Third, the ability of Callaghan to inflict this defeat is thrown into question when the Labour NEC dissociates itself from his The irony as the Financial Times admitted is that the cuts are not so much necessary in themselves; the prime concern is not one of 'aritmetic' - that is, of balancing the budget. The cuts are necessary for what they represent, for increasing the 'confidence' of the IMF, the Financial Times and other such earnest institutions in the ability of the Labour Government to take on and Because such a defeat in some form is the only option That is a rather good indication of what the system called capitalism represents. A system in which confidence is restored by VE / "defeating" the majority of the population For by makin conditions much worse for the sick, the Such is the system for which we are all supposeu to make sacrifices. Il is a demand
RED WEEKLY 4 November 1976 7