> 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.
Of course this is exactly the opposite of what happened when the 1920s boom collapsed. The left had almost disappeared (due first to WWI repression and the Red Scare that followed, but then to corporate consolidation during the boom) but came roaring back in the bust that followed.
Unfortunately, I fear we're alot more likely to see trends follow Germany's (or at least Italy's) example during that same time period than America's, for a number of historical reasons we're all familiar with -- lingering Cold War associations, the resurgence of fundamentalist religions and ethic identity politics, the spread of conspiricist thinking, the dispersion of the working class, etc.
-- Paul Rosenberg Reason and Democracy rad at gte.net
"Let's put the information BACK into the information age!"