[Marxism] Lenin's Tomb on the Stockmarket

Tom O'Lincoln suarsos at alphalink.com.au
Sun Aug 19 03:52:56 MDT 2007


>>Well, there's an interesting point in the Harman article I link to about
China<<

Yes that is indeed interesting. It's not that I see China as "salvation" for 
world capitalism. It's just that for all the linkages, there are also 
disjunctures in the system. Since we are talking ISJ articles, I'm reminded 
of the ISJ front page after the 1997 Asian crisis: "World Capitalism at the 
Abyss". Instead it turned out that capital flight from Asia actually boosted 
some other parts of the world sytem, including Australia where I live.

Similarly after the 1987 share crash there were doomsday scenarios, but what 
actually happened  is that governments pumped in liquidity which brought on 
an artificial boom, and while that over-stretched the system leading to 
eventual recession, it took a couple of years before the real economy came 
crashing down.

My feeling is that this financial crisis will pass and China will power on 
for a while. OK, now I've made a rash statement myself and I'll probably get 
left with egg on my face. :-)






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