Marshall Aid plan

[Chris Burford <cburford@xxxxxxxxxx>]

At 15/04/02 13:59 -0400, Yoshie quoted :

Financial Times  4 February 2002

> Another consequence is that the world's richest, most mature industrial
> economy is essentially draining the rest of the world of capital.  This is
> particularly hard on emerging markets and other developing countries.

There are enormously important points in the whole passage from the FT.

I of course accept that there will not be any Marshall Aid plan for Europe,
but I do not think it is quite that


> The US isn't an economic engine that it once was:

If anything we are seeing an intensification of the uneven accumulation of
capital on a world scale.

Not only must the US have its indefinite line of credit cut, but there must
be an active global programme to transfer funds to the capital poor countries.

Brown who is a dedicated opportunist will have noticed some of the points
made in the FT article. We do not know quite how it will emerge. I suspect
the sub- or regional imperialisms will produce a plan for recycling global
money that is semi-independent of the dollar. This might involve the
equivalent of issuing IMF special drawing rights, and a Tobin type tax.

Yes of course there are difficulties but there are considerable
difficulties for leaving capitalism in remaining unreformed. As the article
points out the growing power of the dollar also presents difficulties for
the USA.

And as for the cost of being terrorist-proof in a global economy?

Chris Burford