[Marxism] NYT op-ed warns crisis in E. Europe is major threat to Euro banks, economy

[S. Artesian]

Where is the evidence that the high dollar is bringing in billions?

Where is the evidence that the US is "exporting the worst of crisis."

Where is the evidence that the rising dollar is pulling Western European 
capital away from Europe?


E. Europe debt, as this op-ed recognizes, is neither dollar based, nor held 
by US banks-- it is euro based with banks in Austria, Germany, Italy, France 
having the greatest exposure.

As the post on "the rising dollar"  recognizes, total inflows into US dollar 
denominated financial assets have slowed with the overall contraction of the 
capital markets.

US financial asset managers may be "repatriating" dollars by reducing their 
exposure to Europe, Asia, Latin America-- but that is not the same thing as 
European asset managers abandoning the euro for the dollar.

It's one thing to understand the US's role as the linchpin to the 
international network of capital, it's quite another thing to so overvalue 
"hegemony" as to fail to understand that the problem is neither caused nor 
solved by actions of the US, but exists rather in the reproduction of the 
system as a whole.

----- Original Message ----- 
From: "Fred Feldman" <ffeldman at bellatlantic.net>
To: <sartesian at earthlink.net>
Sent: Monday, March 09, 2009 1:56 AM
Subject: [Marxism] NYT op-ed warns crisis in E. Europe is major threat to 
Euro banks, economy


> And as the rising dollar pulls more Western European money capital across
> the Atlantic.
> Fred