14 June 2009 ~ 0 Comments

What the World Economic Crisis Teaches Us About Capitalism

This is a must-read piece from an editor of GegenStandpunkt in Germany, now translated into English.

Everyone knows that this is dangerous for money. The newspapers write that inflation is imminent, even a currency reform – where money is deleted after all. For rescuing the banks, money is deleted in the end. What does this once again reveal? Everyone knows that this is the most crazy money printing action that has ever been brought under way – and they all say at the same time that this is necessary. They say at the same time that an alternative would just be impossible. So they profess that finance is the true wealth of society: this stronghold of the equation that every piece of money is more money, which the banks administer, this power to draw advance of capital out of the sleeves, to create it, wherever there is an opportunity to make business, this power is the true wealth of capitalistic nations. This is what these nations depend on, or to say it in other words: with this radicalism, by which they now are rescuing their banks, the governments profess the reason of state prevailing here: they risk their own financial power in order to rescue the private one.

It is through the power of finance (financial capitalism) that capitalistic nations hold economic monopoly over the world.

The whole article is here.

For more on the economic crisis from a heterodox perspective, see URPE.

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