>
> On Jan 30, 2009, at 10:45 PM, Carrol Cox wrote:
>
> have not the slightest idea just how bad the current crash is/is going
>> to be. BUT, if it _is_ on the order of magnitude of 1930, and if it
>> _is_, as seems to be the case, more or less global, THEN the "stimulus"
>> planned is spitting in the ocean, and any _actually_ serious plan would
>> have to be wildly unreasonable by ordinary standards.
>>
>
> From 1929-32, the U.S. gov stood back while GDP fell by 25% and 10,000
> banks failed. Over the last year or so, the Fed has expanded its balance
> sheet by about $2 trillion and a massive stimulus program - bigger than
> anything the New Deal ever tried - is going to be enacted in a few weeks.
> Governments around the world are doing similar things. While it may not
> enough, it's still not spitting in the ocean.
>
> Doug
>
> ___________________________________
> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
>
I've been thinking about this. True, 70 years ago governments didn't have the controls they do now... But we shouldn't forget to take into account the fact that "capitalist relations of production" have spread throughout the world and that these relations have become extremely integrated. I'm not saying that the "advanced countries" are going to experience "Depression 2.0", but the fact is is that they've gone global, and that doesn't make things easy...