Re: [OPE-L] Subprime mortgages, subprime currency

From: glevy@PRATT.EDU
Date: Sun Nov 18 2007 - 12:40:31 EST

>  But as Fred Moseley commented, nobody really knows
the total effects of the events.
> A philosopher said to me once,
"America likes to gamble with the future of
> the world,
inviting all to take some more risk".


I agree that nobody knows and hence projections by
both catastrophists
and bullish economists should be
discounted.  The problem here is
not one of merely poor
projections by economists. The problem, most
fundamentally, is that
the period of late capitalism that we are in is
especially volatile
and uncertain.  While all market activity involves risk and
uncertainty, I think that the current period (of what has been
"casino capitalism") has even _more_ risk and

Is there, though, an alternative
"regime of accumulation" which is
being advocated as an
alternative by one section of the international
 which might reduce the instability of financial and other
markets? And how would workers fare in an alternative regime?
Stability is not necessarily a good thing for the working class.

In solidarity, Jerry

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