In 1958 there were fears of a slump spreading from the US economy. British CP leader Campbell started a campaign in consonance with Russian foreign policy to put the blame for the slump on the "Americans" and protested against the bankers' behaviour and the shortsighted British government's attempt to "create a slump" in the UK. Ted Grant argued against this nonsense that it is not the "obsessions" of the bankers nor the "stupidity" of the capitalists and their representatives which cause them to act in a certain way, but the economic laws of the capitalist system.

In 1956 there was a concerted attack by France, Britain and Israel against Egypt with the aim of seizing control of the Suez Canal nationalised by Nasser. Ted Grant explained that the outcome of the Suez war marked the downsizing of Britain and France as second-rate imperialist powers and exacerbated the revolt of the Arab masses against imperialist domination, preparing greater revolutionary crises in the future.

With the death of Stalin, the Stalinist bureaucracy was not removed from the Soviet state. As Ted Grant explained in 1956: "The present leaders in the Kremlin claim that they are returning to the methods of Lenin. But they are preserving the basic gains and perquisites of the officialdom. If there has been a revulsion against the methods of Stalin, that has been for two reasons, the growing pressure of the masses, and the fear of the bureaucracy of a repetition of the personal and arbitrary rule of Stalin."

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