[Marxism] Interesting Developments

[S. Artesian]

I'm not at all sure that this is going to play out that way.  And I am 
pretty sure that no matter what politicians and/or bankers want as an 
objective in "rebalancing the global capitalist economy," balance has 
nothing to do with capitalism.

I'm not quite so confident about what the Chinese leadership does and does 
not understand.  I'm very doubtful that any leaders of capitalist economies 
understand the mechanisms of the world markets and what must be done--  
except when it comes to defending private propety and expanding the realm of 
slaughter.  They THINK they understand, up until the time that they realize 
they don't have a clue.

China wants to line up supplies of energy, minerals, resources in 
anticipation of what?  A global recovery?  It's own domestic expansion?

If it's the former, I think they are responding to the current situation in 
the manner they did in 1997, and again in 2001, anticipating a turnaround in 
the world markets.  Generals preparing to fight the last war all over 
again...

If it's the latter, regarding  that domestic expansion:   Well, recently 
released report from the state auditor in China states that while the 
central government has released the bulk of the 1200 billion yuan it 
committed to the 4000 billion yuan stimulus package, the other 2800 billion 
due from local governments, state owned companies, and private sources has 
NOT been forthcoming, and projects are experiencing delay.

Strengthening of a currency has hardly been a source of constant good news 
to other economies-- i.e. Japan and the Eurozone hardly reaped windfall 
profits from the decline of the dollar after 2003.

The real issues are the conditions in the world markets, where recovery is 
nowhere near at hand as some would wish it to be... and full convertibility 
of the yuan.  Once that convertibility is established then we can look for 
the bourgeoisie to launch their brave currency speculators in a headlong 
assault.


----- Original Message ----- 
From: "Marv Gandall" <marvgandall at videotron.ca>
To: <sartesian at earthlink.net>
Sent: Wednesday, May 20, 2009 8:51 PM
Subject: Re: [Marxism] Interesting Developments