Date: Thu, 16 Oct 1997 09:54:32 -0500 From: Doug Henwood <dhenwood-AT-panix.com> Subject: Re: M-TH: Re: World Currencies Dennis R Redmond wrote: >Incidentally, it looks like the shit is going to hit the fan in the >Eurostate: the Bubacrats recently raised the repo rate in Germany to 3.3%, >and the other European central banks quickly followed suit in order to >maintain currency parity. This, in a situation of 11% unemployment and >austerity as far as the eye can see -- amazing, to see how allegedly >postmodern economies are still in thrall to the undead hand of the gold >standard. Gold, as our dear friend Keynes said, is part of the apparatus of conservatism. But in this case, I suspect (on the basis of no evidence, I admit, other than a knowledge of how our Federal Reserve thinks) that Buba was in part trying to tighten the squeeze on French and Italian resistance to austerity. I see that the Unreconstructed Commies in Italy folded in their opposition to pension "reform," though today's FT reports that they've pissed off wimpy union leaders by saying that you can drive a harder bargain by huffing & puffing than just going along. Doug --- from list marxism-thaxis-AT-lists.village.virginia.edu ---
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