Vampire Capitalism

With the crash and resuscitation of finance capitalism and its fordist counterpart (auto and other manufacturers) by the state and with the popularity of vampires in consumer culture I thought I would add some links on vampiric capitalism and the vampire state in light of my 2005 article; Gothic Capitalism, which I would like to point out has been published in Slovinian by anarchist comrades in Serbia.

Marx of course was writing in the era of the popular vampire novels while Dr. Polidori first published a vampire novel, and Sheridan Le Fanu published his vampire short story, it was Dracula, that had a larger popular impact with mass publication of the book and its follow up as a stage play.

Marx identifies capital as dead labour living off the life force of the working class a class it created for its own ends (thus the later zombie motif that has also increased in popularity in mass culture during this captialist crisis, see my Gothic Capitalism for more on this)

The notion of vampire as symbol of capitalist oppression is certainly not original
to Stoker, who was doubtlessly influenced by or at least aware of the works of Karl Marx and other socialists who considered the vampire something of a patron saint to capitalists.
Discussing Marx, critic Andrew Smith says his “rhetorical fulcrum in this respect relies on an imaginative juxtaposition with images drawn from the pre-capitalist world. Hence, it is no coincidence that he keeps coming back to these occult pictures”. Or as Ken Gilder writes in his book Reading the Vampire, “modern capitalism here is by its very nature excessive, driven by‘irresistible force’ to consume and accumulate. Marx draws on the metaphor of the vampire timeand again to describe its processes”.
Critic Steve Shaviro gives us an even more detailed view of Marx’s use of the vampire motif, More generally, vampires and zombies are vital (if that is the right word) to the functioning of capitalist society. Traditional Marxist theory, of course, focuses onvampires. Marx himself famously describes capital as ‘dead labor which, vampirelike,lives only by sucking living labor, and lives the more, the more labor it sucks’ .

In the nineteenth century the Gothic Revival also found itself central to
political and cultural debates. In Victorian England, the gothic suburban villa
empowered the middle classes and the building of Houses of Parliament made a
statement about ‘making a nation’ and creating a national identity. John Ruskin
attacked Marx and Engel’s ideology through his writings about the Gothic and
William Morris championed the Arts and crafts movements while attacking the great Gothic Revival perpetuated by practitioners such as George Gilbert Scott as bringing about capitalism.

Karl Marx

Capital Volume One
Chapter Ten: The Working-Day

Capital is dead labour, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks.

Constant capital, the means of production, considered from the standpoint of the creation of surplus-value, only exist to absorb labour, and with every drop of labour a proportional quantity of surplus-labour. While they fail to do this, their mere existence causes a relative loss to the capitalist, for they represent during the time they lie fallow, a useless advance of capital. And this loss becomes positive and absolute as soon as the intermission of their employment necessitates additional outlay at the recommencement of work. The prolongation of the working-day beyond the limits of the natural day, into the night, only acts as a palliative. It quenches only in a slight degree the vampire thirst for the living blood of labour. To appropriate labour during all the 24 hours of the day is, therefore, the inherent tendency of capitalist production.

It must be acknowledged that our labourer comes out of the process of production other than he entered. In the market he stood as owner of the commodity “labour-power” face to face with other owners of commodities, dealer against dealer. The contract by which he sold to the capitalist his labour-power proved, so to say, in black and white that he disposed of himself freely. The bargain concluded, it is discovered that he was no “free agent,” that the time for which he is free to sell his labour-power is the time for which he is forced to sell it, that in fact the vampire will not lose its hold on him “so long as there is a muscle, a nerve, a drop of blood to be exploited.”

The Grundrisse

Capital posits the permanence of value (to a certain degree) by incarnating itself in fleeting commodities and taking on their form, but at the same time changing them just as constantly; alternates between its eternal form in money and its passing form in commodities; permanence is posited as the only thing it can be, a passing passage — process — life. But capital obtains this ability only by constantly sucking in living labour as its soul, vampire-like.

The Eighteenth Brumaire of Louis Napoleon Chapter 7

But in the course of the nineteenth century the urban usurer replaced the feudal one, the mortgage replaced the feudal obligation, bourgeois capital replaced aristocratic landed property. The peasant's small holding is now only the pretext that allows the capitalist to draw profits, interest, and rent from the soil, while leaving it to the agriculturist himself to see to it how he can extract his wages.

The bourgeois order, which at the beginning of the century set the state to stand guard over the newly emerged small holdings and fertilized them with laurels, has become a vampire that sucks the blood from their hearts and brains and casts them into the alchemist's caldron of capital.

Capitalism originates in Gothic Culture and the fact that it now has reached its historic epoch, it's tendrils now encapsulate the entire globe, unlike any other time in history. Its commidification of our lives is now complete, hence the growth of the mass culture of consumption that is mirrored in the popularity of vampires and zombies as cultural motifs are the visions of ourselves alienated from our humanity, they are the ultimate consumers.

Robert Park, later sociology chair at the University of Chicago, took a more global
perspective on the phenomenon of “vampiric capitalism,” in his journalistic critiques of western exploitation within Africa, both of its peoples and resources (Lyman, 1992). American sociology, after the 1920s, would reject the use of both journalistic and philosophical analyses of evil for a more thoroughly scientific methodology (Greek, 1992). However, the discipline then was left with great difficulties in discussing evil (now referred to as deviance) without transvaluing it as sickness (Menninger, 1973) or as sign of social malaise or anomie (Orru,1987), leaving treatises on the nature of evil to more ethnographically inspired writings such as criminal biographies, novels, plays, and ultimately screenplays.

Popular culture now has labeled the latest capitalist crisis as a problem of both vampire banks and zombie banks. How fitting. America no longer manufactures goods for the world, that capitalist role is now being played out by China. Under Reagan America became a consumer of credit and goods, and thus has a zombie economy.

Zombies reproduce through consumption of the living, which serves as a nearly endless supply of brother and sister Zombies. Consider earth’s current human population explosion as a metaphoric never-ending supply of both brains and new Zombies. As one character in the original Dawn says when warning survivors of the process: "It gets up and kills. The people it kill get up and kill." It’s a never-ending supply of both consumables and consumers (a capitalist dream). But, of course, the perishable items (bread and bullets) in the mall run out. And when they do, survivors need to make very difficult choices. Where’s the next mall? What place do we pillage next? An island, perhaps?

