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

bhandari at berkeley.edu bhandari at berkeley.edu
Wed Jul 25 15:51:46 PDT 2007


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



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