[PEN-L:28326] East resists US falls

[Chris Burford <cburford@xxxxxxxxxx>]

A gap may be opening up in the present financial crash. One day,s news can
be blown away by another, but the news in London this morning is that the
eastern exchanges have resisted the impact of yesterdays falls on Wall
Street. The prediction this morning too is that London will open higher.
This appears to be driven by attention to results that reflect the activity
of the regional economies rather than the momentum of global speculative
finance capital.

We may be seeing increased attention to the economy of living labour as
opposed to dead labour. We may find that the USA is finally going to
experience a disproportionately large devaluation of its mass of
accumulated capital, instead of expecting the burden always to fall on
other parts of the world. Perhaps then the USA will not this time,
magnanimously step forward as the spender of last resort in the global
economy. Provided that other parts of the world take political advantage of
this, it could mark the first set back to US hegemonism for a long time. I
hope US citizens will see that this could be progressive.

Chris Burford

London