Greetings Economists,
On Oct 1, 2008, at 8:06 AM, Jim Devine wrote:
4) it's wrong to see either 1929 or 1873 as the "model" of what's
happening today. (History does not repeat itself.) Instead, we can
learn from both.
Doyle;
I think this is true. Characterizing the current period is important
in the way it is not like 29 or 1873. For example government
intervention started in 29 and is main factor now. The war in Iraq is
not comparable to the Civil war or World War impacts upon the public.
What is different now is the shift in power relations coming out of
China, India, Brazil, and Russia, the BRICs.
I think it safe to say that the U.S. will be forced to pull back it's
military obligations and that ends a strategy from the Monroe Doctrine
of gun boat diplomacy. I suppose the loss of power in the U.S.
financial sector will affect the dollar, but it is hard to say if the
dollar will stop being the global currency at the same time as the
military pullback. I'd speculate after the military power is
circumscribed the pressures on the dollar would escalate.
I would say that the vote against the bailout in congress says that an
underlying political shift is picking up speed. Any sort of serious
opposition would adapt itself to the crisis in military power, and
economic weakness. This has a basis in class rage being fomented in
the U.S. I suspect the right is trying to see a way to harness the
class rage effectively to the previous regime and is bereft of a sense
of going forward. The left then is aborning but not yet ready to
coalesce.
Thanks,
Doyle Saylor
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