[Marxism] [Pen-l] Michael Hudson: The game is over

[S. Artesian]

Steve,

What's your take on the FT report on 6/09-6/10,  based on the BIS release 
that European bank dollar borrowing surged dramatically in recent years; the 
FT attributing the disparities in the LIBOR rates with the increased 
dependency of European banks on dollar funding, dollar denominated loans 
from US banks, to the tune of about $500 billion in the last 4 years  (equal 
to the German, Swiss, and UK banks invested in SIVs)?

Their explanation for the divergence in the LIBOR rates is that European 
banks have not had, and do not have, access to US money market, while US 
banks tripled their use of the MMFs to raise cash between 2003-207 by the 
amount leant to the European banks, and that now the US banks have curtailed 
there lending to the Europeans.

I personally think that US capitalism will, as conditions worsen, actually 
strengthen  its position in world markets.
----- Original Message ----- 
From: "Steve Palmer" <spalmer999 at yahoo.com>
To: <sartesian at earthlink.net>
Sent: Saturday, June 21, 2008 12:40 PM
Subject: Re: [Marxism] [Pen-l] Michael Hudson: The game is over