[lbo-talk] on the current mess

James Heartfield Heartfield at blueyonder.co.uk
Wed Jan 21 12:51:51 PST 2009


Good interview.

There's certainly no bottom in sight, here in Ukland. All commentators are in a state of near panic after the Bank of England's massive bailout singularly failed to restore confidence in banks or sterling. UK banks owe $4.4 trillion (more than GDP, which stood at $2.13 trillion in 2007). I see the pound is currently trading at $1.40. (I think I can remember when it was $6).

Talking it over with a friend, we thought that it was unlikely that the capitalists would stabilise things, unless they had a big cull amongst themselves (the rest of us being the collateral damage), and because there is no consensus about who should go to the wall, so a lot of denial and prevaricating, trying to sustain the unsustainable.



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