
the G7 Summit in Kananaskis, Alberta, finance
ministers and central bank governors of the G7 countries held a meeting
in Banff, Alberta from May 20 to 22.
The meeting was co-chaired by Canada's Minister of Finance and National Revenue, François-Philippe Champagne, and the Governor of the Bank of Canada, Tiff Macklem.
The agenda for the meeting of G7 finance ministers and bank governors and their statements, communiqué and promotional materials are all characterized by their refusal to analyze economic problems and the cause of financial woes and instead perpetrate attempts to revive the capitalist economies and the international financial architecture already in crisis and rejected by many countries around the world.
This G7 finance ministers' meeting focused on demands of the international cabal of supranational narrow private interests for government funds to benefit their private interests, in addition to the supply of human and material infrastructure at little cost to big business. While this has become commonplace, it is now being implemented with impunity by governments which cater to the imperialist demand that governments and collective public funds from taxation and ever more borrowing serve their private interests. This is in contradiction with the need for governments which serve the needs of all in an atmosphere of cooperation, friendship and equality.
At their peril, they ignore that:
- The public funding for private big business arises from the basic contradiction in the imperialist economy between the advanced socialized modern productive forces and the outdated system of their private ownership and control.
- The socialized productive forces require cooperation among their parts and sector, not competition and individual gain at the expense of others and the whole.
- Private control of the productive forces compels the various parts and sectors of the socialized economy to compete for the betterment of the few individuals in control seeking maximum profit. This contradicts the modern socialized economy that needs cooperation of all its parts and sectors to function properly for the betterment of all, the economy, society and Mother Earth.
- The benefits of modern production are drained away in private greed and conflict leaving social and natural problems to fester and become worse.
- The competition among ever more powerful global cartels leads to irrational actions including the destruction of the productive forces, wars and the channeling of the productive forces into yet more preparation for war.
- The unresolved basic contradiction infects the relations of production, pitting those in ownership and control against those who do the work.
- The antagonistic relations of production controlled by imperialist private interests in contradiction with the modern working class add a further element of class struggle, disrupting the economy as the two main social classes engage in constant struggle over the new value the working class produces.
- Instead of allowing the new value from modern production to be used for the benefit of all and society, the economy falls prey to the demands of the imperialists to serve their competing private interests.
- Nation-building collapses in the face of imperialist intrigue to manipulate the economy and its political forms in favour of the most powerful private interests.
The
interests of the working class and peoples are such that they oppose
the G7 and the imperialists' use of their economic and political power
to deprive the people of their right to advance the relations of
production to new human-centred ones.
The resistance of the working class to stepped up exploitation and oppression activates the human factor/social consciousness to play its decisive role among the masses in building the new. In the coming period, the secret deals and machinations the new Carney government is up to, in cahoots with some of the provincial premiers such as Ontario's Doug Ford and the premier of Quebec, will arouse ever greater resistance on the part of Canadians, as is also the case in the other G7 countries.
In the United States, people are demonstrating around the country. The heroic resistance in Los Angeles against the use of the military against the people is the answer the U.S. working class and people are giving to the extreme violence the agenda of the G7 is giving rise to and condoning.
This article was published in
Volume 55 Number 6 - June 2025
Article Link:
https://cpcml.ca/Tmlm2025/Articles/M550069.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca