recessiondepression

Harvard Business Review: The ‘liars can figure’ edition

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According to Justin Fox, a paid apologist for capital at the Harvard Business Review, the difference between the Great Recession and the Great Depression can be summarized in a single chart. Fox explains his perverse reasoning: “Basically, if you think this downturn was comparable in origin and inherent severity to the other recessions since World War II, then we’ve been …

JehuHarvard Business Review: The ‘liars can figure’ edition
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Panitch on the lack of ambition and self-confidence of the Left

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In 2011, Leo Panitch wrote a piece, The Left’s Crisis, examining the Left’s response to the present crisis. He noted the Left’s response could be broken into two types: “irresponsible” and “fundamentally misleading”. In the irresponsible group, he puts those who called on Washington to let the banks fail, which, he asserted, gave no thought to the consequences of such …

JehuPanitch on the lack of ambition and self-confidence of the Left
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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?”
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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Letter to the Occupy Movement: The jobs number you never hear about says Washington’s fucked

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Here is an interesting chart from Zero Hedge: In data going back to 1980, employment for younger workers aged 20-24 has never increased in the month of September — that is, it has never increased until this year: I know what you are thinking: the data provided by Washington is a fraud. I am going to show why, even if …

JehuLetter to the Occupy Movement: The jobs number you never hear about says Washington’s fucked
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
Debt_velocity___unemployment

Driving a nail through the heart of the State: Unemployment and Debt

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(Shown in the above chart is the historical correlation between the change in debt and the rate of unemployment. Courtesy of economist Steve Keen and chrismartenson.com) Libertarians, anarchists and communists who sincerely favor a stateless society must realize that the present crisis is not merely, nor even primarily, an economic crisis — it is a crisis of the State itself. …

JehuDriving a nail through the heart of the State: Unemployment and Debt
Raya

Can Capital survive the abolition of the State?

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I recently came across this excerpt from a short paper by the Marxist writer, Raya Dunayevskaya. The argument is a very dense consideration of a fundamental point of Marx’s theory. If it appears obscure and incomprehensible, that is okay; I offer it only as a reference for those familiar with the more arcane points of Marx’s theory. For everyone else, …

JehuCan Capital survive the abolition of the State?
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Six reasons why Marxists and progressives need to oppose unemployment compensation

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I received this response to my post, What help for the 99ers? (Part four: It’s not personal), yesterday on GonzoTimes: Turn your soul off. Turn your humanity off. Turn your brain off. And voila, you’ve turned into a Republican “pro-lifer” who says “screw the poor”. Genius! The comment was a bit cryptic to me. Is the writer saying I have …

JehuSix reasons why Marxists and progressives need to oppose unemployment compensation
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What help for the 99ers? (Part three)

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Why is Washington so implacably hostile to a reduction of hours of work as the solution to unemployment? And, why has it abandoned the 99ers to their fate? The answer to these questions is simple: Washington depends on the unpaid hours of labor wrung from the working population as much as capital itself. Washington is not a neutral party when …

JehuWhat help for the 99ers? (Part three)