Re: Re: The US Dollar (spend it fast as you can)

[Jim Devine]

Yoshie writes:
>There's nothing on the political horizon to replace US hegemony -- 
>therefore Ellen's dissertation on dollarization holds up, I think, despite 
>the alarms sounded by Wynne Godley who writes as if the USA had already 
>entered into the same twilight of the empire that the UK had earlier.

I still haven't read his article on the subject, but I agree that this 
twilight is far away.

>Can US hegemony be too strong, in the sense that you discuss in "The 
>Causes of the 1929-33 Great Collapse: A Marxian Interpretation" at 
><http://clawww.lmu.edu/faculty/jdevine/subpages/depr/d4.html>?

it's quite possible. By driving down wages/benefits relative to labor 
productivity around the world, and by encouraging competitive 
export-promotion, the "Washington consensus" implies that the what the 
world needs now is ... the US as the consumer of last resort. But the US is 
falling down on that job, destabilizing the world. We live in interesting 
times...


Jim Devine [EMAIL PROTECTED] &  http://bellarmine.lmu.edu/~jdevine