Re: value and labour

From: Rakesh Bhandari (rakeshb@STANFORD.EDU)
Date: Tue May 13 2003 - 15:02:21 EDT

Andy, I should clarify that I was referring to you someone who has
thought long and hard about these questions. Thank you for your
expectedly stimulating reply--I do appreciate and find myself
sympathetic with the general thrust of your arguments; Paul C's and
Jurriaan's replies are also very helpful.
I owe Michael Eldred a response on the question of tribute raised by
Arrighi. I had expected a couple of years ago that a rapidly falling
dollar wouldn't thwart the flows of foreign investment into the US,
especially Treasury and corporate bonds. Rather than interest rates
rising as foreigners demand bigger rewards with the dollar falling
rapidly, long term interest rates in the US bond bond market have
actually declined--see today's WSJ, p. A10 This even surprises me. Is
the US being rewarded for inflating away its debt?   It does seem to
me the markets must have the confidence that the US can secure the
cooperation of foreign central banks in controlling and limiting the
devaluation of the dollar. Perhaps all these movements can be
explained without reference to political interference in the markets?
I don't think so.
Yours, Rakesh

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