kelley

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?”

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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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Cat Brain at Work: How Chris Harman explains the “Marxist theory of stagnation”

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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. 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”

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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. 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”

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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”
wiscb

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

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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

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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
The portion of the labor day that is socially necessary as a percentage of GDP

The Trouble with Marxism (Part Two)

Jehu Anarchism, Featured, Marxism, The Commune 2 Comments

So, I got feedback from three people who, in one way or another, say they don’t understand my last post on my conversation with Andrew Kliman. One person posting on Reddit, complained it was too dense; another wondered if I was advocating a return to the gold standard; a third person, who I asked to read it and give me …

JehuThe Trouble with Marxism (Part Two)
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The Trouble with Marxism (Part One)

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Well, I have just about had enough of my conversation with The Andrew Kliman, so I thought I would try to assess what it accomplished, instead. My ‘tin-ear’ with Andrew began after a conversation with @skepoet on twitter about the odd divergence between gold and dollar measures of economic activity since the Great Depression of the 1930s. The dollar measure …

JehuThe Trouble with Marxism (Part One)
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?
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
THE Machine

The Black Hole: Marxism, the State and the Social Revolution (3)

Jehu Class War, Featured, The Commune Leave a Comment

“…the more does it actually become the national capitalist, the more citizens does it exploit.” In the first part of the series, I made three critical assumptions about present political-economic relations. First, in 1929, Capitalism suffered a general breakdown, brought on by absolute over-accumulation — absolute over-production. This crisis, known popularly as the Great Depression, occurred in every major industrialized …

JehuThe Black Hole: Marxism, the State and the Social Revolution (3)
Karl Kautsky

The Black Hole: Marxism, the State and the Social Revolution (2)

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(I want to clarify that I am discussing certain writers, while withholding judgement on their overall work. It is not my intention to assert they were wrong in their time and place, only that their arguments have been taken out of context by what is currently referred to generally as “Marxism”. Moreover, by “Marxism” I include the body of work …

JehuThe Black Hole: Marxism, the State and the Social Revolution (2)
Louis Althusser

The Black Hole: Marxism, the State and the Social Revolution

Jehu Anarchism, Class War, Featured, The Commune, Voting Leave a Comment

There is a massive black hole in the center of Marxism that cannot be ignored, since it touches on the question of social revolution itself. That question can be posed this way: What happened to the Soviet Union? But, the better formulation is this: Why didn’t the Great Depression touch off a revolution in the West? Numerous explanations of this …

JehuThe Black Hole: Marxism, the State and the Social Revolution