Whatever his errors, Mao was 100% correct on one thing:
If you don't hit it it won't fall.
The most horrible slump conceivable would not, in itself, be any threat to capitalist production relations.
Carrol
On 9/23/2011 4:06 PM, Dennis Redmond wrote:
> On Fri, Sep 23, 2011 at 11:54 AM, Jordan Hayes<jmhayes at j-o-r-d-a-n.com> wrote:
>
>> When they squeezed real incomes, they offered rising
>> home equity to fill the gap. I think they are out of tricks at this point.
>
> Yep, the housing bubble was their final roll of the dice. Even if they
> wanted to inflate another bubble, the US middle class doesn't have the
> cash to invest in it, and the BRICs wouldn't finance it. And Japan and
> Europe are busy dealing with the meltdowns of their own, localized
> neoliberalisms.
>
> All of which gives me hope, strange as it sounds. For the first time
> since the 1960s, we have both a critique of what is -- a completely
> dysfunctional plutocracy -- and the utopian prospect of something
> better -- developmental states, digital commons.
>
> -- DRR
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