As early as March 6, Chase Bank CEO Jamie Dimon, told Bloomberg News that the war in Ukraine and deteriorating relations with China were the major concern of his financial institution and that these issues were of a graver danger than any domestic problem. Such a statement is a clear indication of the connection between the financial downturn and the militarist foreign policy of the Biden administration.
If these international tensions are troubling to the largest banks in the world, the impact on the working class, farmers and the oppressed are surely devastating. A war is being waged as well against the masses of people in the present period. From France, to Britain to the U.S., austerity measures are being imposed on the workers and farmers. The character of the unfolding situation requires the independent organization of the people to transform the economic crises into opportunities for a protracted struggle to end the capitalist and imperialist system.