[lbo-talk] The Long March From Yenan to Barclays

[bhandari at berkeley.edu]

Marvin cast some doubt on Doug's claim that "...with a 10% growth rate and
investment at 40% of GDP,   China has all the real output it needs, and it
ain't buying much from
the USA. They also accumulate dollars to keep their currency from
appreciating."

Well yes but then the accumulation of US financial assets does not seem
well characterized as the imperialist state monopoly export of capital. It
seems that a mercantile state is worshipping trade surpluses at the
expense of unequal exchange, self imposed through a political devaluation
of the currency.

Rakesh