On Apr 16, 2014, at 6:55 PM, Perelman, Michael wrote:
Nonetheless, his use of term wealth is the way that most people
count their wealth. Of course, he knows that it did not wipe out
40% of the farms and factories.
Most people in the world--say, 99 percent or so, don't count
fictitious capital as part of their "wealth."
Nor do they count themselves as two-thirds wealthier than they were
six years ago.
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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