Declaration of the TUI of Pensioners and Retired of the WFTU on the Current Capitalist Crisis

April 2025 began with a succession of stock market crashes around the world, affecting the valuation of the main transnational companies listed on the global stock exchanges.

This is a phenomenon that not only affects companies and their main shareholders or investors, but also involves the “Private Investment Funds”, through which are channeled substantial pension resources contributed by workers from all over the world, deceived, as the Chilean dictatorship did in the 70s/80s of the last century, aided by several yellow unions of the ITUC, which were then called ICFTU.

The trend towards the privatization of pensions and retirement systems is a process that is part of the privatization of public capital in general, which in fact seeks to appropriate funds that far exceed the money currently managed by private banks throughout the world. It is a process that is part of the privatization of public capital in general, which in reality seeks to appropriate funds that far exceed the money currently managed by private banks throughout the planet.

It is part of the trend towards commodification and privatization of economic activity in general, a product of liberalization policies in favor of capital, corporate profit and capitalist accumulation. It is an exploitation by capital of the savings of working men and women who have contributed to receive income in pensions and retirement pensions, often necessary because public pensions are very insufficient.

The fall of the stock markets is a manifestation of the capitalist crisis, mainly in the USA, Europe and Japan, the main countries of developed capitalism and imperialism. This crisis affects the dynamics of capitalist accumulation and exacerbates the offensive of capital against labor, nature and society, against labor and social security rights; deepening the plundering of common goods and deteriorating the socioeconomic rights of the peoples of the world.

In the 80s/90s, the search for higher profits led to the transfer of international investments to Asia, especially to China, changing the territoriality of accumulation.

This is a relevant fact that generates the ongoing geopolitical dispute and explains the unilateral sanctions imposed by the US in recent years and its global partners, as well as the commercial, financial, monetary and economic wars, which ultimately call for the pursuit of the wealth of the peoples.

To this end, they also promote militarization, increasing military expenditures and the dangers of nuclear war that threaten humanity, within the framework of the strengthening of a production model that threatens the very subsistence of the planet due to climate change.

We are witnessing a worsening of the capitalist crisis, in which the leaders of the largest economic groups on the planet are fighting and competing, exacerbating exploitation and plundering, so that, without prejudice to the devaluation of the stock market, the main people affected are the workers of the world, their labor and social security incomes, their working and living conditions.

The recession induced in the world economy by the US tariff increases will aggravate the situation of those who live on fixed incomes, even more so with the increase in prices and the predicted rising inflation. Therefore, from the TUI of P&R of the WFTU we denounce the regime of capital and its regressive and reactionary political initiative that in order to solve the problems of capital increases exploitation and inequality in favor of the concentration of wealth.

From our TUI of P&R we call on the workers of the world to strengthen the organization and struggle against privatizations, especially of the pension and retirement funds and to restore a criterion of inter-generational solidarity to solve the needs of the elderly, in a perspective of struggle against capitalism, imperialism and all forms of racism and discrimination.

The best response of women workers, workers and peoples is the worldwide struggle and organization in defense of our rights historically won by the struggle of the workers’ and popular movement worldwide.

The crisis also shows that the money saved by wage earners is being speculated on in order to steal it instead of being untouchable funds that cannot be affected by the economic wars that only interest and benefit the owners of the large multinationals.

No to the swindle of private pension and retirement funds!

The current crisis makes it clear, once again, that Private Pension Funds only benefit their managers and private investors and never the workers!

Yes to the organization and struggle of retirees and pensioners that we promote from the TUI of P&R of the WFTU!