[Marxism] [Pen-l] Michael Hudson: The game is over

S. Artesian sartesian at earthlink.net
Sat Jun 21 13:01:03 MDT 2008

Reason 1:  Historical prejudice [not patriotism]:  during the 1970s, there 
were all sorts of speculations that the EU (then known as EEC if I can 
remember that far back ) would replace the US which was seen in terminal 
decline; and then came OPEC 2.  Then Japan was going to replace the US, 
based on superior labor productivity [yes, as you said, it certainly does 
exist, and the bourgeoisie love to measure it-- hours per car]; but then 
along came the Plaza Accords.... and the Japan's long recession.

Reason 2:  The superior ability of the US bourgeoisie to beat the living 
f++k out of its domestic working class, and redistribute income upwards and 
loss, austerity, deprivation downwards on an expanding basis.

Reason 3:  I think overproduction is behind the once and future predicaments 
of capital-- and overproduction is manifested most acutely in declining 
rates of return, declining profit margins.  U.S. seems to be  better at 
offsetting this than Europe or Japan.  And...overproduction really operates 
on the global platform.  Europe and Asia, with economies more dependent on 
exports, and exports to the U.S. will experience what the U.S. experience 
without the U.S. advantage in offsets.

Reason 4.  Sum of all the above:  the absolute, unrestrained , willingness 
of the US  bourgeoisie to lay waste to everything at home and abroad for an 
extra dime.

----- Original Message ----- 
From: "Steve Palmer" <spalmer999 at yahoo.com>
To: <sartesian at earthlink.net>
Sent: Saturday, June 21, 2008 2:00 PM
Subject: Re: [Marxism] [Pen-l] Michael Hudson: The game is over

> What makes you think that as things worsen, US capitalism will strengthen 
> its
> position?  How do you expect this to happen, short of various forms of
> conflict?
> Steve

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