|SocialismToday Socialist Party magazine|
THE WAR IN Iraq, the fourth ‘high-tech’ victory for US imperialism in a little over a decade, has had a more decisive effect than previous ones.
It has underlined further the military might of US imperialism, the world’s only hyperpower.
It has set the scene for an even greater aggressive military posture by the US, with further conflicts in the Middle East and elsewhere flowing from this.
US capitalism is stagnating, weighed down by bubble-era debt and an unsustainable payments deficit. Faltering US growth is dragging down Europe and Asia. Apart from tax cuts for the super-rich, Bush has no economic policy. The dollar is beginning to slide downwards (see p23): could this provide a way out for the US or will a collapse of the dollar provoke new convulsions in the world economy? LYNN WALSH writes.
THE US DOLLAR appears to be on the verge of a sharp decline. Officially, the Bush administration continues to support the strong-dollar policy associated with the 1990s bubble economy. "I favour a strong dollar", announced the new US Treasury secretary, John Snow: "It’s in the national interest". (International Herald Tribune, 29 January)
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Cover cartoon: Alan Hardman
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