Starving-Child

A Brief Sketch of the Political Economy of Barbarism

Jehu Featured, The Commune Leave a Comment

So what is the political economy of barbarism (fascism) and can it be critiqued by labor theory? I would suggest this is very difficult, since the law of value no longer operates freely in such a mode of production. What we take as the real categories similar to the ones found in Marx’s Capital can be entirely misleading unless we …

JehuA Brief Sketch of the Political Economy of Barbarism
spock-chess-2

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
Eurozone-Crisis-Timebomb

Reinhart-Rogoff and Austerity: It’s not the math that’s the problem

Jehu Featured, The Commune Leave a Comment

After reading and commenting on David Graeber’s post at the Guardian, I feel it necessary to comment more broadly on the problem the euro-zone faces in the crisis, as well as the problem posed by the austerity regime being pursued by the member nation of the European Union. My point is to show that the errors of the bourgeois economists …

JehuReinhart-Rogoff and Austerity: It’s not the math that’s the problem
debt

A Few Words on David Graeber’s Guardian Article

Jehu Featured, The Commune 3 Comments

David Graeber’s article in the Guardian, There’s no need for all this economic sadomasochism, is very disturbing because in it he adopts the argument of the MMT fascists. I want to state this clearly, although I am generally supportive of his activist work with Occupy, I think he is way off on this idea. First he starts out by making …

JehuA Few Words on David Graeber’s Guardian Article
leninkautsky

My May Day Post: How Kautsky and Lenin Fundamentally Revised Marx

Jehu Anarchism, Featured, Marxism, The Commune Leave a Comment

Part One: “… the consciousness of the necessity of a fundamental revolution” In the Communist Manifesto, Marx writes: “Does it require deep intuition to comprehend that man’s ideas, views, and conception, in one word, man’s consciousness, changes with every change in the conditions of his material existence, in his social relations and in his social life?” In this statement Marx …

JehuMy May Day Post: How Kautsky and Lenin Fundamentally Revised Marx
Humpty-Dumpski

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

Jehu Featured, The Commune Leave a Comment

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)
alle_oplossingen_eurocrisis_210711

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

Jehu Featured, The Commune Leave a Comment

An interesting question from George Magnus of the banking giant UBS via Zero Hedge: “Why Are The European Streets Relatively Quiet?” To understand the background of Magnus’s question we have to go to 2010. At that time, the economist Michael Pettis predicted Europe would have three years or or so to impose its “labor restructuring” before all hell broke loose …

JehuWhere the fuck is the ‘revolutionary subject’ in the European crisis?

Change the World Without Taking Power: A decade later John Holloway’s challenge still unmet

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

A decades ago John Holloway shook up the Marxist academy with the publication of his book, Change The World Without Taking Power”. Holloway’s argument was that the Marxist preoccupation with taking power was not only obsolete, it was counterproductive, serving only to divert energy and time to a quixotic effort that leaves Marxists banging their heads bloody against the brick …

JehuChange the World Without Taking Power: A decade later John Holloway’s challenge still unmet
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
CollapsePaulChambers1

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)
fund-flow_645x400

How Quantitative Easing really works: Occupy Wall Street Edition (2)

Jehu Featured, The Commune Leave a Comment

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)
BabiesPayStimulus-thumb-510x364

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)
faucet_money

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
WorkMakesYouFree

Social emancipation cannot be founded on labor

Jehu Featured, Marxism, The Commune 3 Comments

Disconnection from the current relations of production is easier said than done in Kurz’s opinion. It is not a matter of simply seizing a single factory, a retail outlet, an office or a school, nor even of seizing all the factories, retail outlets, offices and schools altogether in a simultaneous uprising in all countries at once. These institutions evolved within …

JehuSocial emancipation cannot be founded on labor
property_is_theft

Social emancipation is incompatible with every form of property

Jehu Featured, Marxism, The Commune 2 Comments

In the first section of his essay, Kurz examined the limitations of 20th Century Marxism that, he argued, was incapable of theoretically superseding capitalism except by means of a proposed future event, the proletarian political revolution, which, would solve all of capitalism’s ills and manage society in some undisclosed fashion. To address this theoretical failure, in section two of his …

JehuSocial emancipation is incompatible with every form of property
survs

The “nightmare scenario” of capitalist collapse

Jehu Featured, Marxism, The Commune 2 Comments

The nightmare scenario typically presented by bourgeois thinkers to the possibility of the collapse of capitalism can pretty much be summed up in six words: “Buy guns, gold and beans! Now!” In this view, the passing of capitalism is equated with the complete breakdown of civilization and a regression to some primitive state. Without market forces and the centralized control …

JehuThe “nightmare scenario” of capitalist collapse
humpty_bernanke_toon

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

Jehu Featured, The Commune Leave a Comment

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)
2512988717_d8c5406086_b

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”
wiscb

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
exchangerates

Gold and Exchange Rates (Random thoughts)

Jehu Featured, The Commune Leave a Comment

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)
divide3

Division by Zero as a Metaphor for the Collapse of Academic Marxism

Jehu Featured, Marxism, The Commune Leave a Comment

Wikipedia describes the division by zero problem in mathematics this way: In mathematics, division by zero is division where the divisor (denominator) is zero. Such a division can be formally expressed as a / 0 where a is the dividend (numerator). Whether this expression can be assigned a well-defined value depends upon the mathematical setting. In ordinary (real number) arithmetic, …

JehuDivision by Zero as a Metaphor for the Collapse of Academic Marxism