Hi Michael Thanks for your encouragements, I always appreciate it, and helps keep me motivated!
About Hudson's comments on separating finance from the rest of the workings of the capitalist system, he talks a lot about the FIRE economy - here's something I found: "What is the FIRE Economy? The FIRE Economy is one of two economies that operate in the United States, the UK, and other countries that developed economic policies that give FIRE industries tax, regulatory, and monetary policy advantages over productive industries. The other economy is the Productive Economy that is comprised of businesses that produce value-added goods and services. The Productive Economy grows based on profits from sales of goods and services produced by adding intellectual property and other human value inputs. The FIRE Economy operates by extracting economic rents, such as interest on debt, from the rest of the economy. Wealth is generated in the Productive Economy by the accumulation of equity value and in the FIRE Economy from economic rents and capital gains generated asset price inflation without an increase in value. Examples of asset price inflation periods in the US are technology stocks from 1998 to 2000 and residential and commercial real estate from 2002 to 2006. Over a period of decades the FIRE Economy has become a dominant source of income in the United States. The total sum of payments within the FIRE Economy are now many times larger than in the Productive Economy..." http://www.fireeconomy.com/ thanks again, dave On 6 June 2011 20:24, Michael Szpakowski <[email protected]> wrote: > Hi Dave > I didn't think for a moment you intended the connection!! > Given Hudson's academic credentials he should be aware of the history of the > phrase. > I don't know enough about him. I did a bit of a search and one of the > criticisms I keep seeing is that he divorces finance from the workings of the > rest of the capitalist system... > Just looking at the phrase you quote - does he really think > manufacturing/industrial capital is any more tied to any single nation state > than finance capital? Look at the way companies shift production across > continents in search of lower labour costs... > Though it might be expedient analytically to look at different sections > within the capitalist class, ultimately in practice they'll stick together > when they confront *us*. The danger of the kind of language Hudson uses is at > best that it obscures that fact, at worst that it opens the door to some > ideas with a very dubious history... > cheers (and let's have more drawings!) > michael > > --- On Mon, 6/6/11, dave miller <[email protected]> wrote: > >> From: dave miller <[email protected]> >> Subject: Re: [NetBehaviour] cosmopolitan_financial_class >> To: "NetBehaviour for networked distributed creativity" >> <[email protected]> >> Date: Monday, June 6, 2011, 8:03 PM >> Hi Michael, >> >> Thanks for having a look, and that's interesting - no I >> really didn't >> intend that connection. >> I lifted the phrase from the article I posted yesterday: >> http://www.informationclearinghouse.info/article28245.htm >> >> "This attack is being mounted not by nation states as such, >> but by a >> cosmopolitan financial class. Finance always has been >> cosmopolitan >> more than nationalistic – and always has sought to impose >> its >> priorities and lawmaking power over those of parliamentary >> democracies." >> >> I wonder if the author is aware of the point you're >> raising, because >> he does use the phrase quite a few times in the >> article...? >> >> all the best, dave >> >> >> On 6 June 2011 19:24, Michael Szpakowski <[email protected]> >> wrote: >> > Hi Dave >> > As you know I love your work and I'm delighted you're >> drawing again! Just a point though; I think one has to be >> very careful with the word "cosmopolitan", especially in >> conjunction with "financial class" - "cosmopolitan" was >> classic Stalinist anti-semitic code for "Jewish", and the >> differentiation of the Capitalist class into "industrial" >> (read- productive, patriotic) and "financial" (read - >> parasitic, international) has also historically been used to >> stoke up anti-semitism: >> > http://en.wikipedia.org/wiki/Strasserism >> > I'm not denying that there can be important >> differences at some times between the immediate interests of >> bankers and industrialists but this is a nuance compared to >> the importance of putting the blame fairly and squarely on >> the capitalist class *as a whole*... >> > warmest wishes >> > michael >> > >> > >> > --- On Mon, 6/6/11, dave miller <[email protected]> >> wrote: >> > >> >> From: dave miller <[email protected]> >> >> Subject: [NetBehaviour] >> cosmopolitan_financial_class >> >> To: "NetBehaviour for networked distributed >> creativity" <[email protected]> >> >> Date: Monday, June 6, 2011, 5:13 PM >> >> I've just made a new drawing; it's >> >> going to be part of something else, >> >> but I wanted to share it: >> >> http://davemiller.org/drawings/austerity/cosmopolitan_financial_class.png >> >> >> >> This is the first thing I've managed to do for >> ages! >> >> >> >> Hope everyone's well >> >> >> >> dave >> >> _______________________________________________ >> >> NetBehaviour mailing list >> >> [email protected] >> >> http://www.netbehaviour.org/mailman/listinfo/netbehaviour >> >> >> > _______________________________________________ >> > NetBehaviour mailing list >> > [email protected] >> > http://www.netbehaviour.org/mailman/listinfo/netbehaviour >> > >> >> >> >> -- >> ============================ >> Sign the petition: Close residential streets on Sundays so >> children >> can play out (http://uservoice.com/a/7nZ3I) >> ============================ >> _______________________________________________ >> NetBehaviour mailing list >> [email protected] >> http://www.netbehaviour.org/mailman/listinfo/netbehaviour >> > _______________________________________________ > NetBehaviour mailing list > [email protected] > http://www.netbehaviour.org/mailman/listinfo/netbehaviour -- ============================ Sign the petition: Close residential streets on Sundays so children can play out (http://uservoice.com/a/7nZ3I) ============================ _______________________________________________ NetBehaviour mailing list [email protected] http://www.netbehaviour.org/mailman/listinfo/netbehaviour
