We are facing what I would call a Crisis in the World Capitalist System, and we either stand or fall on the way it is handled and the measures taken here and in America.

In one of those rare flashes of insight which occasionally illuminate the gloom in which he revels he said that what we were facing was a Crisis in the World Capitalist System.

There is no hope of the EEC - even if it were to transform its budgetary policy at Dublin, or thereafter, into a more active public expenditure policy - singlehandedly resolving the Crisis in the World Capitalist System.