Re: [OPE-L] The growing global market for derivatives and swaps

From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Tue Oct 10 2006 - 08:50:52 EDT

Hi Patrick and Jurriaan:

In significant ways, it's not the plain old story told in Volume 3, etc.
For example, there is at least in some advanced capitalist nations the
rise in working-class savings and the rise in credit card indebtedness by
the working class.  The growth of pension funds and mutual funds
owned (but not controlled) by working-class families isn't part of the Vol.
3 story either.

In solidarity, Jerry

> No paradox, sounds like plain old overaccumulation of financial capital,
> as described in Vol 3, and later by Grossmann, Mandel, deBrunhoff,
> Harvey, etc, not so?
> Jurriaan Bendien wrote:
> > It's  certainly a long way from Das Kapital to the mindboggling,
>> astronomic  financial transactions we can see happening these days.
> > Putting it in plain language, I think a paradox in the world economy
> > these  days is that there is supposedly a "savings glut", yet also, a
>> massive and growing amount of indebtedness. So you have growing
>> savings, and growing debts, at the same time.

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