on the second phase of incomes policy.
ingly rises and an "improvement in confidence' is announced.
This particular form of capitalist "aid' to an anti-working class economic poncy snould come as no surprise. It's all in a day's manoeuvres for a ruling class that has been carry.
ing out similar operations for decades.
Virtually every single attack on the working class has been carried out in the name of 'saving sterling'.
In 1931 a huge wave of selling sterCling set the scene for Ramsay MacDonald's betrayal and the formation of the National Government with Tories and Liberals.
In 1947 massive selling of the pound was used to persuade the TUC to accept the first post-war wage controls.
In 1966 a round of selling sterling was used as the excuse to introduce a wage freeze and huge cuts in social expenditure.
In 1975 it was another fall in the pound which was used as the opportunity to introduce the £6 limit.
Old Story In 1976 the same old story is being repeated. Of course the general capitalist crisis provides the background to such falls in the value of the pound, but nevertheless their timing and use is often due to a literal conspiracy of the capitalist class.
In 1964 the Bank of England itself aided a run on the pound when the new Labour Government promised a few minor reforms. On 24 November of that year the Governor of the Bank of England came to see Wilson, who reported the meeting as follows:
*Claiming that our failure to act in accordance with his advice had precipitated the crisis, he was now demanding all-round cuts in expenditure, regardless of social or even economic priorities....l asked him if this meant that it was impossible for any government, whatever its party label, whatever its manifesto or the policies on which it fought an election, to continue, unless it immediately reverted to full scale Tory policies. He had to admit that that was what his argument meant, because of the sheer compulsion of the economic dictation of those who exercised decisive economic power."
Prepared The 'run on sterling' of summer 1975 which led to the £6 limit was an example of exactly the same methods on a much grander scale. This run was almost certainly prepared at a meeting of the international Bilderberg group - an international organisation of financiers and politicians whose organisers include the Rockefeller family.
This group held a meeting in Turkey on 25-27 April 1975 which was attended by Healey, Thatcher, the Governor of the Bank of England, the chief executive of the Esso oil company, the senior vice president of IBM, the secretary general of NATO, the secretary general of the Organisation for Economic Cooperation and Development, the vice-president of the European Economic Commission, the chairman of the Dresner Bank of West Germany, the President of the Fiat motor company, representatives of the Rothschild family, a number of advisers to President Ford The changes in the value of sterling on the foreign exchange markets in the past few weeks have 'accidentally" coincided with the state of negotiations Whenever a union leader makes a speech which suggests even a quibble at the terms of Healey's deal, the pound falls and a crisis is announced. When the same leader comes running back to announce his undying devotion to the Government's policies and the imminence of total capitulation to Healey, the value of the pound obligand a whole series of other key political and financial directors.
This meeting discussed the problem of the British economy in the light of the Labour Government's election pledge against a wage freeze.
In the week following the meeting the pound suddenly fell by over 3 per cent in value. land did not intervene.
Pattern Then, following the YES vote in the EEC referendum, something which the capitalists wanted out of the way before moving to an incomes policy, ne pound began to prummet - agam without the Bank of England seriously attempting to stop the dive. Immediately Healey stepped in and, with Wilson, demanded the £6 limit as the only way to save the pound".
The TUC backed down from previous opposition and accepted the wage controls.
The pattern of 'runs on the pound' is only too familiar, and the present one is merely une latest coisoac it a long story. Norman Atkinson MP was oute writ to or me unver a! tue conspurators in tae city last week He should back his words by organising a labour movement inquiry into Well-known The ways to deal with any run on the pound' are well known. In fact they have always been employed by the ruling class when it wants to deal with its own problems rather than use the falling 'value of sterling as a weapon to attack the labour organised between friends. The Bank of Engmovement. Suspension of the foreign exchange markets has been used not merely by British governments but by hardly revolutionary regimes such as that of General de Gaulle. The forcible take-over and sale of British capitalist assets abroad was carried out in both world wars. Open Books The technical means to smash the currency speculators are easy. But the point is that this Government is the chief organiser and abettor of the policies which need the periodic scares on the value of the pound. THE C