The US stock market has reached new highs. By any definition it is fantastically valued. Michael Roberts looks at the reasons behind the speculative fever and its relations with the real economy and concludes that a total eclipse is not far away.
Two years ago, at the time of the collapse of the Southeast Asian economies, we published a document called "The first tremors of the
coming slump". Jonathan Clyne, editor of the Swedish Marxist magazine Socialisten looks at what we said at the time and concludes that "our basic analysis of the epoch is still correct". Translated from Socialisten 43, September 1999.