[Marxism] Interimperialist fallout from the crisis

["Charles Brown" <charlesb@xxxxxxxxxxxxxxxxxxxxx>]

Matthew Russo 
But the more interesting divergence identified both by Engdhal and
Stratfor
(below) is the novel one emerging between Britain and the U.S.  That
could
be explained by the proportionally greater importance of London finance
in
the British economy relative to that of Wall Street in the U.S.
economy.  In
the U.S. case, while there have been great strides made in the
"financialization" of the U.S. economy over the last quarter century,
it is
the military-industrial sector, and not the financial sector, that is
the
dominant sector of capital in the U.S., though a strong Wall Street
with
international leverage has been vital to securing global financing for
U.S.
military industry until this time - and as an aside here, it will be
of
interest to see how any loss of such leverage will affect American
state
finances and therefore the finances of the military industrial sector.
However in Britain the financial sector is absolutely dominant and must
be
saved at all costs, "free markets" be damned.  That at least is my
wager
here

^^^^^^^
Tuesday, October 14, 2008 
Paul Krugman
Britain financially may have saved the day
 
Has Gordon Brown, the British prime minister, saved the world financial
system? 

OK, the question is premature -- we still don't know the exact shape of
the planned financial rescues in Europe or for that matter the United
States, let alone whether they'll really work. What we do know, however,
is that Brown and Alistair Darling, the chancellor of the Exchequer
(equivalent to our Treasury secretary), have defined the character of
the worldwide rescue effort, with other wealthy nations playing
catch-up. 

http://www.detnews.com/apps/pbcs.dll/article?AID=/20081014/OPINION03/810140307




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