Re: Re: Marx and financial crises

[Michael Perelman]

Doug, does this really resolve a crisis or just put it off?

Doug Henwood wrote:

> Marx was wrong when he said that
> crises cannot be resolved by "allowing one bank, e.g. the Bank of
> England, to give all the swindlers the capital they lack in paper
> money and to buy all the depreciated commodities at their old nominal
> values." Maybe not wrong for all time, but wrong for the last several
> decades. Now the flight is into state-issued assets, like T-bills,
> and the crisis is contained by central bank lifeboat operations.
>
> Doug

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Michael Perelman
Economics Department
California State University
[EMAIL PROTECTED]
Chico, CA 95929
530-898-5321
fax 530-898-5901