PAGE ONE
How Cuts in Retiree Benefits Fatten Companies' Bottom Lines
Trimming a Health-Care Plan Creates Accounting Gains, Under Some Arcane Rules A Shield
Against Rising Costs By ELLEN E. SCHULTZ and THEO FRANCIS Staff Reporters of THE WALL
STREET JOURNAL March 16, 2004; Page A1
The loud
Wage-slaves create the profits. They're more
productive every year. Now, watch them being thrown
out on their rears. Set up your rocking chairs near
your graves and wait for the inevitable slip. Seems
we are still a nation of Mr. Blocks.
Perelman [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, June 19, 2003 11:31 PM
Subject: Re: [PEN-L] Fictitious Capital website
Hardly a master at all. Yes, the term was used, but does not seem to be
that common. I located several sources, but it was not common. It mostly
had to do
to be
the speculative bubble, or fictitious capital if you will.
A radical Keynesian perspective would question
whether any fundamental can be known due to
fundamental uncertainty, or if it even exists at all.
Such questions bedevil relations between Sraffians
and more traditional Keynesians
which are usually modelled to be
the speculative bubble, or fictitious capital if you will.
Speaking of bubbles.
Still Blowing Bubbles
By PAUL KRUGMAN
The big rise in the stock market is definitely telling us something.
Bulls think it says the economy is about to take off. But I think it's a
sign
against the euro,
although most US investors who pay no
attention to anything abroad don't care.
Barkley Rosser
- Original Message -
From: Louis Proyect [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Friday, June 20, 2003 10:30 AM
Subject: Re: [PEN-L] Jurriaan Bendien on fictitious capital
I want to urge Marxmail and PEN-L subscribers to take a look at the
Fictitious Capital website (www.munism.com) that was announced recently
and specifically at the Introduction. It has all the strengths and
weaknesses of the sort of left-communism that the webmaster Loren
Goldner is associated
the difference between Nazi Germany on
one hand, and social democratic Sweden or revolutionary Cuba on the
other, then one needs to revisit v. 1 of Capital, which might be
inadequate in terms of an understanding of fictitious capital but quite
good on the question of commodity production
Title: RE: [PEN-L] Fictitious Capital website
I remember encountering an author's almost-obsessive fascination with fictitious capital when I picked up a book by Lyn Marcus (who morphed into Lyndon Larouche). Maybe it's good to study such things, but isn't Marx's concept of fictitious capital
, James wrote:
I remember encountering an author's almost-obsessive fascination with
fictitious capital when I picked up a book by Lyn Marcus (who morphed into
Lyndon Larouche). Maybe it's good to study such things, but isn't Marx's
concept of fictitious capital basically referring to people
Title: RE: [PEN-L] Fictitious Capital website
I didn't mean to insult Loren Goldner. If anyone takes it that way, I'm sorry.
Am I correct to remember that Marx once referred to government bonds as fictitious capital since they pay interest without representing a claim on surplus-value
In a message dated 6/19/03 7:49:25 AM Pacific Daylight Time, [EMAIL PROTECTED]
writes:
I want to urge Marxmail and PEN-L subscribers to take a look at the
Fictitious Capital website (www.munism.com) that was announced recently
and specifically at the Introduction. It has all the strengths
I did not sense any insults. Yes, Marx did discuss government bonds as
fictitious capital. It was a term used in classical political economy.
On Thu, Jun 19, 2003 at 09:00:13AM -0700, Devine, James wrote:
I didn't mean to insult Loren Goldner. If anyone takes it that way, I'm
sorry.
Am I
Louis Proyect:
Goldner writes:
Out of this pre-1914 reality, and the defeats of the revolutions of 1917-21, came
the planning states of the 1930sStalinist, fascist, corporatist, Social
Democratic, Keynesian, Third World Bonapartist
To put it as succinctly as possible, this has more in common
Well, I am way too busy to check out this new site,
indeed will probably be getting off this one tomorrow
(was up to 6 AM this morning working). But the term
fictitious capital way predates Marx. Adam Smith
used it and I think it probably originated with Richard
Cantillon, who
Title: RE: [PEN-L] Fictitious Capital website
Goldner writes:
Out of this pre-1914 reality, and the defeats of the
revolutions of 1917-21, came the planning states of the
1930sStalinist, fascist, corporatist, Social Democratic,
Keynesian, Third World Bonapartist
Michael Hoover quotes
]
To: [EMAIL PROTECTED]
Sent: Thursday, June 19, 2003 11:39 AM
Subject: Re: [PEN-L] Fictitious Capital website
I don't think it's an either (wholesale destruction . . . etc.)
or (planning).