As today and in the Zombie world, sustainability and survival are interchangeable. When the resources for survival run out and the malls have been picked clean, then we will reach for sustainability as a final solution. Or we will eat brains.

Simply put Capitalism, zombie or vampire, sucks!

Check out this fun blog;Vampire Capitalism

US Protects Chinese Investments

There are more mercenary forces, euphemistically called 'contractors', in the American war zones of Iraq and Afghanistan then regular U.S. armed forces. They will remain behind when regular U.S. forces withdraw.

Mercenaries today operate in Iraq and Afghanistan, supplementing U.S. troop strength and guarding diplomats. In the spring of 2008, 180,000 private contractors worked in Iraq; by the spring of 2009, 68,200 were operating in Afghanistan. These “soldiers of fortune” treat each new posting as a “tour of duty” (a term used by a former Blackwater employee working in Afghanistan). Their deaths and casualty numbers are not included in the official Department of Defense numbers.

According to new statistics released by the Pentagon, with Barack Obama as commander in chief, there has been a 23% increase in the number of “Private Security Contractors” working for the Department of Defense in Iraq in the second quarter of 2009 and a 29% increase in Afghanistan, which “correlates to the build up of forces” in the country.

However the irony is that even the regular US forces are now acting not in defense of American idealism but in the pragmatic protection of Chinese foreign investments in these countries.

Of course the Americans will deny they are merely cops for China but after all they are in debt to China and as the old saying goes; he who pays the piper....

China cut its US Treasury-bill reserve by $3.4 billion to $797.1 billion in August, though it remained the largest foreign holder of US T-bills

When America reduces its regular armed forces in these war zones the mercenaries will be left behind to protect corporate interests not only American but Chinese.

China showed little interest in Afghanistan throughout the 20^th century but its growing energy and natural resource demand combined with increasing Afghan openness to foreign investors have alerted Beijing of the country’s potentials. This growing interest was particularly manifested with Beijing’s giant $3.5 billion investment in Afghanistan’s Aynak copper field late last year, the far largest foreign direct investment in Afghanistan’s history. Reports from Kabul also indicate that additional Chinese investments are underway. Although these investments may be the engine in Afghanistan’s economy, the Chinese piggy-backing on ISAF’s stabilization effort is bound to be unpopular in the U.S. and Europe, though not necessarily with the Afghan government.

America fights, China profits?
In making the case for converging U.S. and Chinese interests in Afghanistan, Robert Kaplan wrote last week in a New York Times opinion piece that, "The problem is that while America is sacrificing its blood and treasure, the Chinese will reap the benefits. The whole direction of America’s military and diplomatic effort is toward an exit strategy, whereas the Chinese hope to stay and profit."

In the op-ed, titled "Beijing’s Afghan Gamble," Kaplan also noted, "China will find a way to benefit no matter what the United States does in Afghanistan. But it probably benefits more if we stay and add troops to the fight."

No doubt the discussion will boil over after James Yeager, an American geologist, and former congressman Don Ritter, who has an advanced degree in metallurgical engineering and studied in Moscow, hold a press briefing in Washington on Thursday. The event is provocatively titled, "Report on the Aynak Copper Tender in Afghanistan: How China Won and the West Lost."

China Has Great Potential To Invest In Afghanistan: Interview With First Secretary Of Afghan Embassy In China

Q: On Nov. 20 in 2008, the Afghan Industry and Mines Minister, Ibrahim Adil divulged the name of the winner in the tender for the largest Aynak copper mine. The China Metallurgical Group company, offering $3 billion, won the tender. Did this Chinese company make investments? How do you evaluate the future relations between Afghanistan and China?

A: Yes, the Chinese company has made these investments, and on July 10, the ceremony took place to mark the start of production of copper at the Aynak mine. This is the biggest investment in Afghanistan. If we take into account the number of the unused mines in Afghanistan, it will become apparent that China has huge potential for investment in Afghanistan. Along with the increase of China's influence in the region, it will serve peace and stability in the region as a whole.

Q: China and the United States are the strategic and economic rivals. What can You say about the impact of this rivalry on Afghanistan?

A: The United States and China are working closely together in Afghanistan. Currently, Afghanistan has become a center of international cooperation. China is friendly neighbor for Afghanistan. Afghanistan is an independent country and determines how to build relations with other states. On the other hand, our strategic allies support the economic development of Afghanistan and the whole region, including China.

Q: China, taking advantage of its position and opportunities, helps Afghanistan to join the Shanghai Cooperation Organization (SCO). Is China concerned about the presence of NATO in Afghanistan?

A: China is a neighboring country that has never had problems with Afghanistan and, therefore, intends to increase cooperation with our country. China supports Afghanistan's political development. China's investment in Afghanistan's various projects can testify this fact. We invite China to invest. Creating a "trade corridor" will further develop relations.

With regard to the NATO presence, I can say that the alliance troops are in Afghanistan under the UN Security Council resolutions. China is also a member of the UN Security Council. As to China's concern about the presence of NATO in Afghanistan, I can say that we do not feel such concern. China supports the presence of international forces in Afghanistan because it actively fights against terrorism, which is a threat throughout the region.

Global Implications of China’s Big Investment in Iraq and Afghanistan

Helena Cobban

This article assesses the significance of China’s recently announced investments in large copper and oil development in Afghanistan and Iraq respectively, with potential significance not only for development and peace in the two war-torn nations, but also for China’s global role and the US-China relationship. With foreign and domestic investment in both nations barely trickling in despite UN, World Bank, NATO and US efforts, the Chinese plans are highly significant.

They are indicative not only of China’s aggressive search for energy and resource development opportunities, but also of a shift in US goals in the two countries: while all signs pointed to earlier US attempts to monopolize control of Iraqi oil for American companies, under present strategic conditions, the US appears to more than welcome the Chinese initiative.

