I am inclined to believe that such a basket is simply a basket case. For no imperial power parasitically reaping huge imperial rents from a process of lopsided accumulation that has centrifugally drawn together bourgeois from near and far, is going to relinquish this without a fight. The fight will be in Iran. for the time being the gradual devaluation of the dollar is more a screw the others US strategy than weakness still: debt deflation at US's own terms, restructuring imbalances, and the rest. It is not falling US consumption nor QE that will erode dollar global seignorage it is its defeat in the multi theater warfare in the middle east. So long as iran plays for time by allowing the complete destruction of Iraq and Afghanistan, the US will win. when brad anti imperilist strategies play out inclding the peoples of the region in a broad front, the US will lose. It has not lost yet. Bu I am reasonably convinced that it will win unless a new universalistideology making for a broad united front takes over.
________________________________ From: ken hanly <[email protected]> To: lbo talk <[email protected]>; pen-l <[email protected]> Sent: Wed, October 7, 2009 4:39:15 AM Subject: [Pen-l] Baskets of currencies as alternatives to the US dollar How do these baskets of currencies function? Are they SDR's or like the old ECU? Cheers, k hanly Blog: http://kenthink7.blogspot.com/index.html Blog: http://kencan7.blogspot.com/index.html _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
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