debt

A Few Words on David Graeber’s Guardian Article

Jehu Featured, The Commune 3 Comments

David Graeber’s article in the Guardian, There’s no need for all this economic sadomasochism, is very disturbing because in it he adopts the argument of the MMT fascists. I want to state this clearly, although I am generally supportive of his activist work with Occupy, I think he is way off on this idea. First he starts out by making …

JehuA Few Words on David Graeber’s Guardian Article
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Guglielmo Carchedi’s bad advice for activists

Jehu The Commune 6 Comments

Keynesian economic policies don’t work, but fighting for these policies will? Guglielmo Carchedi’s essay on the so-called Marxist multiplier has me bugging. He is handing out bad advice to activists in the social movements and telling them this bad advice is based on Marx’s labor theory of value. The bad advice can be summed up concisely: Keynesian policies do not …

JehuGuglielmo Carchedi’s bad advice for activists
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How Did Antistatism Get Here?: A critique of David Graeber’s “Debt”

Jehu Featured, The Commune Leave a Comment

In his book, “Debt: The First 5000 Years”, David Graeber levels the accusation against the Left, that it lacks imagination to see beyond present society. I think Graeber’s accusation is accurate and can be seen in his own antistatist (i.e., anti-political and anti-economic) argument. Contrary to Graeber’s argument that money has no essence, it is precisely because money has an …

JehuHow Did Antistatism Get Here?: A critique of David Graeber’s “Debt”
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How Quantitative Easing really works: Occupy Wall Street Edition (2)

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As a contribution to Occupy Wall Street’s efforts against debt, I am continuing my reading of William White’s “Ultra Easy Monetary Policy and the Law of Unintended Consequences” (PDF). I have covered sections A and B. In this last section I am looking at to section C of White’s paper and his conclusion. Back to the Future It is interesting …

JehuHow Quantitative Easing really works: Occupy Wall Street Edition (2)
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How Quantitative Easing really works: Occupy Wall Street Edition

Jehu Featured, The Commune 2 Comments

Since Occupy Wall Street appears to be undertaking a concerted push toward addressing the growing debt servitude of the mass of working families to Wall Street banksters, I thought it might be interesting to understand how the Federal Reserve is now doubling down on a policy of manufacturing an even greater debt burden for working families under the guise of …

JehuHow Quantitative Easing really works: Occupy Wall Street Edition
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Cat Brain at Work: How Chris Harman explains the “Marxist theory of stagnation”

Jehu Featured, Marxism, The Commune Leave a Comment

As part of my continuing occupation of the Marxist Academy, I have been looking at various Marxist theories of the crisis of neoliberalism. I am now reading the late Chris Harman’s “The rate of profit and the world today”, written in 2007, just prior to the big crash. This is part two of my examination. ***** Before we go any …

JehuCat Brain at Work: How Chris Harman explains the “Marxist theory of stagnation”
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Chasing Unicorns: Chris Harman and the “Marxist theory of stagnation”

Jehu Featured, Marxism Leave a Comment

As part of my continuing occupation of the Marxist Academy, I have been looking at various Marxist theories of the crisis of neoliberalism. I am now reading the late Chris Harman’s “The rate of profit and the world today”, written in 2007, just prior to the big crash. ***** Harman appears to be one of a group of the influential …

JehuChasing Unicorns: Chris Harman and the “Marxist theory of stagnation”
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Marxist Academic Error 101: “A term is undefined and has no properties”

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As part of my continuing occupation of the Marxist Academy, I have been looking at various Marxist theories of the crisis of neoliberalism. This is the final part of my critique of Andrew Kliman’s “Neoliberalism, Financialization, and the Underlying Crisis of Capitalist Production” (PDF). ***** As can be seen in the chart above, most bourgeois economists look at fascist state …

JehuMarxist Academic Error 101: “A term is undefined and has no properties”
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Andrew Kliman and the curious case of the missing Capitalist Boom

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Next up in my survey of academic Marxist theories of the current crisis is Kliman’s “Neoliberalism, Financialization, and the Underlying Crisis of Capitalist Production” (PDF). Kliman’s argument is by far the most interesting explanation for the present crisis I have read so far. Far from seeking to merely explain the present crash, Kliman is essentially asking another and for more …

JehuAndrew Kliman and the curious case of the missing Capitalist Boom
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Avoiding debt is easier said than done

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Nothing wakes you up quicker than a letter from the debt collector. These bastards don’t mess around. If you don’t cough up the cash they will take everything you own and kick you out on the street. Some tend to miraculously find the exact amount owed before a debt is sold to a collector agency. How they came across that money is …

Dr. Jimmy WallAvoiding debt is easier said than done
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Why Rothbard was wrong on the Soviet Union, and why it matters now

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I am spurred to write this because, thanks to tweep @jdenigma, I was introduced to Murray Rothbard’s “plan for desocialization” of the Russian economy following the collapse of the Soviet Union. Rothbard’s plan was first published in 1992, in the Review of Austrian Economics, and can be found at the Mises Institute website. In the conclusion of his article Rothbard …

JehuWhy Rothbard was wrong on the Soviet Union, and why it matters now
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Capital, Absolute Over-Accumulation and the Fascist State (Part five)

Jehu Featured 1 Comment

I want to summarize a bit at this point, because I received a comment from one person that my writing style made his head hurt. If, I have made this unnecessarily difficult to understand I apologize for that. In part, this arises from the fact that I am grappling with this material as I write these posts. Writing is the …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part five)
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Capital, Absolute Over-Accumulation and the Fascist State (Part four)

Jehu Featured 4 Comments

In its fully developed form, the Fascist State is an American empire imposed by the United States on all other national states, in which each of these national states are no more than its local (national) subsidiary. The emergence of this Fascist State became the condition for the further development of the World Market bound up with Capital. Over-accumulation of …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part four)
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Capital, Absolute Over-Accumulation and the Fascist State (Part three)

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The constant expansion of the Fascist State presupposes the constant expansion of capital which can no longer function as capital, which can no longer employ labor power for purposes of the self-expansion of capital; which, in other words, seeks its self-expansion, not by augmenting the productive capacity of society but by exploiting the wholesale destruction of this productive capacity through …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part three)