[...] The biggest problem for finance capital, and almost anybody else who wanted to borrow to invest, was not where to get the money but where to put it all [...]. Idle money is not capital; it is not accumulating [...]. [...]
Speculative currency shorting (usually) targes a weaker nation in the global political economy, because stronger nations can fight back by using reserves to purchase their currency on those same markes, thereby maintaining demand and protecting the currency's exchange rate. [...] Thailand had littl…
[...] despite very low wages for the vast majority of its labour-force, Chinese savings rates are very high. This is probably a function of both cultural norms [...] and the low wages and export-orientation of Chinese industry. High saving propensities and low incomes mean that until very recently,…
[...] Offshore capital flight continued throughout the late 1960s, 1970s, and early 1980s. Eurodollar markets exploded, abetted in particular by the diligent cultivation of the UK's Thatcher government, elected in 1979. The plan was to remake the UK as a centre of global finance capital, thereby re…
[...] in the late 1960s, the rather slow fall in the profit rate accelerated markedly, and continued steadily until the Volcker coup of 1979-82. If you have to pick a birthday for neoliberalism, this is it. It had been gestating for a number of years, but more than any other single event, the Fed's…
