Re: [Marxism] Japan said to warn of huge dollar selloff if drop continues

[Jon Flanders <jonathan.flanders@xxxxxxxxxxx>]

The Japanese are not the ones who will start the dollar panic. My
candidate is the Russians. They have an asset the whole world wants, oil
and gas, and the motive, payback for US attempts to strip them of their
Central Asian and Eastern European assets. The Ukraine may be the last
straw for them.

Jon Flanders

On Sat, 2004-12-04 at 23:52 -0500, Fred Feldman wrote:
> There's much more than just currency manipulation in the dollar crisis,
> but currency manipulation is there.  The plunging dollar, which is
> driven by fundamental weaknesses in the US economy, lowers both the US
> debt and the trade deficit in real terms.  Unlike the debt of
> semicolonial countries, the US debt is partly a mark of power, of
> dominance of the US imperialism, the dominance of the dollar, etc.  It
> is a tribute being paid by the world, and most directly the Europeans
> and Japanese, to US domination.
>
> In refusing to rescue the dollar without more concessions from its
> rivals, Washington is playing a game of chicken with the whole world
> economy. This reported Japanese threat is a sign of fightback by rival
> imperialists -- but they cannot afford a real breakdown in the US
> financial markets.  Unless the whole situation has gone out of control
> -- which will happen sometime, but is always improbable at the moment --
> this latest phase of the crisis will probably end with concessions by
> the French, Germans, and Japanese.  This will allow the dollar to
> stabilize at a lower level -- good for Washington -- while adding the
> momentum to gut social security and other social programs here.
> Fred Feldman
>



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