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

[S. Artesian]

This is very good info.    Not just the monetarists are expecting the return 
of inflation--   some of the "left monetarists," and "fictitious capital" 
theorists believe that inflation will surge with the relaxed "monetary and 
fiscal policies"-- actually giveaways.    I don't agree with that, as the 
drummer in this march off the cliff is profitability, and without that, 
deflation will continue.

But I think there is more to being the linchpin of the capitalist order, as 
opposed to the international financial system,  than simply being the place 
where gold prices are set or the Libor is located--  the open-ended currency 
swap lines the Fed had open with the Bank of England, the ECB, Swiss Bank 
[and Japan, Brazil, etc.] pretty well defines who has the juice in this 
arrangement-- as did the spread between the Libor and the Treasury rates.

----- Original Message ----- 
From: "Steve Palmer" <spalmer999 at yahoo.com>
To: <sartesian at earthlink.net>
Sent: Monday, March 09, 2009 9:59 AM
Subject: Re: [Marxism] NYT op-ed warns crisis in E. Europe is major threatto 
Euro banks, economy