You could use UNIX named pipe for that.
First, you create named pipe object by executing mkfifo named_pipe in the same directory, where you have your python files.
Your foo.py then could look like this:
while True: for line in open('named_pipe'): print 'Got: [' + line.rstrip('\n') + ']'
And your bar.py could look like this:
import sys print >>open('named_pipe', 'wt'), sys.argv[-1]
So, you run your consumer process like this: python foo.py &. And finally, each time you execute python bar.py Hello, you will see the message Got: [Hello] in your console.
UPD: unlike Paul's answer, if you use named pipe, you don't have to start one of the processes from inside the other.