Re: US needs another "locomotive"

[Chris Burford <cburford@xxxxxxxxxx>]

At 09/07/01 07:27 +0100, I wrote:

> Clearly the US is no longer confident that it can be the sole locomotive
> and sole beneficiary of global reflation. It and its "allies" are arguing
> about how to distribute global deficit financing in the form of lower
> credit rates, among themselves.
>
> The idea that they should stimulate the world economy by facilitating
> easier credit for impoverished developing countries would not be
> conceivable. That would presuppose that in relative terms the burden of
> destroying old capital would fall disproportionately on themselves.
>
> So they will struggle on in stagnation, and and disunity, risking another
> global financial crash.



"Only if national banks were to intervene, or better, if a unified
international bank were to intervene, could this contradiction, which
portends both trade wars and fighting wars, be equalized and placated."

"Empire",  Hardt and Negri, page 229.

Chris Burford

London