This sentence and the article which is introduced by this sentence are of course quite another thing than an announcement of the end of the world financial crisis.
For socialist politics it has been and still is of high relevance to identify which stage of the economic cycle we are in. Hence the topic I am missing in the latest issue of LBO is a discussion whether the high turning point of the 10th post-WWII economic cycle of the US economy has been passed or not.
I think it is evident that the answer to this question will end speculations in the nature of the current critical situation of both the US and the international capitalist economy.
And what's a better place to discuss the topic which stage the demiurg of the world market is in than an US mailing list?
Hinrich Kuhls
At 09:53 28.11.98 -0500, Louis Proyect wrote:
>In the latest issue of Left Business Observer, Doug Henwood announces that
>"the worst of the world financial crisis is over." Leaving aside the
>question of whether the underlying economic crisis is over, one is must ask
>what Doug's definition of crisis is. If the world's markets are at record
>levels, including the battered Asian markets, but the level of economic
>activity is at Great Depression levels for most of the world, then does the
>term "crisis" have relevance?