Sunday, February 01, 2026
Saturday, January 31, 2026
Gold
On the 30th January 2026 the price of gold stood at 4887.07 dollars per ounce. This was lower by 489.67 dollars on previous day, a drop of 9.11 per cent.
https://tradingeconomics.com/commodities
From the Socialist Standard May 2007
‘“Gold prices could pass $850 record” read a headline in the Financial Times (5 April), reporting a forecast by a metals consultancy of what might happen over the next 12 months. As gold is currently selling at around $670-80 an ounce, this would be a huge increase. If something like this had happened a hundred years ago, it would have brought about financial and economic chaos by causing a huge fall in the general price level.
This was because at that time gold was still the money-commodity, as the product of labour having its own value in which the values of all other commodities were expressed. Prices were expressed in units of currency, but these were defined as a given weight of gold. A pound, for instance, was defined as about ¼ oz of gold. This meant that anything taking the same amount of socially necessary labour time to produce as an ounce of gold would have a price of £4.
If the amount of socially necessary labour needed to produce an ounce of gold fell, a rise in the general price level would result since other commodities, containing more value, would exchange for more gold. If, on the other hand, the labour-time cost of producing gold increased, the result was the opposite: a fall in the general price level. Which is why an increase of the order of from $680 to $850 an ounce would have caused chaos a hundred years ago.
The reason it won’t do so today is that gold is no longer the money-commodity. Up to WW1 gold was used to settle international payments. Also, there were gold coins in circulation, along with paper notes that were convertible into gold at a fixed rate. This system collapsed with the outbreak of war in 1914 and, despite attempts to revive it between the wars, never really worked again. Nearly all currencies became “inconvertible”, i.e. no longer exchangeable on demand into a given amount of gold, which has remained the case ever since.
At the end of WW2 a new system for settling international payments was established based on the dollar. The exchange rate between other currencies and the dollar (and so between the other currencies) was fixed, but, since the dollar was defined as 1/35 oz of gold, gold still played an indirect role as the money-commodity as a standard of price.
This system, with its repeated devaluations of the different currencies, came to an end in 1971 when the US government abandoned its commitment to pay $35 for an ounce of gold. After that, all currencies floated and, though central banks still retained gold reserves for a while, gold became an ordinary commodity, another precious metal alongside silver and platinum, whose price fluctuations have no effect, either way, on the general price level.
The price of gold is still expressed in dollars but, nowadays, rather than a change in the price of gold leading to a change in the value of the dollar, it’s the other way round. One of the reasons for the expected rise in the price of gold is the current weakness of the dollar. Another is perceived future economic insecurity in that gold, as a product of labour, is still a store of value which, if the fears are realised, is better to be left holding than a mere piece of paper.
When socialism, where of course money will be redundant, has been established, there will be a long-standing proposal as to what to do with gold waiting to be considered. In his book Utopia in 1516 Thomas More proposed it be used for making chamber pots. Some 400 years later Lenin moved an amendment to replace the words “chamber pots” by “urinals”. In the end, we’ll probably just use it for jewellery and other ornaments.’
https://socialiststandardmyspace.blogspot.com/2020/05/just-yellow-metal-2007.html
Wednesday, January 28, 2026
Inexorably The Doomsday Clock Marches On
According to the Bulletin of Atomic Scientists on 27th January 2026 the clock was adjusted by four seconds and now stands at 85 seconds to midnight.
The below is reposted from SOYMB 4th August, 2025. It’s titled ‘How many seconds to midnight?’
‘In the August 1914 issue of the Socialist Standard these words appeared,
‘A writer in the “Daily Chronicle” (29/7/14) outlining the probable results of the threatened war says:
. Let us all, whatever our party, stand together and do what we can to avert this coming disaster."
Tom Sala
https://socialiststandardmyspace.blogspot.com/search/label/August%201914
On the 4th August 1914 Britain declared war on Germany. Unfortunately, the propaganda machine of many states ensured that the various national working classes of many countries went out and for the next four years engaged in industrial slaughter of each other on behalf of their capitalist masters.
