recessiondepression

Harvard Business Review: The ‘liars can figure’ edition

Jehu Featured, The Commune Leave a Comment

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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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
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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)
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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)
socialworkweek

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
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?
“All paid jobs absorb and degrade the mind.” – Aristotle

Unemployment: Job Creation or Liberation?

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I find it amazing that people will demand Washington create work, but will not demand freedom from unnecessary work created by Washington. The fixation on work is the principal lever of the fascist state. But, the fixation on work is only a reflex of the role fascist state issued currency plays as the mediator of the means of life. The …

JehuUnemployment: Job Creation or Liberation?
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:

Jehu Featured, The Commune, Voting Leave a Comment

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:
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Capital, Absolute Over-Accumulation and the Fascist State (Part five)

Jehu Featured 1 Comment

I want to summarize a bit at this point, because I received a comment from one person that my writing style made his head hurt. If, I have made this unnecessarily difficult to understand I apologize for that. In part, this arises from the fact that I am grappling with this material as I write these posts. Writing is the …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part five)
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Capital, Absolute Over-Accumulation and the Fascist State (Part four)

Jehu Featured 4 Comments

In its fully developed form, the Fascist State is an American empire imposed by the United States on all other national states, in which each of these national states are no more than its local (national) subsidiary. The emergence of this Fascist State became the condition for the further development of the World Market bound up with Capital. Over-accumulation of …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part four)
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Capital, Absolute Over-Accumulation and the Fascist State (Part three)

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The constant expansion of the Fascist State presupposes the constant expansion of capital which can no longer function as capital, which can no longer employ labor power for purposes of the self-expansion of capital; which, in other words, seeks its self-expansion, not by augmenting the productive capacity of society but by exploiting the wholesale destruction of this productive capacity through …

JehuCapital, Absolute Over-Accumulation and the Fascist State (Part three)
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
UncleSam

Can government be reduced without limiting hours of Labor?

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Is it possible to get rid of government, either by abolishing it outright or gradually reducing it, without, at the same time, ridding society of Labor? This is a question posed by libertarians and marxists who declare their opposition to abolishing one or the other. First, let’s define what I mean by Labor. As I am using the word, Labor …

JehuCan government be reduced without limiting hours of Labor?
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
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?