Chinese firms eye Iraq oil fields

2009-10-09 10:45 BJT

Oil contracts could spell a win-win situation for both China and Iraq. The contract for Rumaila is key to Iraqi plans to breathe new life into a sector rich in reserves, but desperate for foreign cash to overhaul broken down facilities and obsolete practices. While Chinese oil giants are seizing the opportunity to invest and expand overseas.

Iraq has proven crude reserves of 115 billion barrels, ranking number three in the world after Saudi Arabia and Iran. But among the 80 oil fields, only 20 have been developed. Iraq opened its oil fields to foreign companies for the first time in June this year, putting six oil fields and two gas fields on auction. Many bidders turned up. But with many put off by instability in local security, only Rumaila found partners.

The Iraqi government says the second round of bidding for oil contracts is due in the first half of December. And the government says it's committed to offering better security and all facilities needed for investments by foreign companies. Meanwhile, Chinese oil giants are also expanding investment in the country. Earlier this year, China's largest oil refiner Sinopec bought Addax Petroleum for about seven-and-a-quarter billion US dollars, to secure the Swiss oil explorer's high-potential oil blocks in West Africa and Iraq.

Iraq cabinet ratifies oil deals

The Rumaila project aims to increase output at the field by 2m barrels a day

Iraq's cabinet has ratified a deal with two foreign energy companies to develop the giant southern oilfield in Rumaila.

The contract with Britain's BP and CNPC of China is the first major deal with foreign firms to be signed since an international auction in June.

Iraqi crude deal 'boost' for China's oil security quest

The successful joint bid by BP and China National Petroleum Corp (CNPC) to develop an oilfield in Iraq has offered unique opportunities for the Chinese company to tap crude reserves in the oil-rich nation, analysts said yesterday.

But domestic oil producers should prepare themselves well for any uncertainties in the war-torn country, which boasts of the third-largest oil reserves in the world, they added.

Iraq on Tuesday made its first auction of major oil contracts since the 2003 US-led invasion. A consortium by BP and CNPC was finally awarded a contract to develop the Rumaila oilfield, the largest of six oil and two natural gas fields in the bidding.

The BP-CNPC group beat a bid from a consortium by Exxon Mobil and Malaysia's Petronas for the oilfield. It was the only successful bid in Tuesday's auction.

Besides CNPC, China's two other oil majors, Sinopec and CNOOC also took part in Tuesday's auction.

Rumaila is the workhorse of Iraq's oil sector, with a current capacity of 1.1 million barrels per day (bpd) out of Iraq's total national output of 2.4 million bpd.

With a foothold in Iraq, China can diversify its oil supplies to enhance energy security, said Lin Boqiang, professor, Xiamen University, adding that the consortium model can reduce risks both for BP and CNPC.

China, which became a net oil importer 16 years ago and which relies on imported oil for nearly half its requirement currently, has already seen domestic production peaking, said Lin. "The increase in China's oil consumption in future may all come from overseas oil reserves."

SEE:

China Burps Greenspan Farts Dow Hiccups

China: The Triumph of State Capitalism

China No Longer Red Nor In The Red

US vs China for Global Hegemony

Neo-Liberal State Capitalism In Asia


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High Tech Capitalism Crashes

I always like to remind folks of the boistorous boom minded pro capitalist ideology espoused by the high tech futurist guru's at Wired magazine. Of course they said this just before their own boom busted.

The Long Boom: A History of the Future, 1980 - 2020 By Peter Schwartz and Peter Leyden
We're facing 25 years of prosperity, freedom, and a better environment for the whole world. You got a problem with that?

Today we see that the exuberient predictions of high tech capitalisms endless growth are slapped down by a dose of good old capitalist reality.Capitalism is crisis prone, anyone got a problem with that?

From The Times
December 20, 2008
Electronic Arts cuts 1,000 jobs as sales of games stall

In this case EA has bought up successful Canadian companies and is now closing them. Thanks to NAFTA and intellectual property rights, we all suffer the same fate when America crashes. And when in doubt lie about your intentions. Which has always been EA's modus operendi.

EA cuts jobs, moves Black Box studio
Earlier today (December 19), the Georgia Straight reported that Electronic Arts has announced that it is vacating a facility in downtown Vancouver. The news comes a week after the video-game developer and publisher revealed it was not going ahead with plans to open a new studio in the city’s Yaletown district. During its period of fastest growth, EA was often criticized for buying smaller development studios primarily for their intellectual property assets, and then producing drastically changed games of their franchises. For example, Origin-produced Ultima VIII: Pagan and Ultima IX: Ascension were developed quickly under EA's ownership, over the protests of Ultima creator Richard Garriott and these two are considered by manyas not up to the standard of the rest of the series.

And of course it's all about the bottom line, lining the bosses pockets. After all capitalism is not about production for use value, or even exchange value, its about making a profit for the boss, at any cost. Whether it is high tech or not.

EA Sacrifices Workforce For Income
Videogame maker is trimming staff and secondary titles to bolster profitability.
John Riccitiello is aiming to boost his bottom line at the expense of the top and at the expense of a good chunk of the staff of the company he leads, Electronic Arts. Mr. Riccitiello, age 48, has served as Chief Executive Officer and a director of EA since April 2007. Prior to re-joining EA, he was a co-founder and Managing Partner at Elevation Partners, a private equity fund.

High tech nerds, and high tech pundits and promoters who ignored the reality that high tech capitalism was still just plain old capitalism, thought they were different from the high tech wage slaves working in silicon virtual factories. They learned that under high tech capitalism they too wer wage slaves, the factories were offices with cappacino bars, beds, basketball courts etc. But a sweat shop is a sweat shop regardless if it is air conditioned or not.

