Re: [Pen-l] Reality catches up with catastrophists

[Carrol Cox <cbcox@xxxxxxxxx>]

> Financial meltdown deepens
> By Michael Roberts
> Tuesday, 16 September 2008
> [clip]

 Even worse for
> capitalism, it would have meant that both Lehman and Merrill Lynch would
> have defaulted on their contracts and obligations and thus brought down
> many other banks (15 were rumoured to be in trouble).

It would be somewhat worse for a lot of capitalists, who might have to
retire on only a few million a year, and it would be rather terrible for
100s of millions of people who whould lose their jobs or have their
retirement income slashed to zero. But how does this necessarily mean
anything bad for capitalism as capitalism? Demoralized populations donot
rebel, and only organized mass movbements can represent any kind of
danger whatever to capitalism as capitalism.

Carrol

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