----- Original Message ----- From: Doug Henwood To: lbo-talk at lbo-talk.org Sent: Saturday, April 09, 2005 8:54 AM Subject: Re: [lbo-talk] WSJ: Congress Threatens To Take Action It
Celi Ben wrote:
>What do you think about what they're saying here about oil companies
>switching to the Euro from the dollar causing doom, and they
>probably will do this, so it will be really really bad. Is this
>realistic?
>>It will not cause doom. The US current account deficit will not bring
>>about the terminal crisis of capitalism, or anything resembling it.
>>It's a problem, maybe a serious one, but nothing of the magnitude
>>that our more sensitive sorts are suggeesting.
>>Doug
Is that "It's a problem, maybe a serious one," benchmarked" to what we've all come to expect from American consumer culture?
One Scenario: Economy fine... Empire... Awesome, People freaked, and approching non-functional, because they had to sacrifice all their plastic crap as the oil slooowly runs out... like psycho-cultural lifeblood, from America's veins.
I suspect "doom" is relative.
Leigh