Re: The Long March From Yenan to Barclays
On Jul 25, 2007, at 6:51 PM, bhandari@berkeley.edu wrote:
Well yes but then the accumulation of US financial assets does not
seem well characterized as the imperialist state monopoly export of
capital. It seems that a mercantile state is worshipping trade surpluses at the expense of unequal exchange, self imposed through a political
devaluation of the currency.
China is afraid of being priced out of world export markets and has
to keep the currency’s value down. It needs rapid growth to maintain
social stability and provide employment. Changing the model to rely
more on internal demand is a risk they’re afraid to take.
Doug