[Marxism] The fantasy world continues | Michael Roberts Blog
lnp3 at panix.com
Thu Nov 28 05:47:59 MST 2019
The fantasy world continues. In the US and Europe, stock market index
levels are hitting new all-time highs. Bond prices are also near
all-time highs. Investment in both stocks and bonds are delivering
massive profits for the financial institutions and companies.
Conversely, in the ‘real’ economy, particularly in the productive
sectors of industry and transport, the story is dismal. The world’s
auto industry is in serious decline. Layoffs of workers are on the
agenda in most auto companies. The manufacturing sectors in most major
economies are contracting. And as measured by the so-called purchasing
managers indexes (PMIs), which are indexes of surveys of company
managers about the state and prospects for their companies, even the
large service sectors are slowing or stagnant.
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