Yes I think you have shown with your characteristic succinctness and command that we have gone from bubble to bubble in the last ten years. With both pierced, there can only be a sharpening of the need to secure real investment opportunities.
So just very quickly want to indicate an important difference between stagnation theory and catastrophic Marxism. The former is close to Keynes' theory of underemployment equilibrium. Grossman's theory attempts to explain the contradictory unity of stagnation and aggression out of the law of value.
In Twilight of the Nation State: Globalisation, War and Chaos Prem Shankar Jha talks today of a scissors movement of liquid capital accumulation and investment opportunities. "As a gale of creative destruction sets in, opportunities for the investment of liquid capital in new fixed capital equipment rises rapidly As the new equipment replaces the old, the rate of profit rises and increases the rate of capital accumulation. But each replacement of the older generation of equipment, and older management practices with the new, circumscribes the opportunities for further rapid increases in productivity. The rate of profit on future investments in fixed capital therefore begins to fall just as the rate of profit on existing capital reaches a peak. This creates an inexorable pressure for the mounting stocks of profit on past investment, ie. of liquid capital, to find new investment opportunities. That is when capitalism assumes it hegemonistic form and begins to reorganize large parts of the world." Jha, p. xix
I hope to speak to Seth's very interesting analytics later. But I won't be able to speak to all the important criticisms of what I am saying. Suffice to say, they give me pause.
Yours, Rakesh