For twenty two years after 1927 the comrades of the CCP knew of no state other than constant war. Physically liquidated from the cities in 1927-8, they fled to the countryside, where they suffered one extermination campaign after another by the Guomindang, forcing them to embark on the Long March in 1934. This exhausting state of affairs brought the party to near extinction (it certainly was enough to destroy its Marxist programme), a big factor in its forging an alliance with Chiang Kai Shek in 1936 to gain breathing space. And yet no sooner had this truce been signed when Japan launched an all out war with China, a war whose secondary motivation for the Japanese (after the exploitation of Chinese industry and raw materials) was the extermination of the communist threat.

Less than a quarter of an hour after opening, the Chinese stock market was closed by an automatic shutdown. This was triggered twice last week by rapid falls of more than 7%. This "circuit-breaker" mechanism was imposed by the government only 5 months ago after equally dramatic losses. The government has now suspended this measure, not from new-found confidence, but as a further turn of panic.

The world economy is tottering. This week it has been buffeted by two extremely turbulent financial storms - Greece and, suddenly, China, the world’s second largest economy. Globally, the system is extremely unbalanced, with massive wealth accumulating in tiny handfuls whilst the billioned masses must keep borrowing from these billionaires to make ends meet. This top heavy, blind and irrational system cannot stand on its own feet and the nation states are buckling under the weight. The sudden stock market collapse in China has been so vast that even the mighty Chinese government is incapable of controlling it.

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