Hugh Rodwell wrote:
>Well, the central banks are the people who know what it's all about, eh?
>However, the central banks probably know less about economic fundamentals
>today than did their predecessors in the mid-19th century, and Marx had a
>field day with them in the big section (dubbed the "confusion") in Capital
>III about official explanations and measures in relation to the great
>economic crises of the end of the 1840s and the end of the 1850s.
Just wondering, Hugh - if the central bankers are so stupid, why are they
still in business and the Marxian true-religionists reduced to sniping from
the Swedish sidelines?
>I think Doug's telling us here that value is not imparted as a blessing
>from commodity to commodity, as he first claimed, but is rather wished upon
>a piece of paper by a state authority. This is the political desire theory
>of value. Bit like transsubstantiation, where wafer and wine are
>transformed into the body and blood of Christ by the wave of a priest's
>hand. But it's a nice fairy tale to think that the social clout of the
>dollar and the D-mark are owed to the handwavings of a Ronald Reagan or a
>Helmut Kohl. I'll sleep the better for it tonight.
Reagan and Kohl are gone, Hugh. It's progress for you to recognize the
existence of late-20th century political figures, but it's Clinton and
Schröder now.
Doug
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