[Marxism] ADB initiative "neuters IMF in Asia"

[S. Artesian]

Right.  Partly.  Wrong.  Mostly.  It's not $180 billion, it's $130 billion. 
China is going to provide, so the advertising reads $38.4 billion; Japan 
$38.4 billion;  South Korea $19.2 billion.  The rest is supposed to come 
from 20 ASEAN countries.  As to how much actually gets put into the pot, and 
by whom, well... come on, the Chinese, Japanese, Korean capitalists are 
capitalists-- their governments are their agents; they promise the world, 
they deliver a lot less-- just like their US-European round-eye 
counterparts.  Talk is cheap.  Big talk is even cheaper.

And it's not an AMF.  So far, it's a liquidation fund.  Seriously.  To 
absorb the impacts of liquidations.

And as for the risk premiums being paid-- they certainly exist-- but those 
premiums are most certainly not being paid to US banks, who seriously 
reduced their exposures years ago.

And if they do deliver the $180 billion?  So what?  Does anyone thing for 
one second with Japanese unemployment increasing at record rates, with South 
Korea's economy contracting so sharply and quickly that it is running a big 
trade surplus as imports collapse faster than exports, with China's 
industrial profits declining steadily that this "new" economic alliance is 
going to make a bit of difference?

Japan has the 4th highest poverty rate in the OECD, surpassed only by 
Mexico, Turkey, and the US..  India, Indonesia, South Korea  report 
year-over-year exports declines in March and April of 33 percent.

What I can't figure out is why, every time some bourgeoisie somewhere to the 
west of Hawaii decides to try a little bit of the old self-organized blag, 
some on the North American and European left can't keep from getting all 
chuffed and cushty over the place like something wonderful has taken place 
when all that has happened is that some gobshite has just puked up another 
bit of the dog's dinner.


\----- Original Message ----- 
From: "Marv Gandall" <marvgandall at videotron.ca>
To: <sartesian at earthlink.net>
Sent: Thursday, May 07, 2009 3:38 PM
Subject: [Marxism] ADB initiative "neuters IMF in Asia"