[lbo-talk] dev'ts in world economy and foreign ownership

Doug Henwood dhenwood at panix.com
Mon May 28 10:56:07 PDT 2007

On May 28, 2007, at 1:39 PM, Michael Smith wrote:

>> The Iraq War has been a disaster for the Iraqis, and it has had a
>> much
>> smaller but still negative impact on American workers, too, but it
>> has
>> not hurt the US ruling class _at all_: the share of their income has
>> gone up, for instance.
> Do you think the two facts are connected? It's difficult for me to
> see how, at
> least in any very direct way. It seems reasonable to think that the
> general
> fascistization of society that war makes possible has a global,
> long-term,
> positive effect on elite power and wealth.

Against that view, and that quoted from Yoshie, I'll put forward the worries of Paul Volcker and some Wall Street types I heard at the CFR last week. They think the Iraq war has damaged U.S. interests in the world. But there seems to be a view that the US gov never makes a mistake, never damages itself, and never operates against the interests of US capital. Lenin said it, or something.


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