From: Allin Cottrell (cottrell@wfu.edu)
Date: Sat May 31 2003 - 00:50:42 EDT
On Fri, 30 May 2003, Rakesh Bhandari wrote: > And an unrelated point: that superfluous and idle capital has > hitherto warded off the complete collapse of profitability through > purely speculative investments in the US securities' market... Rakesh, that is complete nonsense. Capital does not "disappear" when people use it to buy financial paper, because for every buyer of such paper there is a seller. Capitalist consumption, on the other hand, is a true means of "warding off" overaccumulation. Allin Cottrell.
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