Soros letter

[Mark Jones]

Dennis, for the year or so we've been doing this, you have been talking about
a 'wall of money' which any day now was gonna roll east from the mighty EU; I
have been talking about the looming (and probably final) crisis of capitalism,
and Doug has been coyly sitting on his thumbs. Suddenly, Lo! you're up with the
times. But we are still way ahead of you, because we've begin to think
concretely about what comes NEXT, after the markets founder and the integrity
of the world market is breached: what KINDS of fascism, war and revolution,
and what our tasks are, bearing in mind that pace Anwar Shaikh there is NO
possibility of a long wave upturn afterwards (if there is any afterwards): no
oil, booming barios abd anthropogenic climate change are the flanks and 
head of the valley neoliberalism is charging into. The fall of the SU was
just a premonition of sytemic failure to come...

The trouble with you geezers is that your foreshortened historical perspective
also applies to yourselves; a little humility will be in order any day now.I
won't let you forget your collective cowardice in predicting the future and
your general inability to see beyond the end of Wall Street.

Mark

Dennis R Redmond wrote:


> On Thu, 13 Aug 1998, Doug Henwood cross-posted:
>
> > Letter
> > From Mr George Soros.
> > The best solution would be to introduce a currency board after a modest
> > devaluation of 15 to 25 per cent. The devaluation is necessary to
> > correct for the decline in oil prices and to reduce the amount of
> > reserves needed for the currency board. It would also penalise the
> > holders of rouble-denominated government debt, rebutting charges of a
> > bail-out.
>
> Ah, yes, the Czech solution. Too bad Russia's energy oligopolies aren't
> interested in refunding the country's industrial base so much as looting
> the place blind and paying the rent for the Swiss chalets of senior execs.
> Such a pity, that the Russian bourgeoisie is making the rule of capital
> untenable! But if anyone is going to bail out Russia, it's going to be the
> Central Europeans, not the G-7 (mostly because German banks own something
> like two-thirds of Russia's foreign debt). If I were in Soros' shoes, I'd
> be lobbying the European Investment Bank to start acting like the
> Eurobank it is.
>
> Speaking of crumbling currencies, how about that mighty Mexican peso!
>
> -- Dennis
>

--
Mark Jones
http://www.geocities.com/~comparty