At the end of 1968 a currency crisis shook the world markets outlining the extreme volatility of the world situation. Here is Ted Grant’s analysis on the processes behind that crisis.
In February 1968 massive cuts in social spending by the Labour government were carried out in order to support the increasing burden of military expenditure. The Labour bureaucracy was sacrificing the basic interests and needs of the British workers to cling on to the power politics of British imperialism. In this article Ted Grant provided a merciless criticism of the Labour leaders’ policies.