[PEN-L:28288] The line from UK government

[Chris Burford <cburford@xxxxxxxxxx>]

The British government gave the Frost Programme yesterday  a mild bit of
advice that they did not know why the producers of the programme were so
interested in the movements on the stock exchanges, as these are not the
real economy.

While this was clearly spinning, there is some truth in it. It is
consistent with the outlook of finance capital, with which New Labour has
had close links. The largest and most stable finance capitalist companies
take a view over ten years and would long ago have discounted frothy share
prices. WorldCom did not keep their place in the big league.

This bit of spin to the Frost on Sunday Programme, probably reflects Gordon
Brown's thinking.

And from a marxist point of view what fundamentally matters in an economy
is what happens to living labour, not what happens to dead labour. So
destruction of capital values may not matter greatly.

Chris Burford

London