ALB wrote:admice
Just listened to 6, 7, 8 and 12 of this. The trouble is although he defines "money as a claim on labor" and "debt as a claim of future human labor" he then ignores the labour (production) aspect and sees the growth of the economy as being driven by the need to pay interest on debt rather than as by the imperative to accumulate more and more capital out of profit created by labour. This makes him give a purely monetary and financial explanation of how capitalism works, including crises.But it's production for profit not production for interest that drives capitalism and leads to uncontrollable "growth". Interest is only a subdivision of profit and so can only come out of this (as the definition "debt is a claim on future labor" implies) and does as profits are generally greater than legally-payable interest (if not, of course, the interest cannot be paid and isn't).He also says, at the beginning of 6, that money is inevitable, which of course we don't accept.
He does not know what he is talking about.He is just another one of those money and banking conspiracionist, another confused capitalist economists, they are just the watchdogs of the capitalist economy, Capitalist economy can not explain how this society operates. Capitalist crisis are produced due to over-production, it is the drive for profits which brings the crisis. He is the one who has to take a crash course in political economy, It is just the blind trying to guide the blinds. In another occassion he said that the bail-out was paid by the so called taxpayers which is wrong too. The capitalist goverments saved the capitalists, and taxes are paid by the capitalsit classhttp://www.worldsocialism.org/spgb/socialist-standard/2010s/2010/no-1266-february-2010/who-bailed-out-bankersDuring the crisis of 2008 many economists went to the bookstore to buy Marx Capital, but reading volume 1 is not enough, it is volume 3 which deeply explains how the capitalist society is functioning.Debt is not the problem ( it is same conception of the watchdog of the American society, known as Republicans and Democrats ) it is the world decline on the rate of profits, and when they are producing enough profits they do not care about the debts. They are not going to admit that their own system is unestablehttp://socialismoryourmoneyback.blogspot.com/2011/08/too-much-debt-or-to-little-profit.html