Minutes from the anti-Fed chief’s speech

Data report from the anti-Fed chief

“I went down to a local business and found a senior white male discussing the economic crisis nonstop with his friend who did 5% of the talking.

“When I arrived they were discussing Reagan and Carter’s recession. However, discussion then turned to a previous career in Honda of all places. Our senior white male reported over and over again that Honda has ‘the highest quality standards in the world.’ Yet he also said, “I’m the idiot who still buys American cars.”

Our subject of observation was unaware of the exact high of the Dow Jones, but knew it had fallen by half. He also said accurately “the big guys are on the sidelines,” in reference to people holding assets in cash not stocks.

2. Minutes from the anti-Fed chief’s speech

In addition to pegging the risk between deflation or inflation and tight money or loose money, we are now starting a report on the risk of fascism. Previously, the anti-Fed chief restricted such reports to agrarian-dominated societies.

“Japanese exports to the US, where the global downturn began, fell nearly 53% in January, while shipments to the European Union shrank by 47%, Japan’s finance ministry said.”(1) Car exports are off 69%.

This is a huge collapse. Although Matt Miller at the “Wall Street Journal” and Patrick Buchanan are comparing the current economy with late stages of the Great Depression, they are wrong. Unemployment did not reach 25% in the United $tates in the first year. It took a few years for the economy to reach that level. In 1929, unemployment was below 5%.(2)

The decision to start a concern with the risk of fascism and increased war can only stem from understanding the unique factors of our time. Most accounts of German fascism say that the Depression played a role. That factor was supposed to be gone from current politics, but it is not.

The anti-Fed chief is calling on social-democratic forces to learn the lessons of the last Depression and start now, before it is too late, by doing things differently than last time. Sow the seeds of economic nationalism and pride and you will reap the politics of war and fascism.

3. The international climate for surplus-value

For a few months now, the dollar maintained high ground against $outhern Korean and Chinese currencies while losing it against Japan’s. At this moment, the Japanese currency is on the decline against the dollar again. Despite increased surplus-value flow possibilities from China and Korea, the united $tates is still staggering.

The East Asian peoples are being told by some misleaders from the West that they must endure belt-tightening to prop up Western consumers. That’s why the Korean and Chinese currencies declined against the dollar despite Yankee complaints about wanting it to go the other way for political consumption in the United $tates. Yet even the most hardened Asian lackeys will say one thing to the Yankee bossman and figure out something else.

Because of the accumulation of capital, the United $tates is seeking to intensify exploitation of East Asia as its way out of this crisis. In World War II, the capitalists simply destroyed their capital in order to restore profit rates — not the bright way to go.

The real solution is to give up taking market signals. East Asia is well suited to make use of its own production instead of handing it over to the Yankee for pieces of paper good only for the products of other exploited countries, not Yankee products (except much smaller quantitites of agriculture, pornography and rock’n’roll of course).

The national bourgeoisie unwilling to go for socialism should nonetheless hold the line against Amerikan protectionism and Amerikan financial manipulation of other countries’ assets. Good sports would not allow Honda and Toyota to bear the brunt of the turndown in cars. The Amerikan auto industry lost fair and square. If the Amerikans cannot absorb this fact, it becomes more urgent for East Asians to be rethinking the rules of the game.

Notes:
1. http://news.bbc.co.uk/1/hi/business/7909248.stm
2. http://ingrimayne.com/econ/EconomicCatastrophe/GreatDepression.htm

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