At a quarter past midnight last night, I received a telephone call from Mexico with news that had a profound effect upon me. I was told that my old friend and comrade Esteban Volkov was no more. While I cannot say that this news was entirely unexpected, since Esteban had reached the ripe old age of 97 in March, it nevertheless filled me with a profound sense of irreversible loss, not only of a very dear friend, but of the last remaining physical link with one of the greatest revolutionaries of all times, Leon Trotsky.

The latest news shows that the economy is once again taking a turn for the worse. The Eurozone is in recession. China is slowing down sharply. The US is teetering on the brink. Another economic crisis is on the way.