[Marxism] America No. 1?

rrubinelli rrubinelli at earthlink.net
Sun Mar 6 20:21:47 MST 2005

----- Original Message ----- 
From: "Julio Huato" <juliohuato at gmail.com>
To: "Marxmail Send" <marxism at lists.econ.utah.edu>
Sent: Sunday, March 06, 2005 9:21 PM
Subject: RE: [Marxism] America No. 1?

> Now, as to your reply alluding to a FT's report, let me say first off
> that my main point is that the economic predominance of the U.S. *in
> global terms* (not only, or not mainly, in comparison to Europe or
> Japan) is clearly decaying.  You are not challenging this, or are you?

Yes, absolutely I am, to the exact extent that others argue that US
capitalism is clearly decaying in the face of competition from
"less-decayed"  capitalisms, like Europe, Japan, China, India, whatever.
What I am arguing is that the decay is systemic, for capitalism as a
whole, and not just the manifestation of the local weakness of US

The predicament of capital is the predicament of all capitals, more or
less, more and less, coincidentally and not.  And that predicament is
overproduction. The US "solution" since 1973 is to call in the dogs of
OPEC to enforce austerity on the working class, and route the profits
from elsewhere "home."

With each successive phase of the US's aggrandizement of profit the
preconditions for more overproduction are established and the vengeance
of capital becomes that much more severe.... so that in 1973 you get the
twin overtures to assaults on the living standards of the working class,
Chile and OPEC 1, and today you get the destruction of Afghanistan
without the possibility of reconstruction, the destruction of Iraq
without the possibility of even restoring electricity, and $60 barrel
oil-- amazing how that happens, how when in 2002, oil prices slipped
Bush began the cruise missile rattling against Iraq; amazing how when
$40 and $50 per barrel isn't quite doing the trick,  Iran, Syria are
threatened.  And this, to my mind, is just the beginning of the vicious
de-composition of existing capitalist networks, systems, pacts,
"etiquette."  And when it comes to de-composition, the US has a distinct
advantage, based on its rather successful 35 year assault on its own
working class.  That, I think, was the red thread woven between the
lines of the FT article.

OECD is quite cognizant of the weakened position of Japan, Europe vs.
the US, and given the specific weight of their economies in the
capitalist system, if they, Japan and Europe,  are relatively weaker
just what capitalist economy is getting relatively stronger?  China?
Think again, if ever there were a bubble, China is it.  Overproduction
is a gross understatement, with investments in unproductive fixed assets
piling up faster than you can say "non-performing."

The actions of capital are all about profits;  Japan has slipped back
into recession, Europe's corporate profits do not match those of the US,
in mass or rate.  That, profit, is where US holds its edge, and if
profits mean the rest of the world be damned... well that sounds like
good corporate guidance doesn't it?

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