>>> Doug Henwood <dhenwood at panix.com> 08/03/99 06:22PM >>>
But politically it's another story. You could probably summarize the
political economy of your average Wall Streeter in a paragraph. The
passage on debt would run: "Debt is inflationary. Reducing debt is
good." Basically it's what Keynes denounced as the Treasury View.
Though Wall Street made lots of money as U.S. debt tripled, they were
clucking with moral disapproval throughout.
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Charles: This seems as Orwellian as Orwell's own life, like the rich become rich by taking risks. I recall the Goldwater Conservatives spoke against government deficits and debts, yet the Reagan Conservatives used running up the highest deficits and debt in history as an excuse to destroy social spending and seemingly a beginning to the current long run for finance capital.
In the era of finance capitalism, debtor/creditor relationship seemed to have increased exponentially, even qualitatively.
Charles Brown