In Defence of Marxism

Recently the University of Michigan published its "index of confidence", referring to consumer confidence. It revealed that it is at its lowest level since 1982. We must remember that in 1982 the US economy was hit by a serious downturn. The significant point the report makes is that "consumer confidence" has been falling sharply in recent months. While some economic experts try and talk us out of believing the US is in recession, the people who live in the USA obviously can see what is really happening.

Carl Lantz, of Credit Suisse, didn't help with his comments that we are in a consumer-led recession, and it's going to be a pretty protracted process. He added that, "We are definitely in recession territory." People in the USA are feeling the pinch. No on can hide from them that food and fuel prices are going up as is the level of unemployment.

The fact that confidence has plummeted so early on in the downturn doesn't auger well for the strategists of US capital as the economy heads for deeper waters.