‘The total number of military and civilian casualties in World War I was about 40 million, with estimates ranging from around 15 to 22 million deaths and about 23 million wounded military personnel, ranking it among the deadliest conflicts in human history. The total number of deaths includes between 9 and 11 million military personnel, with an estimated civilian death toll of about 6 to 13 million.
Of the 60 million European military personnel who were mobilised from 1914 to 1918, an estimated 8 million were killed, 7 million were permanently disabled, and 15 million were seriously injured. Germany lost 15.1% of its active male population, Austria-Hungary lost 17.1%, and France lost 10.5%. The human cost of the war left the world with millions of casualties prompting leaders to create new memorials for the deceased.’
Internet’s response to the question of casualties.
Later in the twentieth century, capitalism repeated its deadly game. Following the end of the second lethal conflict there continued to be almost permanent ‘minor’ conflicts up to the present day. ‘Minor’ being a relative term given the events that occurred in places like Vietnam and West Asia.
We are presently in a situation where a bellicose and belligerent USA, supported by Western European countries, is threatening to go to war with another nuclear power state.
Followowing on from SOYMB https://socialismoryourmoneyback.blogspot.com/2025/07/three-generals.html
we now have another American General, Alexus G. Grynkewich, NATO Supreme Commander, issuing war-ridden statements that in a rational twenty first society should have mental health professionals treating him for articulating delusions, shared by many in various positions of power, that, if translated into actions would have devastating consequences for the whole of the world.
Upon reflection we have perhaps been too unkind to this General. Our comments are more apposite when applied to the present President of the United States.
Grynkewich says that by 2027 Russia could attack Europe whilst in coordination China could launch military action in the Pacific.
The report says that he, ‘emphasised the need for closer military collaboration with industry and the need for companies to develop systems at a faster pace. Grynkewich said a key focus for him also will be making sure that NATO allies are keeping up with recent pledges to increase defence spending to 5% of gross domestic product and that those increased investments are directed toward the right military priorities.
“Time is of the essence, and I intend to keep highlighting that and letting everyone know that we’ve got to move out and we’ve got to move quickly,” he said.’
One wonders if he, and the previous three Generals referenced have ever read Major General Smedley Darlington Butler’s ‘War is a Racket’ where he says he eventually realised that he had been used as a racketeer on behalf of capitalism..
In response to a ‘mean tweet’ from Dmitry Medvedev a former President of Russia Donald Trump has announced the moving of two American nuclear submarines closer to Russia.
‘Ohio-class submarine: A class of nuclear-powered submarines used by the United States Navy, consisting of 18 vessels in total, including 14 ballistic missile submarines (SSBNs) and four guided missile submarines (SSGNs) converted from the original SSBNs These submarines are the largest ever built for the U.S. Navy, measuring 560 feet (170 meters) in length and displacing 18,750 tons when submerged They form the sea-based leg of the U.S. nuclear triad, providing a secure second-strike capability and carrying approximately half of the U.S. active strategic thermonuclear warheads The SSBNs are armed with up to 20 Trident II D5 submarine-launched ballistic missiles (SLBMs), each capable of delivering multiple independently targetable reentry vehicles (MIRVs) with a range exceeding 6,100 nautical miles . The four SSGNs, following conversion, can carry up to 154 Tomahawk cruise missiles and support special operations forces, including up to 66 Navy SEALs. Internet.
Launch time from submarine to impact in Russia, twenty minutes.
Medvedev reminded Trump of Russia’s ‘Dead Hand’ system.
‘Russia's "Dead Hand," officially known as the Perimeter system, is a Cold War-era automatic or semi-automatic nuclear weapons control system developed by the Soviet Union to ensure a retaliatory nuclear strike even if the country's leadership was destroyed in a first strike. The system is designed to detect a nuclear attack through seismic, radiation, light, and pressure sensors, and if communication links with top military command are severed, it can initiate the launch of Russia's intercontinental ballistic missiles (ICBMs). The system is reportedly activated during times of crisis and is said to be capable of sending launch orders via command rockets flying over the country, even in the presence of radio jamming. While some sources suggest it operates fully automatically, more recent accounts indicate it is likely semi-automatic, requiring some level of human approval after activation.
