[Marxism] Reality catches up with the catastrophists
sartesian at earthlink.net
Wed Dec 17 13:47:26 MST 2008
Maybe, but that doesn't make the quality of IDOM analysis any better. This
is a terrible and terribly superficial analysis-- it's as if they, the IDOM,
despite all their "collapse-mongering" are now trying to catch up to the
actual events by describing them, rather than teasing them apart to find the
unitary basis, the source for the actual events.
"The dizzying rise of stock market prices bore no relation to the real
situation"??? Of course it did, otherwise you're right back into the old
"the problem is credit" argument. The rise in stock prices starting with
the recovery of the 2001-2002-2203 recession was absolutely based on
restoring profitability to capitalism, and most importantly, restoring
profitability to the manufacturing sector.
"The second phase" is the real economy? Sorry, the "real" economy was the
source of the rise in stock prices and their collapse, particularly, again,
in the important manufacturing sector.
I don't recall anyone stating that the crisis would be confined to the US.
Certainly the Europeans didn't argue that-- not with Northern Rock. There
were some who argued Asia might escape the worst of it, and that China would
be the big thumb in the big hole in the big dyke-- but that was a wish and a
prayer, not a generally accepted view.
And then IDOM goes right back into the old "underconsumption" theory of
capitalism, as opposed to overproduction, --"The ability to find markets is
limited by the limited consumption of society"? No. Actually the ability
to expand markets is limited by the profitability of production. The
consumption limits of society are determined by the overall success capital
has in maintaining a sufficient profitability to support reproduction.
Anyway, I could go on and on-- and probably will. Later.
----- Original Message -----
From: "Louis Proyect" <lnp3 at panix.com>
To: <sartesian at earthlink.net>
Sent: Wednesday, December 17, 2008 1:15 PM
Subject: [Marxism] Reality catches up with the catastrophists
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