Gold Coins Being Weighed on Scale

Can We Completely Abolish Labor, Right Now (Final)

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7. The Centrality of Labor in Marx At the start of this series I noted that, according to Elmar Flatschart, wertkritik states the abolition of labor is not the same as social emancipation. In his view, the abolition of value is only a condition of social emancipation, but social emancipation itself is a more complex problem. At first glance this …

JehuCan We Completely Abolish Labor, Right Now (Final)

Can We Completely Abolish Labor, Right Now (Part 3)

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5. Capitalistically Determined, Materially Determined and Superfluous labor times If I understand Postone’s argument in his book Time, Labor and Social Domination, (and he can speak to this if I am misreading him) in the capitalist mode of production value (i.e., ‘socially necessary labor time’) appears in not one, but two distinct, historically determined forms. So far as I know, …

JehuCan We Completely Abolish Labor, Right Now (Part 3)
economicwaste

Can We Completely Abolish Labor, Right Now? (Part 2)

Jehu Featured, Marxism, The Commune Leave a Comment

3. The problem of identifying economic waste in a capitalist economy As I argued in the previous section of this series, if we are going to set as our aim the complete abolition of labor, there is a big question posed by the problem of a capitalist economy. To reiterate it briefly: In an economy based on directly social labor, …

JehuCan We Completely Abolish Labor, Right Now? (Part 2)
Great-Wallet-of-China

How Did Antistatism Get Here?: A critique of David Graeber’s “Debt”

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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”
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
bernanke-printing-press

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
helicopter-ben-bernanke_0

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
humpty_bernanke_toon

Robert Kurz: The Road to Devaluation Shock and the Collapse of Capitalism (Final)

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5. The recovery of capitalism is no longer possible Kurz’s overall analysis of the crisis that emerged full blown in 2008 consists of four fundamental bullet points: First, in the course of capitalist development Marx’s theory states there is a rising composition of constant capital to variable capital; this rising composition of capital compels an increasing dependence of productive capital …

JehuRobert Kurz: The Road to Devaluation Shock and the Collapse of Capitalism (Final)
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Robert Kurz: The Road to Devaluation Shock and the Collapse of Capitalism (4)

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4. The Necessary Parasitism of Fascist State In a recent interview, Saint Paul Krugman gave us this gem of bourgeois economic theory: SPIEGEL: More stimulus also means more debt. Many European nations, as well as the US, are already drowning in debt. Krugman: I’m not saying that I don’t ever care about debt, but not now. If you slash spending, …

JehuRobert Kurz: The Road to Devaluation Shock and the Collapse of Capitalism (4)
Gary Johnson for President

The Libertarian Party Needs to be America’s Party Now

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My fellow Americans, Now more than ever our government needs our help.  For centuries we have believed democracy to be the best form of government, without ever experiencing true democracy.  Greed and corruption have infiltrated our government, and now Democrats and Republicans have become so hopelessly opposed and unwilling to work together that nothing is accomplished.  Our “representatives” use their …

GoGonzoJournalThe Libertarian Party Needs to be America’s Party Now
exchangerates

Gold and Exchange Rates (Random thoughts)

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This is very geeky, sorry. I posting it because I intend to revisit it sometime in the near future in the context of a review of the Euro-zone crisis. My post on Moseley’s MELT paper (pdf) argues the so-called “price of gold” is actually the standard of price for a currency. I argued in the paper that dollars do not …

JehuGold and Exchange Rates (Random thoughts)
Wallet

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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MONEYLESS: Deflation (Or, "too little money")

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FOFOA’s argument against modern money theory can be summarized as follows: A staggeringly massive hyperinflationary event is already latent in the global economy. The dollars currently in circulation only retain their purchasing power because of the function of money as medium for the circulation of commodities. Modern money theory, which proposes the fascist state faces no monetary constraint on spending …

JehuMONEYLESS: Deflation (Or, "too little money")
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MONEYLESS: FOFOA on Hyperinflation (or "too little money")

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Toward the end of his case against the modern money school, FOFOA offers this insight into Wiemar Republic hyperinflation, and what he argues is the basis for the coming hyperinflation set to be unleashed in the dollar system: As the German Mark fell, there was “not enough money” to pay the debt. And with a little inflation, there is “not …

JehuMONEYLESS: FOFOA on Hyperinflation (or "too little money")
9685735-puzzle-in-the-form-of-currency-of-the-usa-of-dollar-in-cost-hundred

MONEYLESS: The Dollar Puzzle

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It turns out my first reaction to FOFOA’s post, Moneyness, was the correct one: the Moneyness of the dollar is to Money what Stephen Colbert’s Truthiness is to Truth, i.e., NOT. To really understand the significance of FOFOA’s pure concept of money, I will compare it to Karl Marx’s and classical political-economy’s view of money. In the latter view, value …

JehuMONEYLESS: The Dollar Puzzle
108-talk-money

MONEYLESS: FOFOA on the Dollar, Gold and the Present Crisis

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I am now reading FOFOA’s Moneyness, an epic length blog on the history of money. I was lured into reading it by the title, which I stupidly misinterpreted as tongue in cheek on the order of Colbert’s Truthiness. In fact, it is an attempt to bring his view on money to an analysis of the current global monetary crisis. FOFOA …

JehuMONEYLESS: FOFOA on the Dollar, Gold and the Present Crisis
From Wikipedia: A picture of a pre-1933 gold certificate currency

Paul Krugman on interest rates and gold: When a dollar was real money

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I apologize for this part of the series, because it is hopelessly geeky. Unfortunately, I see no way to move forward without getting into the weeds of Marx’s unique contribution to the theory of money at this point. Please bear with me on this. As I really need to explain the difference, before 1933, between a token currency and the …

JehuPaul Krugman on interest rates and gold: When a dollar was real money
MonopolyMoney

Paul Krugman on interest rates and gold: The Price of Everything, The Value of Nothing

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“The mode of production is in rebellion against the mode of exchange.” – Frederick Engels, Socialism: Utopian and Scientific, 1880 Krugman confuses the superficial relations of exchange for a deeper analysis of the capitalist mode of production. This failing might help him when he wishes to ignore the likely results of this sort of examination, but when he actually tries …

JehuPaul Krugman on interest rates and gold: The Price of Everything, The Value of Nothing
money_burning_05

Paul Krugman on interest rates and gold: Why gold is money and dollars are kindling

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I have a simple hypothesis for how Krugman managed to reach the correct conclusion regarding the relationship between the price of gold and the general level of economic activity: he probably started with his conclusion and tried to work backward. He needed an argument for why the rising price of gold might signal deflation rather than inflation. So, he took …

JehuPaul Krugman on interest rates and gold: Why gold is money and dollars are kindling
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:
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)

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

(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)