Here is an English translation of one of David Graeber's latest.
Infoshop News via La Monde
The “Yellow Vests” Show How Much the Ground Moves Under Our Feet
Yellow Vests Movement Rocks France
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Not actually official since there is no organization.
The Yellow Vest movement is being viewed as a sequel to Occupy Wall Street. One of the criticisms is that Occupy never produced a set of demands. Well, here is one. It's a comprehensive indictment of neoliberalism.
Signs of the Times
What do the protesters in France want? Check out the 'official' Yellow Vest manifesto
See also
libcom
The Yellow Vests Movement: the Crisis is Deepening
Signs of the Times
What do the protesters in France want? Check out the 'official' Yellow Vest manifesto
See also
libcom
The Yellow Vests Movement: the Crisis is Deepening
5 comments:
The “yellow vests” show how much the ground moves under our feet
“Since the US jettisoning of the gold standard in 1971, we have seen a profound shift in the nature of capitalism. Most corporate profits are now no longer derived from producing or even marketing anything, but in the manipulation of credit, debt, and ‘regulated rents’.”
The ending of the gold standard did not cause the rise of neoliberalism, or the financialization of the economy, which took off during the Reagan—Thatcher nightmare. The gold standard itself was always a pretense, a gimmick that politicians used when they wanted to claim that there was "no money” for social programs, and politicians ignored when they wanted to create money for wars and for other purposes.
“Since 2008 governments have been pumping new money into the system, which, owing to the notorious Cantillon effect, has tended to accrue overwhelmingly to those who already hold financial assets, and their technocratic allies in the professional managerial classes. In France of course these are precisely the Macronists.”
All governments with Monetary Sovereignty continually pump new money into their economies, with the exceptions of places like the UK, Denmark, and Japan. These governments create their spending money out of thin air, and practice gratuitous austerity. As for Macron, he cannot pump new money into the French economy, since the French government cannot create its spending money. Macron can only pump credit (i.e. debt) into the economy, when causes money to be sucked out of the economy.
The rest of the article is muddled gibberish, and therefore would make a fine academic paper. That’s a shame, since the author is usually a good writer, and collaborates sometimes with Michael Hudson. Graber’s excellent analyses of the role of debt in civilization has caused mainstream economist--bullshitters to blackball him.
“Since the US jettisoning of the gold standard in 1971, we have seen a profound shift in the nature of capitalism. Most corporate profits are now no longer derived from producing or even marketing anything, but in the manipulation of credit, debt, and ‘regulated rents’.
“Since 2008 governments have been pumping new money into the system, which, owing to the notorious Cantillon effect, has tended to accrue overwhelmingly to those who already hold financial assets, and their technocratic allies in the professional managerial classes. In France of course these are precisely the Macronists.”
Graeber is absolutely right, at least on these points. Konrad, as always, is completely wrong. Further, handing the .1% the ability to loot society in 1971 is precisely why the "gold standard", such as it was, had to be ended. The purpose of our glorious "modern money" system is systematic looting and wealth transfer. Celebrate!
BTW, our "modern money" system is not "capitalism". This is just another example of "progressives" destroying and obfuscating the meaning of well-known terms and concepts because it's the only way to advance their "ideas", such as they are.
"The gold standard itself was always a pretense, a gimmick that politicians used when they wanted to claim that there was "no money” for social programs, and politicians ignored when they wanted to create money for wars and for other purposes."
Exactly, a gold standard is just as arbitrary of a self imposed constraint as requiring bonds to be issued.
I have in no sense been complaining that I can't get published in English. I just said I have a couple books coming out first in French.
Sorry for my misunderstanding you, David. Thanks for setting the record straight. I fixed the post.
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