These are the latest headlines from Bloomberg's. Whose perspective are they supporting, Marx or Von Mises? What more evidence do you want? World War III?
U.S. Heading for Deeper Economic Slump, With or Without Bailout By Rich Miller Sept. 30 (Bloomberg) -- The U.S. may face its longest recession in a quarter century no matter what action Congress takes on Treasury Secretary Henry Paulson's $700 billion plan to rescue the battered banking industry. Economists including Joseph Lavorgna of Deutsche Bank Securities and David Greenlaw of Morgan Stanley said it now appears the economy shrank in the third quarter as credit- crimped consumers cut spending for the first time since 1991. A further contraction is likely in the next two quarters, some economists predicted, which would make the recession the longest since 1981-82. http://www.bloomberg.com/apps/news?pid=20601087&sid=aV62_cIZzrM4&refer=home Asian Stocks extend global route, Yen Gains as U.S. Lawmakers Block Rescue By Kyung Bok Cho and Haslinda Amin Sept. 30 (Bloomberg) -- Asian stocks plunged, dragging the benchmark index to a three-year low, after the rejection of a $700 billion bank rescue plan by U.S. lawmakers deepened concerns the global economy will slide into a recession. Japanese bonds and the yen climbed. Mitsubishi UFJ Financial Group Inc. and DBS Group Holdings Ltd. slumped more than 4 percent as money-market rates and corporate bond risk rose. BHP Billiton Ltd. and SK Energy Co. lost at least 5 percent after oil fell more than $10 yesterday, the most in seven years. Toyota Motor Corp. slid 3.7 percent after U.S. stocks tumbled by the most since the 1987 crash. http://www.bloomberg.com/apps/news?pid=20601087&sid=aK8wOQQY7Dg8&refer=home On Sep 30, 1:01 pm, "M.A. Johnson" <[EMAIL PROTECTED]> wrote: > Frank > Never under estimate he power of denial. As capitalism runs into > another impasse with all the attending conditions identified by Marx, > <snip> > > MJ > Capitalism cannot possibly be "running into another impasse" > as capitalism is NOT the economic system you are continually > attempting to review. > > As already noted, capitalism is an economic system devoid of > government intervention (read: private). The US has its own > variant of socialism -- most closely fascism (just as Hitler, > Mussolini, Lenin, etc.). Almost ALL other Nations of the World > similarly employ their OWN variant of socialism. > > Regard$, > --MJ > > It is no crime to be ignorant of economics, which is, after all, a > specialized discipline and one that most people consider to be > a 'dismal science.' But it is totally irresponsible to have a loud > and vociferous opinion on economic subjects while remaining > in this state of ignorance." -- Murray Rothbard --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
