>>> Rakesh Bhandari <bhandari at Princeton.EDU> 04/06/00 05:45PM >>>Even if population increases through immigration, there is a danger of
overaccumulation. Greenspan is clearly and correctly worried that the
population is simply not big enough to valorize the swollen mass of capital
that is being accumulated at a rapid clip. Why deny that he honestly
recognizes that capital is now pushing to extreme boundaries of
valorization and that population is coming to a form a limit to the
accumulation of capital simply because the valorization base is too small.
This has nothing to do with the consumption base being too narrows for
capital. This is a problem of production, not demand; of valorization, not
realization. (see Henryk Grossmann)
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CB: Of course the system is not in a crisis now. So, undervalorization, problems of production not demand is NOT causing a crisis.
So, you see this as a coming crisis of underproduction that Greenspan is trying to avoid ?
CB