Strikes in Western Europe

boddhisatva kbevans at panix.com
Wed May 22 22:35:39 MDT 1996




                Rakesh,



        Will you please explain what Bonefield and Halloway mean by the
"recomposition between necessary and surplus labor" and the "recomposition of
the relations between necessary and surplus labor."  Their argument hinges on
this concept (concepts?) and I'd like to hear something defining it.  They
seem to be drawing a straight line between payments to speculators (which are
made by other speculators, to a large extent) and diminsihed economic
activity.


	Two things come to mind.  The first is that credit is certainly the
"temporal displacement" of *potential* crisis, but it remains to be seen
whether the economy can make good on what appear to be potential bad debts.



	Second, it occurs to me that there may be something of a "multiplier"
effect in the speculative markets, just as economists argue there is one in
the bank loan markets.  I've really never completely believed the multiplier
argument in bank loans, but it might be interesting to deal compare
stock/ownership speculation and simple credit on this score.



	peace





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