I would say planning is part of fascism. It entails plans
by select interests to crush or swallow up
1. Traditional
A good brief discussion of the concept in the Marxian tradition is in Tom
Bottomore(ed), A Dictionary of Marxist Thought. I think maybe Laurence
Harris wrote it.
I think by fictitious capital Marx himself means all financial claims to
part of the surplus product (surplus value
as hell not socialism
either.
Barkley Rosser
- Original Message -
From: Max B. Sawicky [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, June 19, 2003 11:39 AM
Subject: Re: [PEN-L] Fictitious Capital website
I don't think it's an either (wholesale destruction . . . etc
AM this morning working). But the term
fictitious capital way predates Marx. Adam Smith
used it and I think it probably originated with Richard
Cantillon, who was a successful speculator in both
the Mississippi Bubble in France of 1719 and the
related South Sea Bubble in England of 1719-20
Loren Goldner sent this.
I and four collaborators have started a new web site called
Fictitious Capital, Real Retrogression
at
www.munism.com
Further, this web site will accept postings from others.
Our purpose is to investigate social retrogression under the impact of the
world crisis
Re: Re: Fictitious capital
FC and overproduction:
By spring 2000, at the apex of the stock market's ascent, the market
capitalisation of the telecoms companies (the value of their outstanding
shares) had reached a staggering $2.7 trillion, or close to 15 per cent of
the total for all US non
In a message dated 3/17/2003 7:36:40 AM Eastern Standard Time, [EMAIL PROTECTED] writes:
With such enormous
apparent collateral, telecoms firms could borrow without limit. Between 1996
and 2000 they took on $800 billion in bank debt and issued an additional
$450 billion in bonds
Following
MARKET WATCH
From WorldCom, an Amazing View of a Bloated Industry
By GRETCHEN MORGENSON
VER since WorldCom toppled into bankruptcy last summer, the company has
been teaching stunned investors one lesson after another. Not only have
we learned how easy it is to cook up a monumental accounting
Just as an aside, the kuwaiti stock market has been heating up for the last few years because of exess liquidity from iraq, the money is in compensation for the 1990 war, 25% of the the oil for food, nearly all of which goes to kuwait.Do you Yahoo!?
Yahoo! Web Hosting - establish your business
- Original Message -
From: michael perelman [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Sunday, March 16, 2003 9:51 PM
Subject: [PEN-L:35636] Fictitious capital
MARKET WATCH
From WorldCom, an Amazing View of a Bloated Industry
By GRETCHEN MORGENSON
[snip]
Thanks to WorldCom, we
7 years' jail for AIB trader
David Teather in New York and Jill Treanor
Saturday January 18, 2003
The Guardian
The rogue currency trader who covered up trading losses of $691m (£430m)
at a division of Allied Irish Banks was yesterday sentenced to seven and
a half years in prison.
John Rusnak,
Thanks, Steve. The testimony was the clearest explanation of the Enron fiasco I
have seen.
Testimony of Frank Partnoy, Professor of Law, University of San Diego School of
Law, Hearings before the United States Senate Committee on Governmental Affairs,
January 24, 2002
According to Enron's most
From Doug Noland's Credit Bubble Bulletin:
Reading through Frank Partnoy's (attorney, law professor, former Morgan
Stanley derivative salesman, and author of F.I.A.S.C.O) candid and
informative testimony (http://www.senate.gov/~gov_affairs/012402partnoy.htm)
presented this week before the
of fiscal policy (a view that Ricardo himself may not have had
despite what buchanan and barro think): that govt paper represents
(as Marx underlines) *purely* fictitious capital does not mean that
the effects of govt debt are necessarily fictitious or illusory.
Of course Jim D may point me
Bert Ely was attending URPE sessions a couple of years ago. I
asked him if he thought that regulatory oversight were
sufficient. He did not express any serious concerns at the time.
Steve Diamond wrote:
It is easy, and certainly justifiable, to criticize the
regulators who have been aware
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