In 2004, Electronic Arts was criticized for employees working extraordinarily long hours—up to 100 hours per week— and not just at "crunch" times leading up to the scheduled releases of products. The publication of the EA Spouse blog, with criticisms such as "The current mandatory hours are 9 a.m. to 10 p.m.—seven days a week—with the occasional Saturday evening off for good behaviour (at 6:30 p.m.)". The company has since settled a class action lawsuit brought by game artists to compensate for "unpaid overtime".The class was awarded $15.6 million. As a result, many of the lower-level developers (artists, programmers, producers, and designers) are now working at an hourly rate. A similar suit brought by programmers was settled for $14.9 million

Again nerds and factory workers get sold out by private equity, hedge funds, and the rest of the ponzi crew. 25 year boom my ass. Once again these predicitons of how capitalism has developed a 'new economy; that will boom and not bust are the dreams of those who sold us tulips and the south sea bubble.


SEE
Super Bubble Burst
Monopoly Capitalism in Cyberspace

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Bank Rip Off

Gosh folks are surprised that Canada's Big Six banks are greedy and won't pass on the interest cut to you and me.

Bank slashes key rate to 1958 level
Six Canadian Banks Fail to Match Central Bank Cut (Update6)
Big banks keep slice of deep rate cut
Big 6 lag behind central bank's lead
Bah humbug to banks’ greedy actions on rates

Why I am shocked, shocked I say, shocked that the media and pundits expected these greedy bastards to act like good corporate citizens. After all the last time Carney cut the interest rates, only a month ago, they didn't pass them on. And despite Flaherty and Harper bailing them out to the tune of $75 billion, the banks increased interest rates and service charges on credit cards and have refused to loan money to credit agencies like GMAC and Ford Credit. When you give these guys money with no strings attached they use it to increase their profit and to pay off their bad debts and criminal activities.Of course Mark Carney knows this he used to work for Goldman Sachs. Flaherty knows it too. When the bank and commerce committee met to review credit card and bank card user fees and interest rates they got the cone of silence from the bankers.Truly this is a case of throwing good money after bad.
And while they will claim they are looking after the interests of their shareholders remeber who that is , why you and me of course with our mutual funds, our CPP and other public pension funds who are institutional investors in the banks. In fact we own them.
Time to socialize the banks along with the auto industry under workers control, the only solution to this crisis of capitalism is socialization of capital.


SEE:
Back To The Fifties
UBScandal
Pension Rip Off
Credit Card Rip Off
Canada's Billion Dollar Rip Off
Bank Union
Service Charges


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Funny I Said That

US in recession since December 2007: official panel Yep thats exactly what I said here.


SEE:
Black Gold
U.S. Economy Entering Twilight Zone

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sasset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,

Back To The Fifties

Deflation in Canada in the late 1950's led the Bank of Canada to create the floating Dollar. Now it's sinking.

Biggest inflation rate fall since 1959 raises deflation concerns
Economists fear deflation because consumers and businesses are more likely to delay purchases hoping that prices will fall further, slowing economic activity and business investments.
But more importantly, CIBC World Markets economist Avery Shenfeld said deflation often appears as the final nail in the coffin of a dying economy.
"Typically the only way you get deflation is if you've had a massive recession that has high unemployment rates and a lot of economic slack, so the conditions in which you get deflation are certainly not welcome," he explained.
One factor that may offset the potential for deflation is a recent drop in the value of the Canadian dollar. After starting the year near to parity with its American counterpart, the loonie, as the Canadian currency is popularly known, fell below 80 United States cents this week.

SEE:

Here Come the Seventies

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Here Come the Seventies

The U.S. cannot cut its interest rates much more or it will end up at zero.

US interest rate falls to 1 per cent

Which means that the U.S. is no longer facing infaltion but the very real recessionary spiral of deflation. The very thing that created the crisis of the Seventies.

Deflation now tops policy-makers' hit list
Globe and Mail, Canada - These are some of the disquieting signs that the once-distant spectre of deflation is looming larger on the horizon, now that economies around the world .
..Deflation: A Primer New York Times
Deflation is the new bogey word as crunch sends prices tumbling Times Online
Deflation worries send Dow below 8000 Washington Times

When your house is burning, there is no sense fretting over painting the fence. With the U.S. economy mired in what will likely be a recession of historic proportions—and an outright depression in some industries—it would be foolish to get too worked up over future inflation concerns. Oracle-of-the-moment Nouriel Roubini, in his Forbes.com column, forecast the following for next year:
“The advanced economies will face stag-deflation (stagnation/recession and deflation) rather than stagflation, as the slack in goods, labor and commodity markets will lead advanced economies’ inflation rates to become below 1% by 2009.”

Remember those wheelbarrows of cash Germans had to use to buy things after WWI watch for Americans to roll out the barrow.

Deflation is considered a problem in a modern economy because of the potential of a deflationary spiral and its association with the Great Depression, although not all episodes of deflation correspond to periods of poor economic growth historically.

And true to form the Austrians celebrate deflation as one of the great things about the Great Depression.

Now we get to the crux of the matter: the Great Depression. The assumption is that falling prices somehow caused the economy to crumble. In fact, it was the after-effects of the boom combined with massive government intervention that caused the depression. The only silver lining in the entire period of the 1930s was precisely the falling prices that made the dollar count for more. Falling prices (a falling cost of living) are what Murray Rothbard has described as the "great advantage" of recessions. If you can imagine the Great Depression without falling prices, you have conjured up an image that is far worse than the reality.
As Rothbard has said, "rather than a problem to be dreaded and combatted, falling prices through increased production is a wonderful long-run tendency of untrammelled capitalism. The trend of the Industrial Revolution in the West was falling prices, which spread an increased standard of living to every person; falling costs, which maintained general profitability of business; and stable monetary wage rates—which reflected steadily increasing real wages in terms of purchasing power. This is a process to be hailed and welcomed rather than to be stamped out."

Now with deflation rising on the horizon as Bush bails out the financial market this prediction from the CATO Institute holds a warning for the future.

The Bush Legacy: Deflation or Inflation?
by Steve H. Hanke
Steve H. Hanke is a Professor of Applied Economics at The Johns Hopkins University in Baltimore and a Senior Fellow at the Cato Institute.
Added to cato.org on September 24, 2008

Economists of the Austrian school of economics term this type of debt deflation a "secondary deflation". If the forces of a secondary deflation are strong enough, a central bank's liquidity injections are rendered ineffective by what amounts to private sector sterilization. When people expect prices to fall, their demand for cash increases and soaks up central bank liquidity injections. This phenomenon characterized Japan's economy during most of the 1990s.
But what if the Federal reserve--fearing a secondary deflation, as they feared (incorrectly) a mild deflation in late 2002--pushed the Fed funds rate lower (now it's 2%) and turned on the inflation switch by monetizing more debt? Given the growing mountain of government debt, there is virtually an unlimited potential. It's a scenario worth thinking about.

