On Apr 16, 2014, at 11:13 AM, Louis Proyect wrote:
MATT TAIBBI:
...Fast-forward again to the next big crisis...it wiped out 40
percent of the world’s wealth...
What unspeakable bullshit! This guy thinks that the market value of
"financial instruments" (what Marx called "fictitious capital")
constitutes "the world's wealth!" So now that the market value of that
fictitious capital is back around where it was in 2008, he presumably
is thankful to Obama, Bernanke, Draghi & Co. for having so brilliantly
increased the "world's wealth" by two-thirds in a mere five years.
What would it take to make such a type realize that the world's wealth
is wiped out even faster during prosperity (through uninhibited
resource extraction and environmental degradation) than during a
crisis that inhibits economic "growth?"
Shane Mage
This cosmos did none of gods or men make, but it
always was and is and shall be: an everlasting fire,
kindling in measures and going out in measures.
Herakleitos of Ephesos
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