As the third wave of global crisis of capitalism is approaching – the first and second waves being respectively the sub-prime housing and European sovereign debt crises – the so-called emerging and developing economies are entering deeper into economic, political and economic crisis. Nigeria connects to this global crisis through the mechanism of the global crude oil glut and collapsing commodity prices.

At least 98 people have been killed by two explosions in the largest terror attack in Turkish history, hundreds more have been wounded. This is a clear continuation of the campaign of terror against leftist forces in Turkey, but it has triggered a backlash as tens of thousands of people have taken to the streets to protest against the government and their thugs.

Since last week when Russia began bombing targets inside Syria, Western media has been overflowing with articles about the crimes of Russian imperialism in Syria. But the idea put forward that “moderate” rebels are being bombed by ruthless Russians raises more questions than it answers.

Over the last few days, the events in Burkina Faso have been moving at lightning speed. Just weeks before elections were due to be held, the most reactionary wing of the regime, the Presidential Protection Regiment (RSP), overthrew the transitional government in a coup. This has interrupted the country’s so-called transitional period and it has thrown the regime into complete chaos.

SYRIZA won the elections yesterday, which Tsipras claims gives him a mandate to continue on the road he had already embarked on this summer, i.e. to apply the conditions dictated by the Troika. He, however, conveniently ignores the not unimportant detail that his government coalition (SYRIZA-ANEL) lost a total of 416,000 compared to the vote in January.

The revolutionary overthrow of Blaise Compaoré on 31 October 2014 was a fundamental turning point for Burkina Faso. It brought an entire country to its feet. It released pressures which have been accumulating for decades. After being under the jackboot of the Compaoré counterrevolution for 27 years, the masses of the “Land of the Upright People” have dramatically entered the stage of history. The transitional government which filled the gap left by Compaoré’s departure has been a regime of turmoil and crises. At bottom, this is as a result of pressures from the mass movement. Now, after months of turmoil, the ruling class is desperately trying to channel the situation into some kind of bourgeois democratic order. But the elections, scheduled for 11 October, will change nothing fundamental for the masses. It will only serve as a new stage for the struggle.

World stock markets have been in meltdown from Shanghai and Shenzhen to London and New York. A sea of red blighted the computer screens of the stock exchanges everywhere in a panic global sell-off. Shock and disbelief among investors was ubiquitous. Even as the Dow Jones claws its way back from its worst losses, extreme volatility pervades the entire system. Could this crash be a one-off event, which will quickly return to normal, or the beginning of a series of shocks in an unstoppable chain of events?

Greek Prime Minister Alexis Tsipras just announced he will step down. He has lost his parliamentary majority and Syriza is split, with left leader Lafazanis announcing the formation of a new party, Popular Unity. Speaking in a televised address last night, Tsipras stated that the Syriza government would tender its resignation and call an election. Tsipras said Greeks still have struggles ahead of them, but that Greece is “determined to honour” the latest so-called bailout package. What does this mean?

Over 270 Marxists have now returned home to over 30 different countries after attending the International Marxist Tendency’s World School that took place in Bardonecchia, Italy, last week. The school demonstrated the tendency's activity and the strength of revolutionary ideas through the high political level, the number of enthusiastic young people in attendance, and the excellent application of Marxist theory to the mass movements developing around the globe today.

Yesterday, the long-awaited nuclear deal between Iran and six major world powers was signed. After 18 days of straight negotiations the parties announced a 100-page agreement which is to set in motion the scaling back of the Iranian nuclear agreement and the lifting of harsh sanctions on Iran. This brings to an end more than three decades of harsh economic sanctions imposed on Iran by US imperialism and marks a complete defeat of the US strategy of intimidation, blackmail and coercion of Iran.

The world economy is tottering. This week it has been buffeted by two extremely turbulent financial storms - Greece and, suddenly, China, the world’s second largest economy. Globally, the system is extremely unbalanced, with massive wealth accumulating in tiny handfuls whilst the billioned masses must keep borrowing from these billionaires to make ends meet. This top heavy, blind and irrational system cannot stand on its own feet and the nation states are buckling under the weight. The sudden stock market collapse in China has been so vast that even the mighty Chinese government is incapable of controlling it.

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