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Who Are Your Favourite Commentators on Capitalism's Crisis?

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prot
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Aug 31 2012 18:01
Who Are Your Favourite Commentators on Capitalism's Crisis?

As capitalism's crisis drags on, most commentators seem as confused as the rest of us. However there a couple of commentators who are worth regularly checking out:

Immanuel Wallerstein's 'Commentaries'[/url] (updated bimonthly)

Paul Mason Newsnight Blog[/url] (updated regularly)

SIC - International Journal for Communisation[/url] at http://sic.communisation.net (updated occasionally)

Hillel Ticktin's 'Commentary on the Crisis'[/url] at www.critiquejournal.net/critiquenotes.html (updated every 3 months)

Unfortunately the spam filter has stopped me from posting links. But if you google names and titles they should be easy to find. Perhaps a reader could post the relevant links.

Do readers have any other favourite commentators on the crisis?

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jura
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Aug 31 2012 20:11

Here are some bourgeois blogs which often have interesting articles:

http://www.nakedcapitalism.com/
http://www.calculatedriskblog.com/
http://fistfulofeuros.net/
http://www.zerohedge.com/

Angelus Novus
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Aug 31 2012 20:21

Specifically dealing with the Eurocrisis, I think the coverage in the German newspaper Analyse und Kritik has been fantastic. I wish I had enough time in the day to translate all of it. I've translated a few of their articles into English over the course of the past year or so, all of which are available here.

On the global financial crisis in general, I think the Marxist analysis I agree with the most, is, ironically, the one by Gegenstandpunkt. Maybe some of it is available in English either at their site or at Ruthless Criticism.

RedHughs
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Aug 31 2012 20:55

S. Artesian!

RedHughs
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Aug 31 2012 21:05
RedHughs wrote:
S. Artesian!

Also Doug Noland's Credit Bubble Bulletin is interesting.

The problem is that main source, prudentbear.com has stopped hosting the many earlier issues of CBB and so one would have to chase them down on other more obscure "bear" website. But Noland is definitely not a gold bug or the kind of crank you often find these more dubious bear site.

(Sorry, I mean to edit but replied instead)

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Railyon
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Aug 31 2012 22:54
Angelus Novus wrote:
Specifically dealing with the Eurocrisis, I think the coverage in the German newspaper Analyse und Kritik has been fantastic

Any particular issues you can recommend?

Angelus Novus
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Sep 1 2012 16:19
Railyon wrote:
Angelus Novus wrote:
Specifically dealing with the Eurocrisis, I think the coverage in the German newspaper Analyse und Kritik has been fantastic

Any particular issues you can recommend?

They have a special archive here.

Inhousejoke
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Sep 1 2012 23:36

Ocelot!!

S. Artesian
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Sep 2 2012 01:50

Thank you, comrade Hughs.

Harrison
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Sep 2 2012 02:50

revol68

Angelus Novus
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Sep 3 2012 13:25

Also, Doug Henwood, whose newsletter everyone should subscribe to on principle. If you can only afford to subscribe to one publication, it should be this one.

RedHughs
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Sep 4 2012 23:29

I don't find Doug Henwood at all creditable. At the height of the housing bubble he was saying that the real scandal was that the banks were charging too high fees. I haven't seen anything by him that wasn't a mainstream view given a "left" spin.

Angelus Novus
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Sep 5 2012 01:41

With all due respect, you're full of shit.

Is this now the standard slander employed by the collapse-mongering Chicken Littles? That anyone who isn't predicting imminent doom is a moralist who places blame on individual actors? That's absolutely not true in Henwood's case, and you're lazy and dishonest for suggesting it.

Henwood on the crisis, for the record:

Structures. I see the U.S. as being in the midst of several structural crises. There’s the economic crisis—and not just the immediate one, caused by the housing bust. That was the culmination of a process long in the making. The capsule history would be this. In the 1970s, the American ruling class was faced with several interrelated problems. Abroad, having just lost Vietnam, the U.S faced a crisis of imperial authority. The Third World was demanding a bigger slice of the pie. Oil and other commodity exporters were nationalizing resources. Japanese and European competition was hammering U.S. manufacturing. At home, the streets were full of demonstrators, women and minorities were agitating against white male privilege, and the working class had developed a serious attitude problem. Corporate profitability, which had peaked around 1966, had been drifting lower ever since. From the point of view of the U.S. ruling class, things were slipping out of control. That class eventually engineered a very successful crackdown. It had several dimensions. First, in 1979, Jimmy Carter, blindly following the recommendation of David Rockefeller, appointed Paul Volcker chair of the Federal Reserve. On taking office, Volcker announced that the U.S. standard of living must decline, and then made it happen. He drove interest rates towards 20%, provoking the deepest recession since the 1930s. That terrified the U.S. working class, and drove Latin America into debt-crisis-induced depression. Just over a year after Volcker’s ascendancy, voters put Reagan into the White House. Reagan’s major contributions to the class war were firing the striking air traffic controllers, signalling open season on the unions; cutting taxes on the rich, signalling that all social constraints on wealth accumulation were suspended; and rebuilding U.S. military power, signalling that the era of imperial reticence following Vietnam was over. It all worked splendidly. Unions were broken, wages stagnated, and Latin America was restructured using the club of debt. Corporate profitability bottomed out in 1982 and began a fifteen-year surge. But—and this is a very big but—an economy that was dependent on high levels of mass consumption and a political system that depended on the same thing for its legitimacy had to figure out how to keep spending up while wages were heading south. The answer, as we all know, was debt: household liabilities more than doubled relative to income between 1982 and 2008. The ratio has since come down a bit, but not by much. So here’s the structural crisis: profitability was restored, but at the cost of fostering unsustainable levels of personal debt. The profit boom and the upward redistribution also gave rise to a gusher of cash that flowed into the financial markets, prompting a proliferation of incomprehensible instruments of mind-boggling vastness. The ratio of financial assets of all kinds to GDP more than doubled between 1982 and 2007. That too has come down a bit, but not by much. The financial sector’s share of corporate profits nearly tripled over the same interval.

S. Artesian
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Sep 5 2012 03:27

Hey, no offense Angelus, but you're the one full of shit. Here's Henwood back in 2008 on the proposed bailout after the Fed/US Treasury let Lehman Bros expire:

Quote:
If the right opposition was delusional, the left opposition flirted with the juvenile. There were some hyperradicals who wanted no bailout because they want the whole system to come crashing down. That’s not politics—that’s nihilism. But less exuberant sorts also said some troublesome things. “We” shouldn’t be handing money over to Wall Street—instead we should be spending it on schools and green jobs. Yes, it would be lovely to spend lots of money on schools and green jobs. We’re even going to get some of that—but it wouldn’t address the financial crisis. A busted credit system is a very serious problem for everyone, not just the bourgeoisie.

When push came to shove, Henwood was in their pitching for the bourgeoisie as being the only rational thing to do.

You can read the whole miserable apology here, in which Henwood claims it's a credit crisis, the credit markets must be unfrozen, and the problem is the lack of credit availability.

The reads like typical political-economist bullshit to me, but then I admit, I'm prejudiced.

I think the slandering going on is yours, done by you for whatever purpose, but please don't flog this left-Keynesian on us as somebody who really understands the nits and grits of capitalism.

steve y
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Sep 5 2012 20:44

Max Keiser - RT.com

OK, he completely misses out the corruption of Russian oligarchs and Putin - but his exposure of western financiers, especially the US and UK is bordering on Marx at times, and in the funniest of ways, a relief after a hard day.