Re: Re: Marx and financial crises

[Edwin Dickens]

Doug Henwood wrote:
> 
> I'm not Ted, but it tells me that Marx was wrong when he said that
> crises cannot be resolved by "allowing one bank, e.g. the Bank of
> England, to give all the swindlers the capital they lack in paper
> money and to buy all the depreciated commodities at their old nominal
> values." Maybe not wrong for all time, but wrong for the last several
> decades. Now the flight is into state-issued assets, like T-bills,
> and the crisis is contained by central bank lifeboat operations.
> 
> Doug

Doesn't that create a problem for your--and Michael's--argument that the
only way out of a crisis (e.g., in Japan right now) is to liquidate real
estate, liquidate labor, etc., as Andrew Mellon used to say?

Edwin (Tom) Dickens