Re: The economy?

[Doyle Saylor <doylesaylor@xxxxxxx>]

Greetings Economists,
On Dec 3, 2006, at 12:40 PM, Doug Henwood wrote:

> But, really, they're not stupid. Ever read their
> minutes? The bourgeoisie is very well served by its central bankers.

Doyle;
This is well worth a closer examination.  Iraq was a blunder.  So I'm
not sanguine about the current imbalances either.  But I don't think
either the housing crunch by itself is enough.

Things are poised in a propitious way for the left.  A miss step now on
the tail end of the Iraq blunder gives a very large push to the U.S.
population to question fundamentals.

The Fed is but a piece with the global bankers as well.  Can Japan, and
Asia continue to buy dollars?  Can the pressure from a housing crunch
on consumer spending be offset elsewhere?  Can the hidden risks in the
hedge industry be managed?  Well, this time I'm sure the global left is
able to shake the neo-liberals in a way not possible before.  So let's
see how smart the big bankers really are.  Or perhaps how smart the
global working class is?
Doyle