Take Out The Champagne!

[FOREVER LEFT]

Nemesis looms for U.S. economy. Revolution beckons.

http://www.msnbc.msn.com/id/17365040/

http://www.youtube.com/watch?v=TgnKZ5UgYS0

http://www.youtube.com/watch?v=SltOy_F6ZII

http://www.youtube.com/watch?v=tXmQPCcuGjo

[Guerrilla22]

yeah, I think revolution beckons is a bit of an overstatement. The stockmarket has faced worst in recent years (most recently during the Asian crisis of the late 90's) and it has always recovered. this also comes just after record highs.

[southernmissfan]

Originally posted by FOREVER [email protected] 27, 2007 11:11 pm
Nemesis looms for U.S. economy. Revolution beckons.

http://www.msnbc.msn.com/id/17365040/
The stock market rises and falls. It's premature to make anything of it at this point.

[grove street]

If China's economy somehow collapses, then we're talking serious business. Yes it will cause another Great Depression, but at the same time it will create the economic insentives for a global revolution.

[seraphim]

Originally posted by grove [email protected] 28, 2007 09:00 am
If China's economy somehow collapses, then we're talking serious business. Yes it will cause another Great Depression, but at the same time it will create the economic insentives for a global revolution.
Not neccasarily, unfortunately India will take its place proping up the world economy and the cycle of boom and bust will continue until capitalism is destroyed.

[Delirium]

Originally posted by seraphim+February 28, 2007 05:16 am--> (seraphim @ February 28, 2007 05:16 am)
grove [email protected] 28, 2007 09:00 am
If China's economy somehow collapses, then we're talking serious business. Yes it will cause another Great Depression, but at the same time it will create the economic insentives for a global revolution.
Not neccasarily, unfortunately India will take its place proping up the world economy and the cycle of boom and bust will continue until capitalism is destroyed. [/b]
or until capitalism destroys the world. But i agree with the sentiment that this is just business as usual, though you cant help but get a little excited. :P

[Karl Marx's Camel]

I sat in front of the tellie with two thumbs up, eager as I was. But it is premature to tell anything of the situation, and my gut feeling says this is, as said, business as usual.

I guess the only thing that could create an economic depression now is if the investors start to panic?

[Global_Justice]

it is very interesting that china, a supposedly communist country could, if they felt like it and were willing to take a risk, cause the economy of the worlds capitalist states to collapse.

[bolshevik butcher]

It's certainly true that this boom has gone on for a long time as it is, and that the world economy is currently based on the American property market allowing Americans to use credit to buy cheap plastic crap from China. This cannot last indefftinatley and is a house of cards really, an economy based on unstable property prices.

Don't start a thread take out the chamapgne though I though thatcher'd died :P

[Janus]

China's stock market dipped a bit but then recovered while Japan's didn't. Either way, there's no reason to celebrate especially if nothing remarkable happens. You'll only waste a good bottle of wine.

[Keyser]

There has always been a habit on the radical left (be it anarchist/socialist/leninist) to see dips in stock market performance and equity value as a sign that the global economy is on the brink of collapse and that the revolution is just arond the next corner.

If only it were that easy.

The London Stock Exchange (LSE) has lost around £65 billion in the last few days, that may sound a lot, but it's virtually a dip in the ocean in terms of the total value of equities, bonds, futures, FX trade and other assests that are tradable on the markets.

The global FX (foreign exchange, the process of trading currencies to gain the most profitable rate of conversion for the purpose of globalising private wealth management or using FX as a means to increase the rate of conversion on international and cross currency transactions) trade, alone trades over $1 trillion, this is but a part of the global market, now you can see things in better perspective.

This dip is smaller than even the 2001 'dot.com' crash that was caused by over-rated expectations from the bubble of high technology and digital business and the events of 9/11.

This is just part of the cycle of free market capitalism, a small dip that will be followed maybe by another boom.

The radical left should focus on working and struggling within the confines of a rather hardy and strong capitalist global economy and know how to fight it as it is, rather than becoming merchants of doom.

If the radical left keeps making baseless prophcies of economic collapse when such an occurance is not going to happen, then we will end up with people not listening to what we have to say, remember the story of the boy who cried wolf!