Really, Doug, you're being supercilious without being informative or critical. The mystification of relations of production, exchange and distribution is hardly a "weakness" of capitalism -- invented or not -- but precisely its greatest strength. Why would a deceptive system of accounts put capitalism "on its deathbed"?
And what do you know that shows what I referred to is an invention? That the value of the US dollar is not propped up by the propensity of international institutions and states to hold US dollars? That the financial value of real estate in the US is not inflated by policies that encourage such inflation? That consumption in the US is not sustained by inflated land values, the credit based on those land values and the international credit generated by seignorage? Or that even if it wasn't that the economy would be doing just peachy with or without that pumped-up consumption?
I mean what do you know about the "enemy" that you can't tell us that shows that capitalism is a healthy, rational system based on real values of production?
The Sandwichman
Doug Henwood <[EMAIL PROTECTED]> wrote:
And what do you know that shows what I referred to is an invention? That the value of the US dollar is not propped up by the propensity of international institutions and states to hold US dollars? That the financial value of real estate in the US is not inflated by policies that encourage such inflation? That consumption in the US is not sustained by inflated land values, the credit based on those land values and the international credit generated by seignorage? Or that even if it wasn't that the economy would be doing just peachy with or without that pumped-up consumption?
I mean what do you know about the "enemy" that you can't tell us that shows that capitalism is a healthy, rational system based on real values of production?
The Sandwichman
Doug Henwood <[EMAIL PROTECTED]> wrote:
Reading PEN-L sometimes, I have to remind myself that capitalism
isn't on its deathbed.
Really, people, aren't we supposed to know the enemy instead of
inventing its weakness?
Doug
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