Ruthless Criticism: Financial Crisis

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Oct 4 2008 22:33
Ruthless Criticism: Financial Crisis

Why does capitalism end up with such impressive regularity in financial crises that endanger the whole economy? According to the experts, this is the third time this decade. In the newspapers, one reads stories about bubbles that just grow until they pop or fairy tales about all too human greed and super complicated inventions by financial jugglers that can’t be understood by honest bankers. Isn’t it rather a “systemic” risk of the mode of production itself, one which honors, to use Marx’s words, the “money fetish”?

Here it is clarified:

* What has gone wrong if confidence costs a trillion dollars and why is confidence an economic category at all?

* Why does the financial sector produce so-called bubbles with such impressive regularity?

* Why are the “casino capitalists” not allowed to fail in the collapse to the universal applause of the public, but are a common good to be saved by the state with all its power?

* Why are people’s livelihoods in capitalism the dependent variable of speculation?

Honorable Business: What the collapse of the financial system teaches about the wealth of the capitalist nation

Scolding the Speculators: Blaming Wall Street while upholding the market economy

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See also:

Financial Crisis -- a lesson on the character, performance and power of finance capital: lecture by Konrad Hecker, January 2008