HAT VENT | IMGpapers

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crisis can therefore be limited by a further injection of inflationary buying power into the economy to absoth some of this spare capacity. occurred in West Germany just before Christmas, and aiso lies behind the $ 16 billion dollar tax cuts announced by the Ford administration in the US last week, If the economy is refloated by means of further inflationary boosts in the coming months then: international capitalism will avert a grave depression this time. NO CHOICE A massive dose of inflation can foster a new upturn in the economy. but it will not last long. It will be dried up at its source by unbridled speculation, accelerated inflation, and a further decline in the industrial rate of profit.

But the capitalist class has no choice. To wait for the recession to become a slump, for monetary restrictions to "break" inflation, for mass ive unemployment to drive down wages, would amount to suicide. It is not a question of what the capitalist class would like to do, but what the political conditions will aliow the capitalist class to do.

What makes the current situation particularly grave for capitalism is Share prices, Jan 1972/100 - DAIMLER-BENZ - BMW VOLKSWAGEN ABLMC on the working people.