Global overproduction! - Soros

Jim heartfield Jim at
Sat Jun 13 03:48:14 PDT 1998

In message < at>, Chris Burford <cburford at> writes
>George Soros who made billions speculating on the fall of the pound in
>1993, is on record today lamenting the crisis of "global overproduction" -
>clear - and of "global inflation".
>I do not get the latter. What is he on about, and why?

I read this as Soros endorsing the elite campaign against 'over- heating', which is to say for low growth. Inflation is a bit of a red herring and the fulminations against it coming mostly from central banks are a cover for high interest, low-growth policies favoured by ruling elites in the West.

(Incidentally, 'Global overproduction' is a myth, too. As long as human wants remain unsatisfied, it is ridiculous to talk of 'overproduction' in absolute terms. It can only mean overproduction relative to the restricted consumption fund set by the markets) -- Jim heartfield

More information about the lbo-talk mailing list