David Harvey: 'The financial crisis is an urban crisis' | Comment is free | guardian.co.uk
rusticred 28 May 2012 9:38AM He also said the following The worker need not necessarily gain when the capitalist does, but he necessarily loses when the latter loses colddebtmountain 28 May 2012 9:40AM If you make something scarce then you increase its value. If you make something common then you decrease its value. It has been thus through history with the common person no more than a slave to circumstance. After the world wars we seemed to change but sadly the change didn't last. GeorgeBall 28 May 2012 9:40AM Once again, the whole premise of this article is just plain wrong. Forget the bloody banks and sub-prime - we are in a total muddle through countries having their balance of payments up the creek.
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Instead of pension contributions being directed to British manufacture via better technology, advanced machine tools and robots, we have sent capital to China and elsewhere for them to manufacture with cheap labour and with our balance of payments being heavily negative, we are in a downward spiral. This is the fault of government and the populace who vote for governments which promise to give them yet more cheap goodies for less work. Our exchange rate with all other countries should reflect being at or near balance. Cheap labour countries which buy little from us, should have an exchange rate so high that companies can compete in this country. It doesn't matter if few are employed in manufacture, the point is we could manufacture all our needs without getting into debt, paying for raw materials from services such as insurance and banking which we can do better than others. The Euro has shown, once again, this well known fact. The Med. countries cannot work their way out of the current crisis because they are not allowed an exchange rate with Northern Europe which can work. Before we can give ourselves all those wonderful http://www.guardian.co.uk/commentisfree/video/2012/may/28/david-harvey-financial-crisis-urban-crisis-video
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