God-ness this stuff gives me a headache.

Carrol Cox cbcox at ilstu.edu
Mon Jun 17 16:29:26 PDT 2002


Doug Henwood wrote:
>
> R Spontaneous movements in interest rates are unrelated to fluctuations
> in profit rates over the short to medium term. But if central bankers
> push up rates and drive an economy into recession, the profit rate
> will fall; if that recession disarms the working class, it helps make
> possible a subsequent rise in the rate of profit.
>

I don't remember which of his texts it was, but someplace where Marx denies that manipulation of money can affect the real economy (or something like that), he adds that this does not mean that governments by stupid management of money can't fuck up the works badly. I think its in C3 but I'm not sure.

Carrol



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