Capitalism in Crisis?
Craig Murray: Capitalism in Crisis?
I am not blogging about the EU summit. It is pointless. It will of course produce a communique to reassure the markets. It makes no difference.
The economic system in which most of our readers live is little to do with capitalism. The value of goods traded is an insignificant fraction of the flow of funds around the world, much of which relates to either bets on the future values of goods, or bets on the consequences of the vectors of financial flows of which the bets themselves are a part.
The whole edifice is based not on a market for exchange of goods and concrete services, but on an astonishing matrix of state enforced legal instruments creating an extraordinary pile of paper money produced by states, but ultimately worth nothing real. This legal framework was designed to shift the great bulk of this wealth from people who actually work for a living to a small financial elite, most (but not all) of whom create little or nothing real.
If the state compelled everyone to play a pyramid scheme, then you could keep it going for decades. As the system started to reach inevitable collapse, the state moved in with bank bailouts and quantitive easing, both of which simply moved yet more money from ordinary people to the super-rich. In fact the last three years have seen the biggest transfer of resources from poor to rich in human history.
It cannot last, and whether it is Greece or Italy or Spain which is this week’s fashionable media focus is irrelevant. In making these vast levied and leveraged transfers of resources from poor to rich, states have exhausted the capacity of their people to actually pay them. That is true all over Europe, the UK and US. The currency crises are a tiny symptom of a very large impending crash.
That is why I am not blogging about today’s EU meeting or a specific statement of the US Federal Bank Chairman. They are all pissing into the wind that is shortly to be a tornado. I expect before I die I will see a genuine social revolution. I expect that, as always happens, middle class liberals like me will start by being elated by it, and end up being shot by those who seize on the change, to take their turn to use the power of the state to corner resources for themselves.
http://www.craigmurray.org.uk/archives/2011/10/capitalism-in-crisis/
Twisting the Truth
Taking something just and good,
Something from the heart of wood;
Taking something sweet and fair,
Something pure as mountain air;
Picking over honest deeds,
Calling evil our plain needs;
Taking truth and making lies,
Twisting hearts until man dies.
Taking fair and making foul,
Taking song and making howl;
Twisting, twisting all about,
Turning peace to bloody rout.
Killing care and breaking trust,
Scorning love, creating lust;
Spewing hate and screwing fate,
Drowning truth in sewer lies,
Twisting, twisting, ’til man dies.
What is truth? Who can tell
Upon this merry road to hell?
Faith into wraith
Dead of despair;
Hope into rage,
War into wage;
Wife into widow,
Joy into sorrow:
Rich into poor,
Sweet into sour;
Lies and more lies
As everyone dies.
What is truth? Who can tell
Upon this merry road to hell?
Capitals!
Cooooooooool!!
They sailed to the Western Sea, they did,
To a land all covered with trees,
And they bought an Owl, and a useful Cart,
And a pound of Rice, and a Cranberry Tart,
And a hive of silvery Bees.
And they bought a Pig, and some green Jack-daws,
And a lovely Monkey with lollipop paws,
And forty bottles of Ring-Bo-Ree,
And no end of Stilton Cheese.
Far and few, far and few,
Are the lands where the Jumblies live;
Their heads are green, and their hands are blue,
And they went to sea in a Sieve.
Lear(not the jet)
.
adey - as opposed from your BOOK
taking a leaf out of your book
relevance??????
every so often? This has to be the 4th or 5th this year.
Sorry, but thats just isn't the answer.Crises are not an aberration but an inherent consequence of how capitalism operates as a world system. It's not just about greedy bankers or lack of regulation and oversight, or even income inequality. IT IS THE
CAPITALIST SYSTEM!!
Capitalism will not lead to crisis. But casino capitalism along with greed landed many countries into crisis.
limits to growth.
LOL. This guy really makes me laugh hard. Capitalism is always in crisis according to this guy but it still goes and goes.
If capitalism is the failure what is the alternative choice?
example?
I think it wont be that simple.
Wherever revolution actually took place the advantage is taken by sick fundamentalist groups who are taking over the governance and pushing the country a century backwards, and also blocking any further uprising by giving people "opium of the poor "