At the time of the general election in Turkey, I pointed out that Turkey was near the top of the pile for a debt and currency crisis. It was running a massive current account (trade and payments) deficit with other countries and its external debt (what it owes to other countries in credits) was over […]
Archivo para la Categoría "Crédito"
A raíz de la corrida cambiaria y el vencimiento masivo de Lebac (Letras del Banco Central), ocurrido el pasado martes 15 de mayo, mucha gente se pregunta acerca de qué significan estas letras, y cuáles pueden ser las consecuencias de su crecimiento exponencial (desde diciembre de 2015 su monto de Lebac prácticamente se multiplicó por […]
The video of my comment in Press TV’s News in Brief program on the conclusion of the 2nd review of the Greek Adjustment Program and its inability to solve the Greek crisis. The transcript of the comment is the following: Comment in Press TV News in Brief program on the conclusion of the 2nd […]
O sistema capitalista consegue operar distintas formas de riqueza em diferentes níveis de abstração. A riqueza é produzida e circulada concomitantemente em diferentes camadas de representação. A primeira é a da produção do valor pelo trabalho vivo humano. A segunda a da circulação do dinheiro. A terceira a da circulação do crédito. E por fim a circulação do capital fictício. O sistema assim funciona através de representações de representações de valores. A base é sempre fornecida pelo trabalho direto humano, mas a existência de tantas camadas mediadoras acaba por apagar os laços que conectam formas superiores de representação em relação ao que de fato representam. Esta aparente desconexão entre as representações do valor e o valor criado pelo trabalho vivo é o que Marx chama de fetichismo. A história do capitalismo, incluindo a crise atual nos países ricos, nos revela como o dinheiro e o crédito ora funcionam como propulsores da produção e ora como formas de riqueza que momentaneamente se descolam do valor gerado através do trabalho. A crise financeira nada mais é do que o ajuste interno do sistema para que as representações da riqueza se realinhem com a produção de valor.
A ideia de que o modo capitalista de produzir riqueza opera através de representações de representações de valor já foi analisada anteriormente por Leda Paulani (aqui e aqui) e Rodrigo Teixeira (aqui e aqui) através do conceito de autonomização. Agora David Harvey também embarca nesta empreitada, ainda que não use propriamente o conceito de autonomização. Confira o vídeo abaixo, gravado em janeiro de 2012 com o título de “Swindlers and Prophets: Facts, Fictions and Fetishisms” e produzido pela BioEcon Media.
The cyclical pattern of capitalism is periodically punctuated by severe crises that lead to restructuring of the political-economic system. In this article we argue that the underlying factor of the current crisis is a real economic imbalance caused by an unprecedented growth of the nancial sector. Moreover, we argue that a return to an expansive era of capital accumulation will become impossible in the advanced countries.
Each structural crisis opens opportunities for signicantly advancing the position of the working-class. But it requires a socialist movement with the organisational and programmatic capacity to articulate and implement progressive policies. This is not the state of the movement at present. We believe that without a political economy of the working-class it is impossible to formulate a coherent political program of the working-class.
The Marxist concept of value is very frequently equated, whether explicitly or merely tacitly, with the corresponding Ricardian concept of “labour expended”. This paper argues that unlike the Ricardian theory of value, the Marxist theory of value is a monetary theory. In the Marxist system, the value of a commodity is expressed not through itself but through its distorted forms of appearance, in prices. Moreover, it cannot be defined in isolation, but exclusively in relation to all other commodities, in a process of exchange. In this relation of exchange value is materialised in money. The essential feature of the “market economy” (of capitalism) is thus not simply commodity exchange but monetary circulation and money. Commodity exchange presupposes thus the (positive) prices of all commodities involved. In other words, prices are not determined after the establishment of a non-monetary equilibrium system of barter between “production sectors”, like the Sraffian “linear production systems”. On the contrary, barter is for Marx non-existing, as all exchange transactions are made up of separate acts of exchange of commodities with money.
Debt and Punishment
David Graeber’s book Debt: The First 5,000 Years is missing an analysis of capitalism
by Ingo Stützle
The last few years of crisis politics were a prime example of how on the one hand profits are privatized, while on the other hand losses are socialized. The deep crisis of capitalism has left in its wake a sovereign debt crisis. The answer of the political class has been fiscal consolidation. Finance capital’s claims on returns are guaranteed and collected by the state. The invisible hand of the market is joined by the visible fist of the state. Struggles over state finances will be central battlefields in the next few years.
That is no doubt the reason why the publication of David Graeber’s book Debt: The First 5,000 Years was greeted with euphoria, even by the bourgeois press. In the Frankfurter Allgemeine Sonntagszeitung, Frank Schirrmacher wrote that Graeber “opens the reader’s eyes to what’s going on right now,” and furthermore, “Graeber’s text is a revelation, since one is no longer forced to react to the system itself within the system of apparent economic rationality.” Der Spiegel opines: “his book on the nature of debt and its economic and moral basis is already regarded as an anti-capitalist standard work of the new social movements which have emerged during the world economic crisis.” This is in reference to the Occupy protests. Even the chief economist of the Deutsche Bank group reviewed Graber’s book positively in the monthly economic policy journal Wirtschaftsdienst (4/2012) with regard to the question of the future of central banking. Since May 2012, the book has been available in a German edition.
Promises Become Debts
David Graeber, anthropologist and anarchist, is a Professor at Goldsmiths College of the University of London. Until 2007, he taught Ethnology at the ivy league university Yale. For political reasons, his contract was not renewed – Graeber is a political activist. Since the protests against the World Economic Forum in New York City in 2002, he has been an important figure. The role that he has played in the Occupy movement underscores this: not only has he participated, but he has published books on the movement.