Commentary on Political Economy

Sunday 11 September 2011

The Battle of the Banks

Very amusing, this outburst by Dimon of JP Morgan about the planned Basel III Banking Rules that, he says, would penalise US banks as against their European counterparts (literally! as in CDS swaps!) and virtually prevent them (I add) from taking them over! Friends would know that we have been predicting the imminent bankruptcy of European banks - due to the inability of the European bourgeoisie, German Finanzkapital above all, to accept that the game is over for Germany and that if the EU collapses so will its banking system and its economy - leaving the way open for the US to recolonise Europe as it did in the days of Coca-Cola and Pepsi, chewing gum and Exxon petrol! Capitalists are downright boring and unpleasant when things look rosy; but they are mighty funny when they quarrel about who's gonna fall first!

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