And that future is here and now.

This week's cover story in The Economist makes it more or less official. Deflation, not inflation, is now the greatest concern for the world economy. Over the past year, producer prices have fallen throughout the advanced world; consumer prices have been falling for the last 6 months in France and Germany; in Japan wages have actually fallen 4 percent over the past year. Until the recent crisis prices were falling in Brazil; they continue to fall in China and Hong Kong; they will probably soon be falling in a number of other developing countries.
So far, none of these price declines looks anything like the massive deflation that accompanied the Great Depression. But the appearance of deflation as a widespread problem is disturbing, not only because of its immediate economic implications, but because until recently most economists - myself included - regarded sustained deflation as a fundamentally implausible prospect, something that should not be a concern.

The point is that deflation should - or so we thought - be easy to prevent: just print more money. And printing money is normally a pleasant experience for governments. In fact, the idea that governments have a hard time keeping their hands off the printing press has long been a staple of political economy; dozens of theoretical papers have argued that the temptation to engage in excessive money creation causes an inherent inflationary bias in fiat-money economies. It is largely to combat that presumed bias that most of the world has accepted the notion that monetary policy should be conducted by an independent central bank, insulated from political influence - and has written into the charters of those central banks that they should seek price stability as their main, often only, goal.

And since we are being nostalgic here is the theme song to the CTV series Here Comes the Seventies....



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Turn About

"It is not a secret that in a real way this problem began in the United States
with completely inadequate regulation of the financial sector," Harper said in
Winnipeg. "Unregulated financial markets do not work. Canada has
known that for a long time. We all knew that from events of many decades
ago."

My, my now our neo-con, republican lite, libertarian free marketeer PM is proclaiming praise for state regulation. Like I said before when capitalism crashes there are no Austrians in fox holes. And as our PM has admited come a capitalist melt down there are no neo-cons in foxholes either.



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Huh?

NEW YORK, Nov. 13 /Standard Newswire/ -- The following text is of remarks by President Bush on Financial Markets and the World Economy:

History has shown that the greater threat to economic prosperity is not too little government involvement in the market - but too much.

Huh?

Hoover proves lack of government involvement led to the Great Depression. Here is Republican historical revisionism in it most blatant stupidity.Right wing American ideologues whether Republican, Conservative or Libertarian all try and avoid this obvious fact instead blaming the Smoot Hawley Act which was protectionist for the long Depression. In fact it was Hoovers hands off approach to the markets for three years that created the spiral downward. Smmot-Haweley and protectionist measures in Europe only agrivated that downward rush.

Bush, the Republicans, heck the liberals and the Libertarians in America live in a cloud cookoo land, one that imagines an artisan/farmer free market, free of monopolies, cartels and special business interests tied to the state. A time that is a fiction, a myth, of American Capitalism.

Ain't ever been such a creature nor is it the nature of American Capitalism and Imperialism.

Bush admits that capitalism is in a crisis; Faced with the prospect of a global financial meltdown
nations have responded with bold measures, and at Saturday's summit, we will review the effectiveness of our actions. This crisis did not develop overnight, and it will not be solved overnight.

And his solution is to keep on keeping on, capitalism is great, yep it has crisis, but heck its still the best system ever devised by humans.

This is a decisive moment for the global economy. In the wake of the financial crisis, voices from the left and right are equating the free enterprise system with greed, exploitation, and failure. It is true that this crisis included failures - by lenders and borrowers, by financial firms, by governments and independent regulators. But the crisis was not a failure of the free market system. And the answer is not to try to reinvent that system. It is to fix the problems we face, make the reforms we need, and move forward with the free market principles that have delivered prosperity and hope to people around the world.
Like any other system designed by man, capitalism is not perfect. It can be subject to excesses and abuse. But it is by far the most efficient and just way of structuring an economy. At its most basic level, capitalism offers people the freedom to choose where they work and what they do, the opportunity to buy or sell the products they want, and the dignity that comes with profiting from their talent and hard work. The free market system also provides the incentives that lead to prosperity – the incentive to work, to innovate, to save and invest wisely, and to create jobs for others. And as millions of people pursue these incentives together, whole societies benefit.

A nation that gave the world the I-Pod which is manufactured in China. Because as Reason magazine announced in 1999 that the world of the 21 Century was no longer America as the producer nation but America the consumer/service industry nation. A predicition that failed to understand that this would ultimately lead to a credit crisis, when a nation fails to produce value but rather lives on the value produced by others and lent to them.

Free market capitalism is far more than an economic theory. It is the engine of social mobility – the highway to the American Dream. It is what makes it possible for a husband and wife to start up their own business, or a new immigrant to open a restaurant, or a single mom to go back to college and begin a better career. It is what allowed entrepreneurs in Silicon Valley to change the way the world sells products and searches for information. And it is what transformed America from a rugged frontier to the greatest economic power in history - a nation that gave the world the steamboat and the airplane, the computer and the CAT scan, the Internet and the I-Pod.

Bush went on to defend capitalism, specifically post WWII American Capitalism, which itself is not a free market economy, but one of protectionism combined with state capitalism of the Military Industrial Complex. America subsidizes its aircraft manufacturerers, its agribusiness cartels, its auto industry, and has since WWII. To hear the President proclaim the glory of free markets and free peoples, is to also deny the hisorical reality which is American Capitalism. He further equates Japan's economic boom with American Capitalism, when in reality it is the result of State Capitalism. Japan used the Military Industrial Banking model for its development.

Ultimately, the best evidence for free market capitalism is its performance compared to other economic systems. Free markets allowed Japan - an island nation with few natural resources - to recover from war and grow into the world's second-largest economy. Free markets allowed South Korea to make itself one of the most technologically advanced societies in the world. Free markets turned small areas like Singapore, Hong Kong, and Taiwan into global economic players. And today, the success of the world’s largest economies comes from their embrace of free markets.

