The beauty of this economic article by Nick Beams is at least two-fold. First, he describes why the stock market fell due to the psychological fears of market traders because of the superficial ups and downs in the capitalist surface institutions.
For example, the Fed’s failure to cut interest rates. The second is the structural problems of capitalism that mainstream economists don’t discuss. These include the decline in the prices of treasury bills because the world does not trust the United States’ financial system. In addition, inflation is simply price gouging (commodities are more expensive) because workers are refusing to work for low pay. these structural problems will remain even when market traders get over their fears.
Read in WSWS