The system's core is believed to be located in deep underground bunkers south of Moscow and at backup sites. It was reportedly brought online in 1985 and remains in use by the Russian Federation. The system is a key component of the doctrine of mutually assured destruction, ensuring a retaliatory response to a decapitating strike. Despite some scepticism about its existence and functionality, Russian officials have confirmed its existence, with General Sergey Karakaev stating in 2011 that the U.S. could be destroyed in 30 minutes if the system were activated. The system has been reported to be upgraded to include radar early warning systems and Russia's new hypersonic missiles.’ Internet.
As of January 2025 the Doomsday Clock- Bulletin of Atomic Scientists is set at eighty nine seconds. What will it perceived to be on its next reset?
Capitalism, more than it has ever done, represents an existential threat to every man, woman and child on the planet.
The words from the August 1914 Socialist Standard are more relevant than ever., ‘perhaps the working classes, hitherto so loyal and patriotic, will turn savagely against the powers that be.’
How much longer before we all recognise where our collective interest lies and we abolish capitalism for ever before capitalism abolishes us?
Socialist Sonnet No. 220
Demagogue
It all
sounds like hubris, vainglorious
Bluster,
rantings of megalomania,
Domination
via the media,
As if there
is nothing left to discuss.
A tsunami of
personality
Surging
around the world, inundating
With a flood
of words beyond debating,
Such is the
depth of this banality.
Afraid of
drowning, there are those who try
To swim
against the tide, but distracted
By their
efforts, they are misdirected
From all
that is unobserved floating by.
Judgement
saturated by anger and dread,
Becomes
unaware of what’s not being said.
D. A.
Sunday, January 25, 2026
Leaders are no good
In the Green Party’s Party Political Broadcast of 22nd January its new eco-populist leader Zach Polanski ran through the various problems people face. He pointed out that most of the wealth we create ends up in the pockets of the super-rich. He observed, “This isn’t just an economic failure. It’s a failure of leadership. The people we elected choose to serve the wealthy. And, yes, that is obscene. Good leaders put people before profit”.
In other words, vote for me and the Green Party and we’ll be good leaders. Oh yes?
He couldn’t be more wrong. The people workers elect don’t choose to serve the wealthy. The nature of capitalism, as a profit-making system that can only work for the profit-takers, obliges them to do this. That’s what’s obscene. The system — the organ-grinder not the monkeys.
Replacing them with “good leaders” who want to do good won’t change things. They, too, would end up having to serve the wealthy.
What is needed is not a change of leaders, but to realise that no leader can do anything for us. What is needed is to understand that capitalism just cannot be changed to work for us. What is needed is to organise ourselves and act together to end capitalism. What is needed is to do it for ourselves without leaders of any kind.
Wednesday, January 21, 2026
Socialist Sonnet No. 219
Security
More guns,
bigger bombs, longer range missiles,
Thicker
armour, smarter drones, firm allies,
Control of
the land, the oceans, the skies,
Compliant
nation of bellumophiles,
A leader
blessed with infallibility,
Martialled
prelates to assure the laity
That they
have conscripted the deity;
Add political
instability.
Meanwhile
the bottom-liners try to gauge
Where the
rarest rare earth minerals lie,
The
cost/benefit of those who will die
And the
profits to be made from carnage.
Behind
rhetoric, where’s the surety?
Only real
change can secure security.
D. A.
Donnie dear, don’t press that!
Donald Trump comes across as a spoilt, narcissistic child who demands and gets other people’s toys (eg Maria Machado’s own Nobel Peace Prize). He sulkily told the Norwegian prime minister that, since they didn’t give him the peace prize, he won’t bother to prioritise peace. His demand for Greenland – another toy – has caused a geopolitical crisis.
Is this Kissinger-like Great Power brinkmanship, or deranged MAGA swagger? Capitalism is a dangerous world ‘order’ even when its leaders act like responsible adults. Right now, America’s nuclear button is under the finger of someone who seems divorced from reality and isolated inside a bubble of toadying sycophants. Totalitarian despots and wannabes can barely contain their glee. What could possibly go wrong?
Subscribe to:
Comments (Atom)