South Korea which itself is an other model of State Capitalism, with Military and Finance capital under a pro-USA military dictatorship finally evolving into a manufacturing fordist economy modeled on the success of Japan. As for Singapore and Hong Kong these two islands of free market economies are ruled by dictators, proving that capitalism can function without democracy.

Meanwhile, nations that have pursued other models have experienced devastating results. Soviet communism starved millions, bankrupted an empire, and collapsed as decisively as the Berlin Wall. Cuba, once known for its vast fields of cane, is now forced to ration sugar. And while Iran sits atop giant oil reserves, its people cannot put enough gasoline in their cars.

Oh sure free markets really work well, except Cuba is rationing sugar because they cannot compete with American subsidized sugar and the American led economic boycott of their country. No free market here.

As for the Soviet Union it collapsed because it lost the military race under Reagans expansion of military spending, the USA Military Industrial Complex defeated the Soviet Unions Military Industrial Complex. Capitalism did not defeat Communism, rather the American model of State Capitalism proved to be more flexible than the autarchic command economy model used in the Soviet Union. Unfortunately China proves that this autarchic command model can be flexible, and now American Capitalism is beholden to China for its national debt.

But Bush was not the only one to proclaim that Capitalism may be melting down but its still not the problem. In listening to their Republican masters voice, our own Finance Minister and PM echoed Bush's doctrine that capitalism has not failed.

In a piece in the Financial Times, meanwhile, Mr. Flaherty too had rare kind words for the invisible hand, downplayed grand global financial architectural plans and suggested that reform -- like charity -- should begin at home. "The open market system did not fail in this crisis," he said.

Prime Minister Stephen Harper is expected to join U.S. President George W. Bush in a defence of free-market capitalism and resistance to international calls for dramatic re-regulation of financial markets.


The ruling class recongizes that capitalism has once again failed, the bubble burst, the market crashed, what goes up must come down, the business cycle has not been superceded by globalization. The elephant in the room is socialism. The Republican Libertarian argument is to let the market decide, except contrary to their Libertarian dogma that market has come cap in hand to its State to bail it out. Opps. Guess real capitalism does not like the discipline of the marketplace. In attempting to not bail out the working class who is really suffering from this crisis with record home foreclosures, record unemployment and the very real threat of the meltdown of America's core manufacturing centre; Michagan, Bush and Harper need to couch the argument as a question of state intervention. The strawman they set up is to equate state capitalism, state intervention as socialism. Which it is not.

Capitalism cannot continue as it is. Temporary fixes like increased regulation, government bailouts etc. are not a solution to the crisis nature of capitalism. Socialization of capital is what is required. The fact that workers create captial, not business which only produces 'jobs', without workers capitalism collapses. This was clearly seen in Alberta last year during the height of the boom, when neither for love nor money could businesses find enough workers.
The result was many small businesses, you remember them they are the core of the economy according to Bush and Harper. closed.

Workers create captial, they circulate that capital by home purchases and by consuming the products they produce. They fund capital through their pension and benefit plans, pensions are called institutional investors in Wall Street, one of the largest sources of capital available currently.

The Canada Pension Plan fund said Wednesday it ended its latest quarter with a loss of more than $10 billion in the value of its assets, primarily because of the stock market turmoil that has battered share prices around the world.
But president and CEO David Denison said Canadians shouldn't worry that the loss will affect their current or future retirement benefits.
"This fund is designed to be able to withstand this short-term market volatility that we are living through, quite frankly better than any other fund in this country," Denison said in an interview with The Canadian Press.

Here is the true source of capital the working class blue, white and green collar, that produce and consume. And it is the means to change capitalism, the use of workers productive value matched by their pension funds and the corporate pension liabilities which are owed them, with capital from public pension funds, workers can then fund the corporations and run them themselves.

In Quebec there are labour funds as well as the Cassie Popular, the credit unions which have enormous reserves of workers capital to be able to use for promoting workers control of industry. In the rest of Canada workers whose credit unions are mimicing banks, need to take control of them and use this vast reserve of capital to invest in worker controled industries.

With the socialization of capital under workers control, the question of bail outs and regulation of the market become moot.

This is the socialism that Bush and Harper fear. This is why they distort the definintion of socialism equating it with state capitalism and command economies. Which socialism never was about. It is about the need to socialize captial to benefit those who create it; the working class.

It is the working class who are the real investors in capitalism, not those investors on Wall Street who play the market. The working class exists because of capitalism and capitalism exists because of the working class. As this crisis deepens and government intervention fails to stop the melt down, the only solution that will become clear is the need for socialization of capital under workers control.


SEE:
STFU 'W'
October Surprise Was The Market Crash
No Austrians In Foxholes
CRASH
The Return Of Hawley—Smoot
Canadian Banks and The Great Depression
U.S. Economy Entering Twilight Zone
What Goes Up...
Wall Street Mantra
Bank Run

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socialism,
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George W. Bush,
asset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,Bernanke, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession,

Political Astrology of the US Election

I came across an interesting article on political astrology of the U.S. election day, Nov. 4, predicting Obama's win.

The celestial events taking place now are amazing. Pluto rules nations, and Capricorn rules governments. The last time Pluto was in Capricorn was from 1763 to 1778.This was the time of the American Revolution which culminated in the signing of the Declaration of Independence on July 4, 1776.The next time that Pluto was to return to Capricorn was this November.
Today, the planet Saturn is in direct opposition to the planet Uranus. Saturn represents the status quo; and Uranus represents revolutionary change at a grassroots level. These two opposing forces meet each other head-on!
When you look at the charts ofMc-Cain and Obama, we see McCain is a Virgo, with moon in Aquarius and Pisces Rising.
Obama is a Leo, with moon in Gemini and Aquarius Rising.
Both these guys are successful go-getters. What will make the difference is which one of their charts has the strongest connection to the chart of the U.S. based on July 4, 1776, 2:24 p. m. I'll cut to the chase and tell you right off--it's the chart of Barack Obama, hands down.

