Stock Market crisis worst since '63

Harsh clashes the US, these measures, drastic though Monday Kennedy Advocates of such a policy were to be found in the High Command at the time of the Korean war and they are becoming more vocal and influential toChina is for the US ruling pulati approaching HIT BY the further escalation of the war in Indo-China, Kosygin's statement and the violent opposition to Nixon's war nolicies inside Wall Street suffered on ts biggest fall since the assassination in 1963. - The Dow Jones Industrial index of share prices ended the day 19 points down, losing It points in the first hour of trading.

'Encouraging' statements by official spokesmen did nothing to change the atmosphere I panic and gloom.

While the Cambodian situ ation was the most important factor affecting confidence, Monday's slide was only continuing the fall which began at the beginning of April.

The marked rise in interest rates, which have now nearly regained their January level, shows how little US capitalists believe in Nixon's ability to simultaneously end inflation and ward off recession.

Earnings

News of earnings of US corporations in the first quarter of 1970 were also hardly likely to cheer up the business world.

The Wall Street Journal's survey of 665 large companies was even gloomier than that of the First National City Bank last week.

8.9 p.c. decline It calculated an average decline of 8.9 per cent, compared with the same period last year.

The report of American Motors, the fourth largest of US car manufacturers, did not Engineers cr on Work MITCHAM (Surrey) branch of the Amalgamated Union of Engineering and Foundryworkers has condemned the exclusion of Workers Press industrial correspondent David Maude from the Labour and Industrial Correspondents Group.

resolution passed by

But the essence of their policy-that of seeking an accommodation with imperialism — remains unchanged.

It was in the name of such a strategy that Stalin opposed the victory of the Chinese Communists from the middle1920s right through to Mao's triumph in 1949.

Khrushchev simply carried on where Stalin left off. In the winter of 1962-1963, the Soviet bureaucracy sent MIG fighters to Nehru when Indian troops clashed with • Chinese forces in the Himalayas.

Encouraged

Khrushchev's anti-Chinese stance encouraged US imperialism to step up its commitment in SE Asia. By 1965, US troops were being sent to S Vietnam in i their hundreds of thousands. The first phase of the US war against China had begun — with the connivance of the Soviet bureauFor at no time have the Soviet leaders given any undertaking to defend China if she is attacked by imperialist forces. And even worse, all military and economic assistance was withdrawn from China by the Stalinists in the early 1960s. The green light for the US offensive was switched on.

Now the successors of Stalin and Khrushchev are reaping the harvest of the bureaucracy's anti-China policy.

Repeated talk of a Soviet military strike against Chinese nuclear installations has emboldened US Army leaders that they now feel free to go all the way in their war against the peoples of SE Asia.

This sharp turn has scared both civilian and military leaders in Moscow. Kosygin was compelled to warn Nixon on Monday that his new policy was wrecking all possibilities of reaching a compromise over disarmament (the Strategic Arms Limitation Talks are now in progress in Vienna).

• About turn This follows the bureaucracy's about turn on the Geneva Peace conference, whose re-call the Stalinists havé been demanding for the last five years.

Now with Wilson and the Tories taking up the tune, the Kremlin has had to drop its own demand, and instead play ip to the anti-US bourgeois in France and Germany by call. ing. for an all - European Security Conference.

Still resting on the property relations established by the Revolution of 1917, the bureaucracy feels the pressure of imperialism building up on the workers' states, as the economic crisis deepens in Europe and the USA.

Trapped between the mounting militancy of the working class-including its own-and the imperialist offensive, the bureaucracy twists and turns in an attempt to adapt to both these pressures, while maintaining its own special position and privileges within the workers' states.

So Henry Ford II is awarded VIP treatment in Moscow one day — and his political and military spokesmen are denounced as imperialist warmongers the next.

The defence of China and the prévention of war cannot be entrusted to this parasitic and essentially conservative one grant the wins The May Day strikes in Italy and Liverpool PETE Vietnamese into completely the town oh bordesome 40 miles from "N Vietnamese Troops nvolved in the fightin Is the US military machin destroy every-