[PEN-L:32892] Re: Dollar falls against yen

[Sabri Oncu <soncu@xxxxxxxxxxx>]

Chris:

> Behind the bland murmurings, the question is who
> is going to bear the international burden of the
> latest crisis of capitalism?

I say, we the "peoples" of periphery and semi-periphery, and the
working classes of the core.

Who else?

This is why I am not fond of this idea of "multitude".

By the way, we are also facing another serious crisis: it is the
ever expanding permanent reserve army of labor, or, permanently
unemployables (remember Melvin's advanced robotics and
computerization?), or "untouchables", if you like.

Unfortunately, they will not evaporate any time soon and they are
the ones who vote for religious fundamentalists back home, for
example, however "reformist" or "mild" ours might be.

> The  other imperialist blocs like Japan and Europe may be
> anxious, but at a time of restricted global growth they
> may not be willing just to agree to arrangements convenient
> for the USA. They may take defensive action against
> the weakening of the dollar in the short term as a store
> of value.

I don't think other imperialist blocs will be willing to agree to
arrangements convenient for the USA anymore. They have suffered a
lot over the past fifty years or so. If there is one thing about
which the World System theorists are right, it is that the US is
a declining hegemon. It is my view that what we are hearing is
the last song a dying swan or the swinging sound of the tail of a
dying dinosaur.

Best,
Sabri