Jim Devine posted:
from SLATE: The [Washington POST] analyzes key economic data and concludes that
President Bush's tenure will be remembered as the worst eight years for the
American
economy in decades... '[W]e really went nowhere for almost ten years, after you
extract the boost provided by the housing and mortgage boom,' an economist
said.
'It's almost a lost economic decade.'
JG sez:
Of course to explain this well and fully one needs to turn to a global unit
of analysis. It could be argued that since the East Asian-Russian-Brazilian
et al blowout of 97-98 and US dot-com bust of 00-01 world overcapacity/
subpar investment growth has ruled the roost and the main thing that has kept
the whole charade going is China producing and spending and the US borrowing
and spending (the connection mediated through creative financial instruments);
the sub-prime meltdown soon exposed that gambit for what it was.
I have it through an inside source that later this week David McNally of York U
will be interviewed on KPFA's Against the Grain, and McNally will be addressing
precisely this dynamic. (And in a way that echews simpleton overaccumulation
narratives!) I've seen some of his excellent thought sketches on this topic,
and if the Against the Grain crew conducts the interview with its usual acumen,
it should prove a treasure trove. http://www.againstthegrain.org/ John
GulickNew York, USA/Ansan, South Korea
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