At 00:21 22/12/99 +0100, you wrote:
>>Given the large amounts of fictitious capital in existence in the form of
>>bonds and shares
>>etc and the long run rise in the price of shares it must be that the
>>accumulation of
>>capital in the West has been sufficient to sustain this bull market.
>
>Why?
>
>How?
Broadly, yes. I am not sure that this hangs on the technical Marxian
meaning of fictitious capital.
The USA escaped the crisis of liquidity just. Critical was the bail our of
LTCM.
More capital was destroyed in Asia. This balanced the picture in the world
as a whole and the US could become the world's engine of growth, generously
accumulating even more so that people could sell to it on credit.
Chris Burford
London
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