Are we witnessing the beginning of the end of the
American empire? The 20th century was the century of America’s rise to
supremacy. Now, in spite of its present might, the US economy is showing all the
signs of a future demise. It is no accident that just as the US economy begins
to show its weakness, its emperors try to flex their muscles militarily. But the
Empire looks as though it might be overstretching itself just when it seems that
it is all-powerful.
In the first three months of the year, the US economy grew
at a 1.6% annual rate. All the signs are that the economic recession of 2001, from which 2002 saw a
recovery, is now returning in 2003. The US economy is heading for what
economists like to call a 'double-dip'.
The debate over whether Britain should join the Euro is heating up. On both
sides of the debate we find a capitalist logic being applied. One side stands
for so-called British "sovereignty", the other praises the merits of
the wider market. Neither side is defending the real interests of the workers.
As Mick Brooks points out, "The answer is surely for us to control the
movement of capital by taking over the means of production, not relying on the
goodwill of our enemy, the capitalist class."