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

bauerly at yorku.ca bauerly at yorku.ca
Sun Jun 22 09:55:47 MDT 2008


Panitch and Gindin have been claiming for years that the US will not decline
relative to other states if there is a downturn (see NLR Superintending Global
Capitalism).  They also do not see the dollar decline as in anyway threatening
dollar hegemony (see Gindins response in this video-
http://www.socialistproject.ca/theory/declinedollar2.html).

Personally I think they are right.  The other economies are too integrated into
a global capitalism that requires US leadership (see P&G articles in Socialist
Register 2004 and 2005 on US Empire).  Any downturn will be displaced from the
US to other countries, and/or onto the US working class.  I also agree with
S.Artesian that the US capitalists own the US working class.  With no
resistance to speak of, both domestically and internationally, there will be
little in stopping them from pushing through whatever they need to regain rates
of profit.

Brad





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