[lbo-talk] The American Prospect 8/30/07:"What's behind the sub-prime disaster?" by Robt. Kuttner

Carrol Cox cbcox at ilstu.edu
Fri Aug 31 08:10:49 PDT 2007


Doug Henwood wrote:
>
> "Inflation" was in part an economic
> phenomenon, but also a sense that the bourgeoisie was losing control.

Sometime in the mid-70s there was a column in Newsweek (I for get the columnist but I think he was afprominent one) who explained inflation in these terms (I quote from ancient memory but I think I'm close): "If there were a general decrease in wages blood would run in the streets. Inflation is a way to bring about that decrease without trouble." I remember vividly the "blood would run in the streets" phrase.

The slump of '74 pretty much killed off the last remnants of the militancy of the '60s -- though (as in a famous Thurber cartoon) we didn't recognize for a few years that we had been beheaded. Posters on this list focusing on current economic news should be aware that a slump to begin with is _very bad_ for left organizing. It sends everyone scurrying for individual salvation.

Carrol



More information about the lbo-talk mailing list