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

[Steve Palmer]

OK ... but now I'm really not sure what IS being argued anymore. In theory,
*any* capitalism can get out of its problems at the expense of the rest of the
world and the working class. 

What positions the US so much more strongly? It certainly isn't finance.
According to BIS statistics, Britain is the largest single market for
international banking business, with 20% of cross-border bank lending, followed
by Germany with 11%. US is third with 9%. 35% of international lending is
denominated in dollars, 35% in euros and 12% in sterling. Of the 1000 largest
banks in the world, EU banks hold 53% of their assets, the US 14%, and Japan
10%. Of the 15 largest banks in the world, 3 are US, 4 are British, 3 other
European, 3 Chinese, 2 Japanese. While US investment banks generated most
revenue in 2007 (53%) of the world share, Europe had a respectable 32%.

Steve

--- "S. Artesian" <sartesian at earthlink.net> wrote:

> Steve,
> 
> I think you misunderstand the thrust of Brad's arguments.  Let's leave P&G 
> aside for the time being.  I am not a supporter of their arguments.
> 
> IMO, the decline of dollar is a classic example of the US playing beggar thy 
> neighbor, with certain sectors enjoying an export surge based on this 
> decline.
> 
> I don't think Brad is arguing, and I know I am not arguing that US 
> capitalism has somehow overcome the contradictions at its core, defeated the 
> cyclical and/or structural problems that beset it.  I do think that those 
> problems are reproduced throughout the global network of capitalism, and the 
> US economic predicament does not mean an European Union capitalism, or a 
> Pan-Asian capitalism is going to emerge as the new version of the old "gold 
> at $35/ounce Bretton Woods" US capitalism. It, the contraction of US 
> capitalism, will and does have tremendous repercussions for entire network 
> of capital.

"I study a lot. That is one of the responsibilities of every revolutionary." Hugo Chavez.