OF CREDIT

Workers Press no. 998, 15 February 1973 · scan pages 10, 11

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Age st en through their fear of the working class's strength, the Americans after the war were forced to churn out more and more dollars and pump them into Europe. This meant that from around the end of the 1950s onwards a considerable quantity of paper money within the capitalist system ceased to 'represent gold'. It was paper money, with no gold backing, For the capitalist system the situation we have outlined would have been bad enough. But onto the billions of unbacked dollars, masquerading as money, has been built a huge superstructure of credit.

Once more Marx shows that In doing this it brings forth a new breed of capitalist— much evidenced in recent months-athe speculator.

'It reproduces a new financial aristocracy, a new variety of parasite in the shape of promoters, speculators and simply nominal directors; a whole system of swindling and cheating by means of corporate promotion, stock insurAntonio Expedito Carvalho Perera (4l), a lawyer and university Thursday GAI