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At 12:43 01/06/00 -0400, you wrote:
>
>Andy B (sorry to have confused you with Andrew Trigg the other day),
>you have said value tethers price. How do the operations of the credit
>system complicate this? It seems the US profit rate was at its height a
>couple of years ago largely boosted through lower interest rates, largely a
>consequence of a flood of foreign capital.
I would have thought that Kalecki's analysis of how trade deficits and
credit financed state expenditure influence the profit rate would be the
starting point here.
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