Re: [A-List] US fiscal crisis

["Seth Sandronsky" <ssandron@xxxxxxxxxxx>]

Mar. 17

Anne,

Hi.  Apologies to you and the list for mistakenly forwarding Subject:
[A-List] Enron, Anatomy of a Cover Up.  I meant to send it to a friend who
is following the story.  Sorry.

One question about the thread below.  Is the problem of capitalism in the
U.S. caused by pinched profits or a result of a working class that can?t
absorb the surplus-value (SV) produced at home and abroad?  By the way, an
economist friend has said that in the U.S. profits account for about
one-fifth of the SV.

What do you think?

Regards,
Seth

From: "Anne Williamson" <annewilliamson@xxxxxxx>
Reply-To: a-list@xxxxxxxxxxxxxxxxxxx
To: <a-list@xxxxxxxxxxxxxxxxxxx>
Subject: Re: [A-List] US fiscal crisis
Date: Fri, 15 Mar 2002 09:55:29 -0500

I must agree with Rob as I can't see how this monstrously
fraudulent "globalized economy" the US enjoys could
possibly be sustained until 2006 per Goldmans.  And an
external shock as catalyst for collapse along the lines Rob
outlines is certainly a possiblity at any time (Japan is worrisome),
but there is an ongoing crisis now, i.e., no profits.  Zip, zero, and
what's been claimed over the past five years is mostly fraudulent,
and deeply massaged.  The manipulators are doing a great job of
keeping the market running over-priced on vapors, but since there
are no profits, there can be no new bull market -- our debts must
be paid first, and without profits for jobs, capital investment, and
ultimately savings, we lack the wherewithal to pay the debts (but
they will be paid!  Out of our individual hides, alas....) -Anne

----- Original Message -----
From: <bantam@xxxxxxxxxxxxxxxx>
To: <a-list@xxxxxxxxxxxxxxxxxxx>
Sent: Friday, March 15, 2002 7:25 PM
Subject: Re: [A-List] US fiscal crisis


> Sorry 'bout that ...
>
> I have to read Michael's ever-welcome messages in reply mode because
> they're suddenly coming through unwrapped -and then I punched 'send' by
> accident as I reached for the ciggies.  Anyway, I agree very much with
> the thrust of Goldman's argument, but wonder why he doesn't point to
> potential shocks already in the system.  All that's needed is for
> something to stop capital pouring into the US at $2bn per day.  Internal
> factors include evidence that the ever-so-indebted US consumer is
> reaching her card's limit, that we might be only days away from new
> revelations about large accounting fibs by large players, that the US's
> groaning auto makers might find steel a bit dear  post-steel-tariff and
> sales a little slow with rising oil prices and the fact (or so it would
> seem to me) that those who did not buy cars at zero interest are not
> likely to buy now, that telcos look absolutely embarrassed by excess
> capacity (exacerbated by all this wireless hype we're wearing at the
> moment).  External factors include the possibility of a Japanese banking
> system having to recall its overseas investments to make up for the fact
> its reserves to loans ratio is based on equity holdings valued at
> pre-Nikkei-swoon levels.  I suppose a good imagination can conjure such
> lists at any point in time, but the above look neither ridiculously
> unlikely nor necessarily years away.  What say you?
>
> Cheers,
> Rob.
>
>
>








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