Re: Re: Re: Re: Marx and financial crises

[Edwin Dickens]

Jim Devine wrote:
> 
> I didn't know I was disagreeing with Michael. Reading the above tells me
> that I wasn't. I was talking about something else, the need for a world
> hegemon to allow fiat money to operate on a world scale and the way in
> which the system of competing capitalist nation states that prevailed until
> the US became hegemon encouraged adherence to a rough-and-ready gold
> standard instead of world fiat money.
> 

I thought you were agreeing with Kindleberger, who thinks that the world
needs fiat currencies to prevent stagnation, consequently, the lack of a
"world hegemon" exacerbated the Great Depression.  But you do not agree
with Kindleberger, since such a "world hegemon" only replaces stagnation
with stagflation, right?

Edwin (Tom) Dickens