The dragon tail of Marx’s end-game of overcapacity and finance capital is about to shred China’s fantasy that the state can micro-manage both capitalism and financialization with no contradictions or consequences.
Longtime readers know my one expertise is annoying the entire ideological spectrum in 1,000 words or less. Today is one of those days, so strap on your blood pressure monitor and prepare for full-spectrum annoyance, regardless of your ideological leanings.
Marxism is typically considered discredited outside of a few protected fiefdoms of academia which tend to engage in obscure debates over the labor theory of value and other signifiers of membership in the inner circle of deep Marxist thinkers.
Outside these cloistered academic circles, Marxism is dismissed for two basic reasons:
1. the predicted final crisis and implosion of capitalism did not occur
2. the vaguely outlined post-capitalist incarnation of a stateless worker’s paradise not only failed to materialize, but was used to justify destructive, murderous totalitarian regimes.
But those egregious failures of Marxist theory should not blind us to the value of his critique of capitalism.
- Syriza agree to a bailout extension of four months, in return for concessions yet to be approved by the EU
- Questions over Syriza negotiating a weak deal despite it’s strong position
- Greece and EU buying time to arrange orderly “Grexit”?
- Greece has printing presses poised to print newly designed Greek Drachmas
- Greeks buying gold bullion
The Euro Working Group discussed Greece’s imminent funding problems yesterday amid mounting concern about how the country will meet its massive obligations.
Minister of State for Coordinating Government Operations Alekos Flambouraris suggested yesterday that Greece might delay payment to the IMF if it cannot find the necessary money.
Greece is due to pay the IMF 1.6 billion euros next month but the Greek Minister said that Athens might ask to delay this payment for two months.
Global capital flows are taking on heightened importance in today’s bizarro market environment. As the system become more unstable, capital seeks safety — and that can lead to non-intuitive outcomes, at least in the short term.
The analysis and understanding of these capital flows may well be more important than any other factor in determining investment performance during this next phase of the markets. As they say: Follow the money.
Of all the idiotic wars that the dangerously inept American politicians propagandize the public into accepting, the latest ISIS conflict is the most Orwellian and terrifying. Not only was the emergence of ISIS the direct consequence of the chaos left over by the Iraq war — which in itself was based on lies and inaccurate information — but the primary funders of the latest existential terrorist threat du jour are America’s Persian Gulf allies.
The Gulf monarchs didn’t attain absolute power by being teddy bears. They are devious, ruthless experts in playing one side against the other. Incredibly, many of these same countries allowing funds to flow to ISIS were simultaneously padding the coffers of the Clinton Foundation, while Hillary Clinton was Secretary of State.
We discuss the impossible demand from the Greek voters that both austerity ends and that they remain in the euro as currently arranged. They also look at a parallel ‘future-tax’ crypto currency as a possible answer to Greece’s problems. In the second half, Max interviews Liam Halligan, editor-at-large at BNE.eu and columnist at the Telegraph, about the latest on the unpayable debt crisis in Greece. Liam suggests a Grexit will happen but that Greece won’t be the first European nation to leave the euro.
An Poc Fada is a variation of a game played by Irish Hurlers (Gaelic Game). The objective is to hit a ball as far as you can over a number of mountains. Whoever hits it furthest and thus the least times, crossing the finish line first, is declared the winner. Mischievous Irish fairies are playing a variation of the game countrywide, ‘An Poc Fada le méadar uisce’. It’s the same game played with misappropriated water meters. Irish Water personnel, Gardai and householders alike are dumbfounded. Only the evidence of their shenanigans is left behind. Unlike the GAA it appears na Sióga (the fairies) are not in talks with Sky over exclusive TV rights.