paulsongeithernerbernanke

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
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My May Day Post: The Marxist Academy and the Myth of “Working Class Consciousness”

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

This May Day, as in all previous May Days going back almost to its establishment, will be marked by the indifference of the working class, at least in the United States, to its arrival. The odd thing about this is that May Day was born here in the United States as an expression of working class power and its determined …

JehuMy May Day Post: The Marxist Academy and the Myth of “Working Class Consciousness”
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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”

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”

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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
Konopacki-ClassRhetoric

Theories of the Current Crisis: Saad-Filho and the "Crisis in Neoliberalism"

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There is a lot of material out there produced by Marxists trying to get their head around Neoliberalism and its role in the current crisis. So as part of my Occupy the Marxist Academy I am going to do a few posts on it. First up: Alfredo Saad-Filho’s “Neoliberalism in Crisis: A Marxist Analysis”, which can be found here. Saad-Filho …

JehuTheories of the Current Crisis: Saad-Filho and the "Crisis in Neoliberalism"
Obamageithnerbernanke

#OtMA: Wolff's and Resnick's "Marxian Interpretation" of the Crisis

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I have been contemplating these two paragraphs for a week now, because they seem to me to sum up the disconnect between Academic Marxism and the actual problems facing the working class today. The quote is taken from an article written by Richard Wolff and Stephen Resnick in 2010, titled “The Economic Crisis: A Marxian Interpretation”. Indeed, the repeated oscillations …

Jehu#OtMA: Wolff's and Resnick's "Marxian Interpretation" of the Crisis
1a1teaparty

#OtMA Why George Washington was a Revolutionary (according to Marx) and Why Marxists Just Don’t Get It

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This is my second response to JMP, who answered my previous response, #OtMA: A Reply To JMP, with the following statement: “Oh it’s all fine and good to call yourself an historical materialist, but if you make bizarre statements about the American Revolution, fail to understand its class content or the theory that was actually and HISTORICALLY used to structure …

Jehu#OtMA Why George Washington was a Revolutionary (according to Marx) and Why Marxists Just Don’t Get It
Wearethe99percent_t

#OtMA: A Reply To JMP

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In a response to my post, #OtMA: Was George Washington a Maoist?, JMP, a blogger makes several claims against me in a post entitled, Without Revolutionary Theory… Among other things, JMP claims: that I make the “same banal and confused claims certain sectors of the directionless left have been making for years.”; that I am “demonstrating an inability to grasp …

Jehu#OtMA: A Reply To JMP
unpaid

Anarchism, Libertarianism, Marxism and Unpaid Labor

Jehu Anarchism, Featured, Marxism, Socialism, The Commune 1 Comment

Here is something I culled from Marx’s paradox of capitalist price — i.e., the so-called transformation problem — that all present variants of critical communist theory rejects (and, by all variants, I mean the usual suspects: libertarianism, Marxism and anarchism). All conflict in society is directly or indirectly a struggle over the length of the social working day. We could …

JehuAnarchism, Libertarianism, Marxism and Unpaid Labor
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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")

Jehu Featured, The Commune Leave a Comment

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")
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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
Wayne Price

Review: Marx’s Economics for Anarchists, by Wayne Price

Jehu Anarchism, Featured, The Commune 1 Comment

Wayne Price’s “Marx’s Economics for Anarchists” makes the fatal error of treating Marx’s Capital as a description of how the economy works. This mistake Price makes is on the order of treating Einstein’s Theory as a description of how H-Bombs work. I suppose, in some limited fashion, Marx does give something approaching a description of “how capitalism works.” But, this …

JehuReview: Marx’s Economics for Anarchists, by Wayne Price
Private-property

What do I mean by “Private Property”?

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  Neverfox asked me: “What do you mean, exactly, when you say “private property”?” Let me begin by avoiding the obvious (but wrong) answer to this question. While many strands of communism define property as a relation between the individual and things,  historical materialism, defines property as a relation between individuals. What do I mean by this? For example, when …

JehuWhat do I mean by “Private Property”?
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)
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
corporatewelfare

What the F**K is wrong with Democracy?

Jehu Featured 2 Comments

I read a post last night by mutualist theorist Kevin Carson at C4SS (“Democracy (TM) — Coming to a Corporate Welfare State Near You”) — whom I respect as a solid thinker — in which he made this comment: Democracy is great, when people genuinely participate in making decisions about things that affect them. But it seldom works out that …

JehuWhat the F**K is wrong with Democracy?