Stock market crash: 1987, 2007 or 1937?

Michael Roberts Blog

Yesterday, the US stock market fell by the most in one day since mid-2007, just before the credit crunch, the banking crash and the start of the Great Recession.

Is history set to repeat itself?  Well, the old saying goes that history never repeats itself but it rhymes.   In other words, there are echoes of the past in the present.  But what are the echoes this time.  There are three possibilities.

This crash will be similar to that 1987 and be followed by a quick and decisive recovery and the stock market and the US economy will resume its recent march upward.  The crash will be seen as blip in the recovery from the Long Depression of the last ten years.

Or this could be like 2007.  Then the stock market crash heralded the beginning of the mightiest collapse in global capitalist production since the 1930s and biggest collapse in…

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Minimalism At Home, Maximalism abroad: The Curious Case of Islamophobic Anti-Islamophobia

P U L S E

8f54ed819732badc8cd3e9fdba223d30 Artwork by Molly Crabapple 

Every once in a while, this space christened the Left—of whose foundational texts and core values I largely hold in regard—feels like a foreign place. The paradox is that occupying a place on the Left, a priori, is “supposed” to feel like refuge. 

A curious phenomenon I’ve come across on the Left is a politics of pro-Muslim islamophobia. Take for instance Angela Merkel’s proposition to ban the Niqab, or the face-veil. Of course, a ban would be an affront to egalitarian ideals. And a ban should be very much be opposed. But one noticeable knee-jerk reaction—even cliche—that many progressives have produced is that such an initiative would alienate German—and by extension all—Muslims, if not impel them to active opposition or radicalization. This is profoundly mistaken. There is no data that supports such a conclusion.

But it’s worth noting, first, the problematic nature of the underlying presumption: that…

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