Michael Cohen writes Saturday Sept 19,98: "How much of the US government debt is own by foreign holders? How is this distributed around the world? The answer to this question would give more a clue as to the possiblities for future disaster."
Doyle Just to be clear Mike and I are friends from other times and places. Mike likes to ask me for facts, and I like to speculate theoretically about things I haven't much background to understand. So Mike wins a lot of arguments just because I can't back up what I say with enough data to get beyond the first stage of speculating. This corresponds to the fact I get my info from reading newspapers where things are anecdotally reported, and some people have experience with the labor of research and what can be found that away. Anyway I wanted to thank Doug for adding in a little bit of data to better understand what underlies the differences between the continental power centers.
Doug writes Sunday Sept 20,98: "Michael Cohen wrote:
>How much of the US government debt is own by foreign holders?
About 34%
>How is this distributed around the world?
Not really known. There's reasonably good data on who buys it initially - though purchases by an offshore hedge fund will show up as an offshore asset, even though the real owners may be in New York or Palo Alto - but as they're bought and sold, the holdings are reshuffled in ways no one knows for sure.
You can bet that central banks of countries with big foreign reserves - Japan, China, Taiwan, etc. - have big Treasury holdings"
Doyle In my humble opinion (IMHO) we ought to take into account more clearly the potential rivalry between the capitalist centers in understanding the current crisis. What is to stop Japan, and Asia from coordinating a defense of their economies. Last year they were forced to abandon some schemes concerning a Euro like Asian currency, but as Chris Burford reminds us, they are testing schemes in Asia to defend against the bank speculators in the currency markets. If we had a clearer picture of this I would think this gives the left good strategic methods to build a movement.
Doyle It has been said here on LBO that a depression in the U.S. doesn't guarantee the rise of a left. Remember that folks. What do you stand for? What are your priniciples? If you sit back and don't do anything when we have a chance to build a decent mass sized movement, we lose what we believe in. We don't have to wait for a crash to give us the time to build something. But if a crash happens we need to take seriously building something that is for the working class. That class will get the unemployment, the starving, the injuries that a crash will demand in sacrifice for millions of your fellows in this country. You experts have a responsibility to your countrymen and women to intellectually debate the future course of events so that a movement can arise here. To protect us from the predators who live upon our suffering. Some workers are doing ok, but all you have to do is listen to half of what Marta Russell writes about here on LBO to know that many people will die in utter misery because some of you folks sit on your fat asses. Quit your goddamn telling me that it ain't going to be hard as hell soon enough. You don't see it coming? You don't see it coming? You don't see it coming? Well goddamn it look, or open your eyes or do something to build a movement. Quit telling me it can't be done. Also I don't give a damn we are at square one, get going. GET GOING TO SQUARE TWO.
Doyle Max I take your bet. Where do I send the money? regards, Doyle