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What Michael Roberts has left out of his analysis is the rising price of energy. Falling energy prices, together with low interest rates and histrionically very low real wages in the USA, were key to the recovery since 2007. Energy prices are now increasing and oil has crept up to around 70/barrel. This omission not withstanding, I think his guess that the next big crunch will come in non-financial sector corporate debt, meaning debt centered in industry/transportation, is a good bet, and rising energy prices will hit this part of the debt structure harder than the financial sector. Anthony _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
