> An interesting (and rather persuasive) article appears in the new NLR,
> "Superintending Global Capital" by Leo Panitch & Sam Gindin. Among other
> things it links the weakness of u.s. labor to the continuing strength
> and vitality of u.s. imperialism. It also strongly suggests that the
> balance of trade 'problem' is not a problem but both an index to the
> strength of u.s. capital.
What strength and vitality? The US is hated by most of the planet and running insupportable current account and trade deficits to the ever-expanding EU (Romania and Bulgaria are on track to turn the E-25 into E-27 in thirteen months) and a booming East Asia. Tiny, impoverished Iraq, despite no jungle cover, is tearing the guts out of the US military machine. Latin America is in continental-wide revolt.
> One nice touch: they suggest that the Bank of
> Japan should be regarded as merely the Tokyo branch of the Fed.
The BoJ is the able and effective instrument of East Asian keiretsu capitalism. They don't want a dollar meltdown, just a gradual hegemonic shift.
-- DRR