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Panitch on the lack of ambition and self-confidence of the Left

Jehu Featured, The Commune Leave a Comment

In 2011, Leo Panitch wrote a piece, The Left’s Crisis, examining the Left’s response to the present crisis. He noted the Left’s response could be broken into two types: “irresponsible” and “fundamentally misleading”. In the irresponsible group, he puts those who called on Washington to let the banks fail, which, he asserted, gave no thought to the consequences of such …

JehuPanitch on the lack of ambition and self-confidence of the Left
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CLUELESS: QE to Infinity

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Based on what I have described of Bernanke’s policy failure so far, is it possible to predict anything about the future results of an open ended purchase of financial assets under QE3? I think so, and I share why in this last part of this series.

JehuCLUELESS: QE to Infinity
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CLUELESS: Bernanke’s desperate gambit

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I stopped my examination of Bernanke’s approach to this crisis and the problem of deflation after looking at his 1991 paper and his speech in 2002. I now want to return to that series, examining two of his speeches this to discuss the problems confronting bourgeois monetary policy in the crisis that began in 2007-8.

JehuCLUELESS: Bernanke’s desperate gambit
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CLUELESS: “Deflation is bad. M’kay?”

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The world market had been shaken by a series of financial crises, and the economy of Japan had fallen into a persistent deflationary state, When Ben Bernanke gave his 2002 speech before the National Economists Club, “Deflation: Making Sure “It” Doesn’t Happen Here”. Bernanke was going to explain to his audience filled with some of the most important economists in …

JehuCLUELESS: “Deflation is bad. M’kay?”
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CLUELESS: How Ben Bernanke is managing the demise of capitalism

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So I am spending a week or so trying to understand Ben Bernanke’s approach to this crisis based on three sources from his works. In this part, the source is an essay published in 1991: “The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison”. In this 1991 paper, Bernanke tries to explain the causes of …

JehuCLUELESS: How Ben Bernanke is managing the demise of capitalism
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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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Letter to the Occupy Movement: The jobs number you never hear about says Washington’s fucked

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Here is an interesting chart from Zero Hedge: In data going back to 1980, employment for younger workers aged 20-24 has never increased in the month of September — that is, it has never increased until this year: I know what you are thinking: the data provided by Washington is a fraud. I am going to show why, even if …

JehuLetter to the Occupy Movement: The jobs number you never hear about says Washington’s fucked
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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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Worthless money as a rational absurdity

Jehu Featured, Marxism, The Commune 5 Comments

I want to recommend everyone read John Weeks’ paper, “The theoretical and empirical credibility of commodity money“, because he presents a key to the analysis of neoclassical economic theory that unlocks its inner logic. I missed the juicy goodness of his argument in my first read because I have an aversion to mixing math with social criticism. However, in his …

JehuWorthless money as a rational absurdity
Paul A. Samuelson: bald-faced liar and propagandist for the fascist state

Why is the Bank for International Settlements interested in Karl Marx? (Final)

Jehu Anarchism, Class War, Featured, Marxism, Socialism, Syndicalism, The Commune Leave a Comment

(Or, more importantly, why should anarchists, libertarians and Marxists be as well) So, has any reader of this blog heard that economists have conceded Marx was right after all? Have you at any time during the past 40 years heard an economist admit that Marx was correct in his transformation argument? I am really confused by this, because although Paul …

JehuWhy is the Bank for International Settlements interested in Karl Marx? (Final)
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Why is the Bank for International Settlements interested in Karl Marx? (Part three)

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In my previous post, I stated: In reality, there was nothing in Bohm-Bawerk’s argument to be disproved. Bohm-Bawerk had indeed cited the essential contradiction at the core of capitalism. His problem, however, was to imagine the contradiction to be a defect of Marx’s theory, and not a fatal flaw laying at the heart of the capitalist mode of production itself.” …

JehuWhy is the Bank for International Settlements interested in Karl Marx? (Part three)
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Why is the Bank for International Settlements interested in Karl Marx? (Part two)

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In the previous blog post, I argued that in each of the three great capitalist catastrophes of the 19th and 20th Centuries — the Long Depression, the Great Depression and the Great Stagflation — economists scurried to bone up on Marx in an effort to understand practical problems of state economic policy confronting them at the time. Naturally, the connection …

JehuWhy is the Bank for International Settlements interested in Karl Marx? (Part two)
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Why is the Bank for International Settlements interested in Karl Marx?

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I’m reading, “The Transformation Problem: A Tale of Two Interpretations”, by David Bieri. According to his profile, David studied economics at the London School of Economics and international finance at the University of Durham (UK). In 2006, he started his Ph.D. studies in SPIA. From 1999 until 2006, David held various senior positions at the Bank for International Settlements, most …

JehuWhy is the Bank for International Settlements interested in Karl Marx?
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Driving a nail through the heart of the State: Unemployment and Debt

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(Shown in the above chart is the historical correlation between the change in debt and the rate of unemployment. Courtesy of economist Steve Keen and chrismartenson.com) Libertarians, anarchists and communists who sincerely favor a stateless society must realize that the present crisis is not merely, nor even primarily, an economic crisis — it is a crisis of the State itself. …

JehuDriving a nail through the heart of the State: Unemployment and Debt
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Six reasons why Marxists and progressives need to oppose unemployment compensation

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I received this response to my post, What help for the 99ers? (Part four: It’s not personal), yesterday on GonzoTimes: Turn your soul off. Turn your humanity off. Turn your brain off. And voila, you’ve turned into a Republican “pro-lifer” who says “screw the poor”. Genius! The comment was a bit cryptic to me. Is the writer saying I have …

JehuSix reasons why Marxists and progressives need to oppose unemployment compensation
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Are we still in a depression? Gold says, “Yes”.

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Cross-posted from Re: The People Gold prices have averaged $1218.57 for the year 2010, as of yesterday. For the whole of 2009, the average price of gold was $972.35. This was a change of some $246.22 year over year — a rise of 25.3% in the average price of gold. We can assume, based on these figures, that the, so …

JehuAre we still in a depression? Gold says, “Yes”.