> Those of you who think that global deflation will be a political
> opportunity for the left - why is Lula almost certain to lose badly in
> Brazil's election this Sunday?
It is at least arguable that the first impact of a serious global deflation will be the utter collapse of any left forces around. The left (scattered marxist, marxist influenced, and non-electoral progressive groups) has made some gains during the present boom, but those gains have not even begun to make up for the destruction of any organized left in the U.S. following the 1974-75 slump. The left flourishes most during the period of recovery from a deep slump -- but even then it cannot gain unless during the slump whatever scattered left there is around has grouped itself around a non-electoral program (program, not merely verbal posturing) and sharply differentiated itself from such enemies as the Democratic Party.
Carrol