Within minutes of each other this morning, I got two emails on the state of the world economy.
One, from In Defense of Marxism (such is the political scene that even Marxists are on the defensive—doesn’t anyone even dream of revolution anymore?), The Unfolding Capitalist Crisis – a nightmare for workers everywhere. Its nut graf: “[I]n many ways the present crisis is potentially even more serious than that of 1929-33. Its scope is much wider than the thirties and its impact has been far swifter.”
And, from a completely different perspective, this from Wall Street’s favorite economist, Ed Hyman of ISI: “Unprecedented synchronized global upturn…. To an unprecedented extent economies are recovering across the world at the same time.”
Which is it? My guess is somewhere in between. Hyman’s upturn is a bounce off a sharp decline, while Marxists.com’s analysis consists heavily of anxious quotes from bourgeois pundits uttered during that sharp decline, from December 2008 to June 2009. Average the two and you get a long period of a crappy global economy.