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Keynesian Checkers versus Monetarist Three Dimensional Chess

Jehu Featured, The Commune Leave a Comment

You can almost smell the frustration pouring off Paul Krugman these days, as he once again proclaims the latest in a series of victories of Keynesian economic theory over its monetarists opponents. Says Krugman: “Sorry, guys, but as a practical matter the Fed – while it should be doing more – can’t make up for contractionary fiscal policy in the …

JehuKeynesian Checkers versus Monetarist Three Dimensional Chess
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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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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. Author: Jehu Eaves Visit Jehu’s Website – Email Jehu I am a “marxist-in-recovery”, which …

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. Author: Jehu Eaves Visit Jehu’s …

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

Jehu The Commune Leave a Comment

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

Jehu Featured, The Commune Leave a Comment

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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Anarchists, Libertarians and Marxists need to change the debate on jobs and debt (2)

Jehu Anarchism, Marxism, The Commune 1 Comment

We have to change the terms of the debate on jobs and debt. We need to insist a job is nothing more than wage slavery and we don’t need Washington’s effort to create more of it by adding to this wage slavery even with more debt slavery. It is not like we have to argue existing jobs need to go …

JehuAnarchists, Libertarians and Marxists need to change the debate on jobs and debt (2)
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Anarchists, Libertarians and Marxists need to change the debate on jobs and debt (1)

Jehu Anarchism, Featured, Marxism Leave a Comment

We have to change the terms of the debate on jobs and debt. We need to insist a job is nothing more than wage slavery and we don’t need Washington’s effort to create more of it adding to this wage slavery even with more debt slavery. It is not like we have to argue existing jobs need to go away; …

JehuAnarchists, Libertarians and Marxists need to change the debate on jobs and debt (1)
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Fiat currency: “No more money than a theatre ticket is”

Jehu Featured, Marxism, The Commune Leave a Comment

I am adding additional comments to my reading of Weeks’ paper, “The theoretical and empirical credibility of commodity money” (PDF). In my first reading, I identified a problem with Weeks’ presentation of what he asserts is empirical evidence supporting a link between commodity-money and price. In my second reading I explained how Weeks’ real contribution to my understanding is his …

JehuFiat currency: “No more money than a theatre ticket is”
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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
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Marxism: Should Marxists rethink it or just dump it altogether?

Jehu Featured, Marxism, Socialism, The Commune 6 Comments

I want to take a moment to sum up some of my thoughts regarding Marxism that has occurred to me during my occupation of the Marxist Academy. This is only a rough outline of those ideas and I welcome comments on them from readers of this blog. Author: Jehu Eaves Visit Jehu’s Website – Email Jehu I am a “marxist-in-recovery”, …

JehuMarxism: Should Marxists rethink it or just dump it altogether?
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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”
"Friesian Unicorn" by Katrina Lasky

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”
1929-VS-2007

Marxist Academic Error 101: “A term is undefined and has no properties”

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. 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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Theories of the Current Crisis: David Harvey and the Left's search for a new master

Jehu Featured, Marxism, The Commune Leave a Comment

I have been reading David Harvey’s “Organizing for the Anti-Capitalist Transition” (2010). Harvey’s theory of the current crisis differs somewhat from the other Marxists I have been following. I actually rather enjoyed reading Harvey because he is simple to read without being simplistic like Wolff’s and Resnick’s piece. Harvey gave this originally as a talk to the World Social Forum …

JehuTheories of the Current Crisis: David Harvey and the Left's search for a new master
trade-globalization1

John O'Connor, Neoliberalism and the Long Painful Death of the Nation State

Jehu Featured, Marxism, The Commune Leave a Comment

The modern state, no matter what its form, is essentially a capitalist machine — the state of the capitalists, the ideal personification of the total national capital. The more it proceeds to the taking over of productive forces, the more does it actually become the national capitalist, the more citizens does it exploit. The workers remain wage-workers — proletarians. The …

JehuJohn O'Connor, Neoliberalism and the Long Painful Death of the Nation State
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)

Jehu Featured, The Commune Leave a Comment

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?
United States Gross Domestic Product (Gold) 1929-2009

Sorry progressives, the Bush tax cuts did not kill the economy

Jehu Featured, The Commune 5 Comments

A quick note to slap down the standard progressive interpretation of the impact of the Bush tax cuts on the economy. Sorry folks, there is no real empirical support for your position. Progressives who praise the Clinton era job creation performance versus Bush era job creation performance, and link this to Clinton tax increases versus Bush tax cuts, overlook two …

JehuSorry progressives, the Bush tax cuts did not kill the economy