Tuesday, January 11, 2011

So For Trenchant Class Analysis (in the Mainstream Press), One Has to Turn to A Tory Rag ?

Apparently so.

Ambrose Evans-Pritchard writes in : Deepening crisis traps America's have-nots

The US is drifting from a financial crisis to a deeper and more insidious social crisis. Self-congratulation by the US authorities that they have this time avoided a repeat of the 1930s is premature.
Extreme inequalities are toxic for societies, but there is also a body of scholarship suggesting that they cause depressions as well by upsetting the economic balance. They create a bias towards asset bubbles and overinvestment, while holding down consumption, until the system becomes top-heavy and tips over, as happened in the 1930s.

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