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Socialist Action Canada

Socialist Action Canada | Ligue pour L'Action Socialiste

Category: Technology

The Potential Power of Mass Action for Gig Workers

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The gig economy presents a significant opportunity for capitalists to counteract the decline in the rate of profit. In response to the profitability decline since 1997, which was exacerbated by the COVID pandemic, capitalists aim to increase the intensity of work and tighten labour discipline to extract more surplus value from workers. Gig work capitalists take advantage of workers' job precariousness, and they enjoy the absence of unions, which enables them to heighten this trend. The clear solution to this exploitative relationship is public ownership of the platform, which after all is a means of production similar to the machinery in a car factory. To achieve this goal, it is necessary to develop a political strategy and a set of tactics with transitional demands that will unite gig workers themselves, unite them with other workers, and together resist the capitalist offensive.

Behind Sam Bankman-Fried’s Cryptocurrency Crash

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Thirty-year-old “wonder boy” Sam Bankman-Fried (often called SBF) was, at $21 billion, among the richest men on earth. Until a month ago, he was CEO of the second-largest cryptocurrency exchange in the world, FTX—valued at $32 billion. On the cover of Forbes and Fortune magazines, he was touted as a financial genius akin to Berkshire Hathaway’s billionaire financier, industrial magnate, and “philanthropist” Warren Buffett. But SBF’s FTX filed for bankruptcy in early November. A competitor, CoinDesk, apparently hacked its financial balance sheet and made it public, revealing grave discrepancies between FTX’s claimed worth and the reality of its investment portfolio. All hell broke lose as investors ran for the hills. In a matter of days most of FTX’s $32 billion evaporated.

Blockchain and Cryptocurrency – A Hypercapitalist Nightmare

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The technology of blockchain continues to gain in popularity. It’s been advertised as disruptive, even revolutionary. Proponents believe it will change the world economy for the better, making it a more fair and equitable place. From the rooftops they shout, “Decentralization! Immutability!”

But is the hype all it’s cracked up to be? Is this a fad destined to fizzle? Or, even worse, is the blockchain push just a smokescreen for something much more sinister?

Socialist Action 2022 Fund Appeal – Invest in the struggle for a better world!

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Now that another year of pandemic is behind us, it is time to reflect, and to replenish our resources. Inspiring are the first signs of a revival of the workers’ movement, including new union-organizing efforts, and the many young workers who are joining the revolutionary socialist movement. The aim of this New Year’s Fund Appeal is to raise over $5,000 between now and February 28, 2022, to enable Socialist Action to rise to the challenges ahead. We seek to enlist your support for our efforts to build a larger, more effective, non-sectarian, socialist working class party.