Along with this being a once in a 250 year event Pluto in Capricorn means a major realignment of the world economy as well.

On November 27th Pluto goes back into Capricorn until 2023. If you ever wanted a signal that the world is in major reconstruction follow the path of Capricorn for the next fifteen years. The mantra that I give the transit of Pluto in Scorpio is ‘brick by brick and stone by stone’.

There's plenty of blame to go around for why the nation and the world finds itself in such a financial pickle. Greed. Lack of regulation. Too much easy money.
But some astrologers put much of the blame on that pesky one-time planet Pluto. Rumson astrologer Flo Higgins said Pluto is moving from Sagittarius (laissez-faire attitude, not following rules) to Capricorn (conservative, regulated).
"Things have got to be destroyed and rebuilt and that's what's happening in the world," Higgins said. "We're not doomed to eternity like this. It'll be okay, but we have to go through some life lessons.

Those who pooh-pooh astrological predicitions forget that they are essentially mathematical formula's, and their predictability is over the long term. And given their predicatability, they function well for long term global events. As for being irrational, as my skeptical friends like to dismiss them, nothing can be more irrational than Stock Market Capitalism.

For instance here is an interesting political astrological pre-election predicition.....

Saturn vs. Uranus: The Smackdown
Friday, October 31, 2008

On Tuesday, November 4th, Saturn in Virgo will be exactly opposite Uranus in Pisces. This hasn't happened since 1967, when the two planets were reversed -- Saturn in Pisces and Uranus in Virgo. Again in 2008, the times are indeed changing, as Dylan said. Back then we had the Vietnam war and the summer of love: two distinctly opposing poles in a roiling paradigm shift. Now we have youth, charisma, and hope writ large in the symbol that is Barack Obama. He has inspired millions and gotten us to take to the streets in a living, breathing network of change-making. All the organization and grassroots fundraising he's done is a testament to these beautiful progressive values. It is indeed interesting that Obama has Aquarius rising (the sign connected to the planet Uranus.) On the other hand, we have John Mccain, whose Saturn in Pisces is opposed to the Cosmic Taskmaster's current placement in Virgo. He's also a Virgo sun, so Saturn is sitting right on top of his sign, affecting his health, happiness, and making him angry all the time. Americans have a major choice to make right now, and the world is watching with baited breath. We can choose hope (Uranus/Obama) or we can choose fear (Saturn/Mccain). Just a quick word about the insanity of election day aspects: it doesn't look like it's necessarily going to be over by midnight. The moon and Mercury both change signs that day, Mars squares Neptune, and Saturn dukes it out with Uranus, putting everyone on edge. Be vigilant, and vote early if you can in your state. If not, clear your schedule and wait as long as it takes on that line at the polls. Document your experience there with your cell-phone camera. Don't be cowed by anyone that tells you can't vote -- voting suppression will be out in full-force in swing states, but documentation of irregularities will go far to prevent another stolen election. Even if we have to wait days, weeks, or months for a final result, let's hope that it reflects our democracy's best intentions.

India is awash in astrologers as well as mathmaticians and theoritical physicists, all of whose predictions are based upon the Vedic system; whether mathematical or astrological. And they too predicted Obama's win.

Indian astrologers predict sweeping Obama win
AFP - 30 Oct 2008


I have posted before on political astrology....

The Monkey On Paul Martin's Back

Year of the Pig and the Liberal Green Alliance

Burma's Curse

And I am not the only one to note the signifigance of te political astrological impact of the American election....

Obama, by Jupiter!
If the stars were aligned today for the coronation of the king of Bhutan, what does the president-elect's horoscope foretell?
Jupiter is why former president Ronald Reagan, a keen follower of astrological advice, took office as governor of California in January 1967 at the bizarre time of quarter past midnight. The giant planet was then high in the sky, promising a prosperous term for the king of the B movies. So it proved.
Might Jupiter have been similarly shining down on the victory of Barack Obama two days ago? Actually, no. By the time Obama was greeting the crowd in Chicago's Grant Park, Jupiter and most of the planets were below the horizon.
However, those looking for astrological omens for the Age of Obama (quite a few people, as a glance on the web confirms) have already noted that his inauguration – at noon on January 20 2009 – finds Jupiter perfectly aligned alongside the sun at the peak of the event's horoscope.
Most astrologers would look at the chart of the event and find it promising. By contrast, the inauguration of George W Bush in 2000 came dominated by Mars, planet of war.


So lets look at the new leadership of the U.S.

Barack Obama Astrology Natal Horoscope Report

Michelle Obama's Astrology Chart: The New First Lady - SpiritNow

Joe Biden is a Scorpio and is well suited to be the watery fire sign, not unlike Michele's Capricorn which is a watery earth sign, to balance off Obama.

Like many celebrities, Joe Biden has a stellium (more than three planets in one sign) in his chart. He has four planets in Scorpio, meaning that this is not a man to be messed with. He has the sun, Venus, Mars and Mercury in Scorpio. This line up speaks of pure power, as Scorpios are very good at politics, but they are ruthless when crossed! This many planets in Scorpio would also account for his incredible charisma.

And it is interesting to note that Sarah Pallins chart, she is an Aquarian, reveals her true self, which is that because of her Uranian/Neptunian nature she is a trickster. She is not what she seems.Scorpio is Novembers sign and it was not good for Pallin. She stung herself to political death.

All of these "sudden revelations" about Sarah Palin do smack of Uranus, though, and sure enough using this chart we have transiting Uranus retrograding over her progressed Midheaven. That would fit perfectly with her being picked out of nowhere and then this rapid meltdown.

Irene Mack
October 28, 2008 12:37 PM
Her Aquarius planets square Neptune in Scorpio. Transiting Neptune is on her Sun, reinforcing the Neptunian energy. Am I the only person here who is seeing someone who isn't who she professes to be? It's obvious to me that she's a phoney. Unfortunately, with that Neptunian energy she has going, she does have some people hypnotized into believing she's the real thing. And Venus in Aries. Please.She loves herself first.


