Hi from WNY: an amateur economist of sorts

[Huxley]

Hello wherever you might be - I'm from Western New York!

Being an open-minded economics student working within the Post-Keynesian tradition, I've always been exposed to Marx and his absolute resolution. Only recently, however, have I seen how profound his work was - and, indeed, how accurate it was. It was his work that convinced me of the immediate need of an alternative economic system to the corrupted, broken system of capitalism, where the rule of capital subverts all public interest under the facade of "liberal" (read: plutocratic) democracy. Analyzing growth trends and computing inequality predictions, one can see that capitalism's Ragnarok will occur, and shortly, under the weight of the system's own contradictions (as Marx rightfully pointed out).

Other than being an economics nerd, I'm an outdoors kinda guy (growing up in the South and all that). Woodworking, welding, hunting, that sorta thing. Add in an appreciation of cigars and whiskey for good measure, and I've pretty much described myself completely.

To sum up my politics: an anti-capitalist through purely economical modelling and data computation. How to smash capitalism? I haven't the faintest clue. That's why I'm here. I have a wide range of ideas for a post-capitalist alternative that I'll expound on in a separate thread.

For now, cheers, and I look forward to contributing.

[Q]

Welcome :)

If you have political questions, you can ask them in the Learning forum. That's why it's there after all!

If you have questions about your account, don't hesitate to send me a PM or ask here.

[exeexe]

Hi Huxley and welcome to the forum :)


Analyzing growth trends and computing inequality predictions, one can see that capitalism's Ragnarok will occur, and shortly, under the weight of the system's own contradictions (as Marx rightfully pointed out).

Well this is only partially true. It was probably true when Marx wrote it but in 1913 something important happened which Marx could not had foreseen. The creation of the federal reserve.
Perhaps the capitalists had read Das Kapital and knew something had to be done?

According to this page the FDR had 4 objectives:
http://vidrebel.wordpress.com/2012/04/01/the-federal-reserve-from-creation-in-1913-to-destruction-in-2013/




The Monetary Reform Commission run by Senator Nelson Aldrich wanted an elastic currency so the financial blunders of the 0.1% could be covered up by passing the costs onto the 99.9% through inflation.
An elastic currency also allowed the costs of wars to be disguised by inflation.
The Federal Reserve also set up a fractional reserve banking system which permitted ten dollars to be loaned out for every one in deposit. This intentionally created an exaggerated credit cycle so bankers could profit from the wild swings in the prices of stocks and mortgages.
And finally the Federal Reserve Note is an interest bearing currency which requires us to give the banks 500 billion dollars a year in interest payments for debts which are fictions created by a law passed in 1913.

Today the federal reserve is no longer an USA issue, its impact on society is global. It prints so much money that it can keep capitalism afloat, and it can keep doing it endlessly because the whole system is based on faith. As long as people believe in the system it will continue to exist.



And thats why David Harvey
http://davidharvey.org/2011/07/the-vote-to-end-capitalism/

says


A startling conclusion follows. A vote against further debt creation is a vote to end capitalism!David Harvey is Distinguished Professor at the Graduate Center of the City University of New York.

[Sinister Intents]

Awesome! Welcome comrade! I myself am from WNY as well! I hope you enjoy your stay!! I'm not really able to post lately so you'll rarely see me post for a few months.

[Per Levy]

Well this is only partially true. It was probably true when Marx wrote it.

as the quoted article states was it marxs idea that the workers will end capitalism and not that capitalism will bring it self down. capitalism creates its worst enemy and the situations for its end but to end it the workers need to make their move or capitalism will just go on.


A startling conclusion follows. A vote against further debt creation is a vote to end capitalism!

so shall i vote now for angela merkel since her gouverment wont make any new dept this year and promised not to make new dept in the following ones? will merkel bring the end of capitalism?


David Harvey is Distinguished Professor at the Graduate Center of the City University of New York.

who cares, i would be way more interesed why harvey only goes on about koch brothers, republican party, bush and reagan. no talk about democrats, clinton or obama. does harvey has certain sympathies?

[Huxley]

Welcome :)

If you have political questions, you can ask them in the Learning forum. That's why it's there after all!

If you have questions about your account, don't hesitate to send me a PM or ask here.

Thank you very much Q for your help and greetings.


Hi Huxley and welcome to the forum :)

Thank you! Since this is an introduction maybe we should make a split thread for a discussion?

To address just the central point: Per Levy has hit the nail on the head. The political elite can delay the downfall of capitalism with an expansion of the welfare state to alleviate class pressure or by artificially stimulating the economy, but they ultimately cannot stop its collapse.

To express this in economics terms : Kondratiev waves are unstoppable under capitalism. The tendency of the rate of profit to fall coupled with full employment profit squeeze and overproduction, as the laws of capitalism that are validated empirically, tell us that the system is simply not sustainable.

Marx's thesis was not that capitalism would necessarily come tumbling down by itself, but that it would create the conditions sufficient for revolution.

[QUOTE=SI the Black Cat;2766984]Awesome! Welcome comrade! I myself am from WNY as well! I hope you enjoy your stay!! I'm not really able to post lately so you'll rarely see me post for a few months.

Thanks a lot! :)

[exeexe]

as the quoted article states was it marxs idea that the workers will end capitalism and not that capitalism will bring it self down. capitalism creates its worst enemy and the situations for its end but to end it the workers need to make their move or capitalism will just go on.

Well i agree with that



so shall i vote now for angela merkel since her gouverment wont make any new dept this year and promised not to make new dept in the following ones? will merkel bring the end of capitalism?

I think this point was intended for Americans since
1.The American system dominates the European systems
3. The Federal reserve of USA works differently than in most elsewhere places
2. In USA you actually have a party who are interested in liberating the market so that the market can regulate itself and put an end to fiat money. This will ofcourse crash the system but thats good since the system is build on exploitation.


who cares, i wmould be way more interesed why harvey only goes on about koch brothers, republican party, bush and reagan. no talk about democrats, clinton or obama. does harvey has certain sypathies?
The democrats are just slimy useless politicians applying the worst of both camps into their politics.
Enforcing exploitation through capitalism with violent means and a top down monetary policy which sole purpose is to produce stability.
The first one strips the workers of political power the second one strips the workers of economic power.

At least with a libertarian monetary policy the workers will have economic power.