[Marxism] Analysis of the G20 Summit

Joaquin Bustelo jbustelo at gmail.com
Fri Apr 3 15:06:23 MDT 2009


S Artesian writes: "The dollar broken as a global reserve currency?-- not
hardly, not by a mile, a millennium, not without a revolution."

I'm not certain that, IN THE LONG RUN, destroying dollar hegemony is beyond
the stupidity of the American ruling class. But for now, in the short term,
ANY crisis --even one centered in the United States-- is likely to drive a
flight to the dollar, strengthening it. 

And that may prove true even in the medium term. If the crisis goes deep
enough, it will undermine the Euro's pretensions, even destroy it altogether
UNLESS the Euro-Zone can consolidate into a real state, because what stands
behind a fiat currency is the power of the state that issues it. 

Joaquín





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