|
In a message dated 5/8/2006 2:48:53 P.M. Eastern Daylight Time,
[EMAIL PROTECTED] writes: an excellent article in most ways! What an interesting comment because I thought it is a horrible article in most ways: Mr Goldner (who is he, by the way?) exhibits an unbelievable melange of muddled 19th c concepts backed by an absolute disrespect for evidence. He cannot make up his mind as to whether the world is in an"inflationary phase" or facing a "deflationary crisis". He exhibits beauties such as : "The totality of capitalist paper claims" exceeds the SV available". Evidence shown for this: Zero. He then continues to lecture us in terms of the 19th c concept of Fictitious Capital showing a complete lack of understanding of the working and functions of contemporary financial arbitrage capitalism and the insatiable demand for new financial products from all around the world , including China. Like Austrian economists, Marxist fundamentalists are totally allergic to the mechanism and the economic role of credit expansion in the global economic system, thus failing to see its actual strengths and weaknesses. Finally, its Chicken Little litany continues with the forecast of an upcoming clash of powers, mainly between China and the US. Nothing could be , at this point, farthest from the truth, as the Chinese are pretty happy with their cozy relationship with US capital which, in turn, is happy with the continual outsourcing of industrial production with China. Any threat to China, say by the Bushies, will be met with swift response not by China but by the aggrieved US afflicted ruling classes. CS |
