Humpty-Dumpski

Where the fuck is the ‘revolutionary subject’ in the European crisis? (2)

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Why the working class is not effectively defending itself actually is not a question posed by this crisis. Rather the question is: “So what else did you expect?” No matter how the working classes of Europe responded to this crisis politically, they were already effectively rendered politically defenseless before the crisis by the very structure of the euro-zone, which stripped …

JehuWhere the fuck is the ‘revolutionary subject’ in the European crisis? (2)
qe-infinity

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?”
zombiecapitalism

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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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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Fiat currency: “No more money than a theatre ticket is”

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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
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?
gold_key_4_computer

A Critique of Pure Bullshit, Part Three: Eichengreen on Ron Paul (A Tale of Two Monies)

Jehu Anarchism, Featured, The Commune, Voting 1 Comment

I have been critiquing Barry Eichengreen’s unprincipled attack on Ron Paul and his demand for a return to the gold standard, but, so far, I have danced around the real question posed by this vicious hit piece. Eichengreen’s argument is not about whether or not Ron Paul’s ideas can be compared to the insanity of Glenn Beck, nor is it …

JehuA Critique of Pure Bullshit, Part Three: Eichengreen on Ron Paul (A Tale of Two Monies)
Austrian School economists Ludwig von Mises and his student Friedrich A. Hayek

A Critique of Pure Bullshit: Part Two: Eichengreen on Ron Paul (Money and Crisis)

Jehu Featured, The Commune, Voting 2 Comments

    Barry Eichengreen makes much of the role the theories of Friedrich Hayek play in Ron Paul’s world view for a reason that becomes immediately clear: In his 2009 book, End the Fed, Paul describes how he discovered the work of Hayek back in the 1960s by reading The Road to Serfdom. First published in 1944, the book enjoyed …

JehuA Critique of Pure Bullshit: Part Two: Eichengreen on Ron Paul (Money and Crisis)
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Eichengreen on Ron Paul and Gold as Money: Part One: A critique of pure bullshit:

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Washington has a problem, and Barry Eichengreen is doing his bit to save it. The problem’s name is Ron Paul, and this problem comes wrapped in 24 carat gold: GOLD IS back, what with libertarians the country over looking to force the government out of the business of monetary-policy making. How? Well, by bringing back the gold standard of course. …

JehuEichengreen on Ron Paul and Gold as Money: Part One: A critique of pure bullshit:
KRAKEN

Inflation, the negative rate of profit, and the Fascist State (Part seven)

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In part one of this series, I showed how inflation affects not only consumption but also production. In the former, inflation expresses itself in the fall of the consumption power of the mass of society. In the latter, inflation expresses itself as a fall in the actual realized rate of profit — a negative rate of profit arising not from …

JehuInflation, the negative rate of profit, and the Fascist State (Part seven)
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Inflation, the negative rate of profit, and the Fascist State (Part five)

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According to the Wikipedia entry on Executive Order 6102, the fine for hoarding gold was ten thousand dollars. At the same time, the executive order demanded all private holdings be turned in and exchanged for government issued ex nihilo dollars at an exchange rate of $20.67 per troy ounce of gold. Using this as our base measure, the fine for …

JehuInflation, the negative rate of profit, and the Fascist State (Part five)
Executive Order 6102

Inflation, the negative rate of profit, and the Fascist State (Part four)

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In the bare bones sketch of Marx’s theory I argued that the value of the object serving as money played no role in its function as money. This was incomplete, of course, but it served to advance my argument until I could directly address the implication of debasement of money by the industrial powers during the Great Depression. In reality, …

JehuInflation, the negative rate of profit, and the Fascist State (Part four)
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Inflation, the negative rate of profit, and the Fascist State (Part three)

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The Wikipedia definition of inflation includes this rather silly statement on the definition of the so-called “real value” of money: …inflation also reflects an erosion in the purchasing power of money – a loss of real value in the internal medium of exchange and unit of account in the economy. In this statement the “real value” of money is reduced …

JehuInflation, the negative rate of profit, and the Fascist State (Part three)
inflation-for-blog1

Inflation, the negative rate of profit, and the Fascist State (Part two)

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I made the following points in the first part of this series: As regards the definition of inflation: The definition of inflation found in the Wikipedia entry is deficient because it assumes that the value of money is simply the reciprocal of the prices of commodities. This argument is a tautology which provides us with no real understanding of the …

JehuInflation, the negative rate of profit, and the Fascist State (Part two)
Core Inflation

Inflation, the negative rate of profit, and the Fascist State

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With the clock counting down to an alleged shutdown of federal government operations, I thought I’d take this moment to discuss and inflation and Fascist State economic policy. This is what Wikipedia has to say about inflation: In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of …

JehuInflation, the negative rate of profit, and the Fascist State
Image: Afghanistan's War Wounded Come To Mirwais Hospital in Kandahar

“It must be broken”: Rethinking Marx, Liberty, the Individual and the State

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We can now restate Marx’s theory in a way which will make it easily digestible by those who stand full square for a completely stateless society, as well as the various and sundry people who seem intent on getting him completely wrong in every possible variation — including the imbeciles who count themselves among his followers: Marx came to the …

Jehu“It must be broken”: Rethinking Marx, Liberty, the Individual and the State