Re: [Pen-l] Short Synthesis of the recent pen'l nationalization debate

[Jim Devine <jdevine03@xxxxxxxxx>]

Ann Davis wrote:
> Re: the recent debate on nationalization of banks, please consider these
> points:
>
> Pro:
> Such a nationalization reveals the underlying public, social nature of the
> production, realization, and "preservation" of surplus.
>
> Con:
> A government takeover at this time saddles the public with financial assets
> which are vastly over-inflated.  Then the deflation occurs at the public
> expense.

FWIW, a lot of the deflation would occur at the public expense if the
government _doesn't_ take over, assuming that there's no alternative
government policy: the cut-back in credit, the way in falling asset
and product prices make previously-taken debts more onerous, etc.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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