The only conceivable way that the bourgoisie can think of managing expansion at the moment, is for the state to seize the funds in the banks ( held by businesses of all sorts), including pension funds, and spend itself to simplify matters. This is a 'solution' consistent with their own 'demand' led conceptions of market expansion that overides individual capitalist protests. Otherwise/also, the state has to create credit for its own use, indebting the state and pray that the spending generated that way will, justified á la Keynes balanced budget multiplier, repay itself through expansion.
Paying the workers in imperialist countries more is now out of the question,
Hi Paul B:
I agree that a general wage increase is out of the question at the present time.
On the contrary, I think we can expect (and have already seen to some extent)
a reduction in the standard of living of the working class through various means,
including an increase in regressive taxation (one TV station in NYC referred to
increased state and local taxes and fees as "nickel and diming the working class").
But, why is the seizure of bank funds "the ONLY only conceivable way" (emphasis added)
out of the crisis? I'm not convinced that if they tried that it would bring about the desired
result for capital.
In solidarity, Jerry
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Received on Mon Dec 22 09:12:23 2008
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