[Fwd: [Marxism-Thaxis] Greek Mess, Global Mess]

[Antid Oto]

REPLY TO: D66 at nic.surfnet.nl

-------- Original Message --------
Subject: 	[Marxism-Thaxis] Greek Mess, Global Mess
Date: 	Thu, 04 Mar 2010 11:26:30 -0500
From: 	c b <cb31450 at gmail.com>
Reply-To: 	Forum for the discussion of theoretical issues raised by Karl
Marx and the thinkers he inspired <marxism-thaxis at lists.econ.utah.edu>
To: 	a-list at lists.econ.utah.edu, Forum for the discussion of theoretical
issues raised by Karl Marx and the thinkers he inspired
<marxism-thaxis at lists.econ.utah.edu>



From, Greek Mess, Global Mess, Immanuel Wallerstein, 03/01/2010, NYT]:
This is because governments wish to survive. To do this, they need to
spend enough money to prevent a “maelstrom” and civil uprisings. And
if they don’t take in enough taxes to do this (both because they don’t
want to raise taxes further and because a weaker economy means less
overall tax income), they must “massage” their accounts by borrowing.

And covert borrowing (from banks, for example) is better than overt
borrowing, since it enables governments to avoid criticism, at least
until the day when the secret gets revealed and there’s a “run on the
bank.”

Greece’s problems are indeed Germany’s problems. Germany’s problems
are indeed the United States’ problems. And the United States’
problems are indeed the world’s problems. Analyzing who did what in
the last 10 years is far less useful than discussing what, if
anything, can be done in the next 10 years.

What is happening is a world-wide game of chicken. Everyone seems to
be waiting to see who will flinch first. Someone is going to make a
mistake.

And then we’ll have what Barry Eichengreen has called “the mother of
all financial crises.” Even China will be affected by that one.

http://www.nytimes.com/2010/03/02/opinion/02iht-edwallerstein.html?scp=1&sq=wallerstein&st=Search

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