What's to stop another big crash from happening?

[RadioRaheem84]

http://monthlyreview.org/100201foster.php

Thank your lucky stars for the Monthly Review crowd. John Bellamy Foster delivers another amazing article for us to read.

Apparently, the "economy" (meaning the big banks) was sparred for a little while until another big bubble rears its ugly head.

I also talked to a trader friend of mine in London who told me that London is dying (I don't know if he meant as a city or high end employment) and that he is packing up and heading East to Asia. He assured me that the West was in for some rough time.

I don't want to sound doom and gloom but what do you guys think?

[ls]

I agree basically, the emerging new superpowers will be India, China and Russia most likely.

With the possibility of one of the Russian oligarchics finding new Siberian oil which is rumoured to be in enormous amounts, I think that Russia could well and truly seal itself as the new America, then again China or India with their newly emerging economies and lending to America could emerge as the new America too, who can say, but America's days as the no 1 superpower are numbered for sure.

[RadioRaheem84]

India seems quiet in terms of its booming economy, unlike China, Singapore and Malayasia.

[punisa]

Very interesting observation. I too believe the west is going down, but it doesn't really matter any more.
The world is "connected" and that is a bad thing.
If I have a debt that I owe to the bank, they'll come and find me, lock me up wherever I am.

If I had to choose where to move (like your friend says he plans to, but I'm too poor), I'd move to Africa - probably the west coast, like Ghana.

[RadioRaheem84]

If I have a debt that I owe to the bank, they'll come and find me, lock me up wherever I am.



Lock you up? They don't lock people up for debts? Where do you live? The 1700s?

[Wolf Larson]

http://monthlyreview.org/100201foster.php

Thank your lucky stars for the Monthly Review crowd. John Bellamy Foster delivers another amazing article for us to read.

Apparently, the "economy" (meaning the big banks) was sparred for a little while until another big bubble rears its ugly head.

I also talked to a trader friend of mine in London who told me that London is dying (I don't know if he meant as a city or high end employment) and that he is packing up and heading East to Asia. He assured me that the West was in for some rough time.

I don't want to sound doom and gloom but what do you guys think?

Super capitalists aren't patriotic. Capital will go where it can most exploit labor and there will be another crisis because as you know capitalist crisis' is a bi product of overproduction in an unplanned economy/when people don't want or can't afford the end product that fed the bubble. China is suppressing labor right now and this is a dream situation for capitalists. Capitalists in America are trying to latch onto the environmental movement in order to start a green tech bubble. Also, me thinks so long as credit exists in America and the dollar is the global currency we will be the consumers and the East the extremely exploited producers. China and Russia are trying to get the IMF's SDR to replace the dollar. If that happens and as soon as China/India both set up viable systems of credit and wages which will allow their workers to consume America will be in trouble.

The best thing that could happen is a global labor movement < Preaching to the choir. China isn't letting that happen nor is America as it subjugates South American workers. Could China and Russia be playing the role of capitalist with the end goal of peacefully dismantling the US? Or have they really gone Keynesian? I'm thinking out loud. Sorry.

[RadioRaheem84]

Capitalists in America are trying to latch onto the environmental movement in order to start a green tech bubble.

The next bubble will most likely be green after the capitalists have done their fare share of messing with food prices.


. China isn't letting that happen nor is America as it subjugates South American workers. Could China and Russia be playing the role of capitalist with the end goal of peacefully dismantling the US? Or have they really gone Keynesian? I'm thinking out loud. Sorry.

China is definitely trying to go the Keynesian route, although it's suppression of labor is still staggering. Since Putin came into office, he's quelled the protests against the State and the concern over oligarchs has subsided a bit.

The future is assuredly in the East but it doesn't mean that workers will be better off. In most cases they will be worse off.

[punisa]

Lock you up? They don't lock people up for debts? Where do you live? The 1700s?

Sorry, I got it mixed up. I meant the government, not the banks :blushing:

[RadioRaheem84]

Yeah, that's what I meant; the govt. They can lock you up for having too much debt in your country?