I have posted here before about how Obama models himself on Lincoln....so lets look at their astrological coorespondence;

Barack Obama vs. Abraham Lincoln
September 22, 2008 ·
Their career paths have been compared, and almost parallel in their meteoric rise from being state legislators to Presidents (in Obama’s case potential president). But what do their charts say. Are they similar? And if so how? Let’s take a look at the man who helped start the Republican party and the current lead Democrat.

Others have gone further in associating Obama with Lincoln and indeed with JFK through their astrological charts, let alone Obama's adoption of their political iconography.

Last March, prominent psychic, Gordon Michael Scallion, speaking to a group at the A.R.E. (Association for Research and Enlightenment, The Edgar Cayce Foundation) in Virginia Beach, channeled the information that Obama is a reincarnated Abe Lincoln-- a compelling if improvable thesis. Lincoln may have freed the slaves and defeated the Confederacy, but he did not live to complete his mission of reuniting the nation. Many of the deep divisions that persist today are the legacy of a reconstruction gone awry. Obama is passionate about uniting the country, as if to complete Lincoln’s unfinished business. His statement I don’t see red and blue states, I see the United States, echoes Lincoln’s sentiment to bind up the nation’s wounds. Pundits are already predicting that the electoral map will morph into the color purple. Obama often cites the motto on the Great Seal epluribus unum, out of many one. Unity is essential if we want to effect real political change and fulfill the founders’ vision.

And while saying Obama is the reincarnation of Lincoln is pushing it the political iconography being used by Obama of continuing the Lincoln legacy is psychically potent as a political metaphor within the American mindset as he well knows.

The Presidential Inauguration will be held on January 20, 2009. A week of festivities will include the Presidential Swearing in Ceremony, Inaugural Address, Inaugural Parade and a night of Inaugural Balls and galas honoring the new President of the United States. The theme for the 2009 presidential inauguration will be "A New Birth of Freedom," commemorating the 200th anniversary of Abraham Lincoln's birth. The words come from the Gettysburg address, and express Lincoln's hope that the sacrifice of those who died to preserve the nation shall lead to "a new birth of freedom" for our nation. The theme is particularly appropriate in light of the historic election of Senator Barack Obama.

Words of Lincoln Will Be Woven Into Obama Inaugural Activities

And lets not forget that when Obama won his first primary we were still in the Chinese Year of the Pig...we are now in the last phase of the Year of the Rat...... by the time he takse power we will be in the year of the Ox.

A Rat Year is a time of hard work, activity, and renewal. This is a good year to begin a new job, get married, launch a product or make a fresh start. Ventures begun now may not yield fast returns, but opportunities will come for people who are well prepared and resourceful. The best way for you to succeed is to be patient, let things develop slowly, and make the most of every opening you can find.

the year of the Rat is still ruled by the cold of winter and the darkness of night. Those who speculate indiscriminately and overextend themselves will come to a sad reckoning.

In the Chinese zodiac, McCain is a rat and Obama is an ox. "2008 is a rat year, but next year is Year of the Ox and that favors Obama," says Weber. According to Weber the rat is a sign ruled by water and that makes McCain's personality one that conflicts with the energy of the coming year and explains much of his actions. "Looking at McCain during the debates, you could tell his emotions fluctuated and, like water, were more fluid."
Rats are considered positive, charismatic, hardworking and industrious and their negative qualities are over-ambition, ruthlessness, intolerant and scheming. If McCain came into office, it's possible that his emotions would get the better of him, as he's often known for a hot temper and quick reactions.
"Watching Obama in the debates showed his Ox qualities of being unflappable and steady," Weber explains. An ox is associated with the earth element and is known for being dependable, calm, methodical, and resolute and their negative qualities make them stubborn, materialistic, rigid and demanding.
According to Weber, McCain's rat energy would keep him from being effective in the Oval Office because the 2009 energy is earth and earth dams water. "It would be a "dammed" presidency from the start," she quips. Even so, rats are industrious and opportunity-driven and have great qualities for business, but with next year's energy, the rat energy isn't harmonious because water added to earth makes mud.
Obama, on the other hand, has earth qualities that will create a harmonious start with the earth energy of next year, and Weber explains, that next year has a double earth energy making the steady approach of the next president important in order to settle down the "rollercoaster we've been on" and take care of important things like America's standing in the world and investing in American infrastructure. "You could look at it as McCain's Year of the Rat is almost over, but Obama's Year of the Ox is the future. Speaking purely to the feng shui of time and energy, feng shui supports Obama over McCain."

A rat's life
For those who believe that the world is shaped by historical coincidence (a small minority populated entirely by sports commentators), a more worrying US election trend is also visible - 2008 is the Chinese Year of the Rat. In five of the last six Year of the Rat American elections - 1996, 1984, 1972, 1948 and 1936 - the incumbent president has been re-elected.
George W. Bush's greatest political asset has been his ability to win elections in which he seemingly had little or no hope either before or after the votes had been cast.
Let us hope that this Rat Year election proves a bridge too far even for him.

The Year of the Rat has been a rough one for China's richest, with fortunes being dragged down amid a 60% plunge in mainland stocks and a 50% drop in Hong Kong shares in 2008. The combined net worth of the 400 richest dropped to $173 billion from $288 billion. The top 40 lost $68 billion, or 57%. The minimum net worth slipped $20 million to $180 million.

On the Western calendar, the start of the New Year falls on Monday, January 26, 2009 — The Year of the Ox.

The OX year is a conservative year, one of traditions and values. This is not a year to be outrageous. A slow but steady year.This OX year will bring stability and growth where patience and diligence pays off.
This is a year of Harvest - when we reap what we have sown. Take care of business this year, do not let things slide.


SEE:

The First Computer- Second Century B.C.

Snake Oil Saint

1666 The Creation Of The World

Lucky Number 7

Godel, Cantor, Wiener and Schrodinger's Cat

Kabbalistic Kommunism


Tags:
Barack Obama, Barack, Obama, astrology, America, Michelle, Senator, Chicago, Illinois, USA, politics, Democrat, President, Presidentialrace, John McCain, republican, U.S.presidential election