Kalecki's political business cycle

[Max Sawicky]

>They do believe that, and I think they're wrong. I think their class
>interest in keeping slack in the labor market outweighs their
>interest in maximizing sales. Individual capitalists may waver in
>this conviction, which is why they pay central bankers to maintain
>the class discipline.   >Doug

Yet despite little official slack in the labor market, wages remain
basically stagnant in this business cycle upturn. >>>>>>>

[mbs] ??????
Which planet are you referring to?
Or does "basically stagnant" mean "increasing"?


>>>>>>>
This has to be explained.
Gains have tended not to be from the bottom up but rather from the top of
financial analysts down. 
>>>>>>>>

[mbs] Actually the novel feature of the past 2-3 years
is the gains at the bottom.


>>>>>>>>

 With deunionization, globalization of production
and immigration, slack now seems a permanent condition of the labor market
>>>>>>>>>

[mbs] Except for right now.


>>>>>>>>
. . .  Greenspan's role seems now not one of disciplining labor through
restrictive monetary policy but choking borrowing against in assets to kill
inflation that could incite a run on dollar denominated assets, which could
then undermine the global position of the dollar and the world economic
system which is presently based on its reserve role.
>>>>>>>>>

[mbs] G-span is "choking borrowing"?  

Numbers.  Look into 'em.

mbs