On January 29 and again on March 19, mass demonstrations involving more than 2.5 million people took place in France. Against a background of economic recession and sharply rising unemployment, the organisations of the working class are once again on the move on a massive scale. The capitalist parties have been in power since 2002. In 2007, Sarkozy and the right wing won the elections as a result of the absence of a serious policy on the part of the left. In a blatantly demagogic campaign, with the full backing of the media, Sarkozy promised to ensure economic growth and a return to full employment. He promised to defend the poor and the unemployed, to act against “rogue employers”, to reduce social inequality and injustice.
The capitalist system may well be suffering the worst crisis in its history. According to George Soros, billionaire investor and frank analyst of the system he defends, the world financial system has in effect disintegrated and there is no possibility of a near-term resolution to the crisis. He believes that the turbulence is in fact worse than during the Great Depression and that the current crisis is equivalent to the collapse of the Soviet Union. As he recently told an audience at Columbia University: “[Capitalism] was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”
From the Presidency, to Finance Minister Okonjo Iweala, up to the least in hierarchy of this regime, there has been ongoing murmuring about the economic tsunami that is fast approaching. Nigerians seem not to be too bothered about this inaudible cry of the regime; it has been a case of Government just crying to itself. This apathy of the people might prove catastrophic when this economic disaster eventually hits, because it is not a mere rumour mongering of the regime, incoming economic disaster is real and it demands that we adequately prepare.