Tag Archives: finance

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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Filed under Neo-Liberalism

Cricket – Sachin Tendulkar and the Subaltern

I love the contradiction and irony of this.

Source: Times of India

We have the greatest batsman in the history of cricket on the one hand, making history yet again by becoming the highest run-getter in Test Cricket.

Juxtaposing that individual brilliance is the Sensex (Indian Stock Market) dipping below 10 K yesterday thanks to the US-led global financial meltdown.

Congratulations to the Master Blaster for succeeding where neo-liberal markets have failed; after all markets are not for ‘uniting’ peoples or nations, and building solidarity. However, employing the legend of Sachin Tendulkar is a win-win game for global capitalism even if the Sensex does not show it.

Such is the strength of the human spirit and national pride, that the Indian media called Sachin Tendulkar ‘King of the World’ and announced that 1 BILLION Indians are celebrating this proud moment. It was a moment of ‘national unity’ maybe even Pan-Indian unity, in the midst of a financial crisis that has bankrupted businesses, left thousands jobless and worried about their future. I can only speak for myself; sick, hungry and fasting all the way in the United States but up at 2am to see the historic moment.

I don’t know how the subaltern feels about Sachin Tendulkar and this historic moment. Tendulkar is the Mahatma Gandhi of Indian cricket — his story, his legend perpetuates the Indian space as a universal solvent or solution for caste divisions, religious differences and communalism. From an industrialized-nation standpoint, cricket is considered a ‘subaltern sport’ and mistakenly-so.

We can hardly call it subaltern in the world of corporate sponsorship and ownership. Cricket was part of the colonial seduction, the colonial paraphernalia of the British Raj and co-option by Indians was of the utmost importance to British empire. It was only through making Indians part of the game, making them consumers of yet another colonial product that an elitist sport, considerably a ‘gentleman’s game’ like cricket instead of kabaddi or gulli danda, became a national sport, a site for national glory.

As a legacy of British colonialism, cricket presents a strong critique of the term ‘post-colonialism.’ After all, how post-colonial can India be as a country if it has simply adapted a British sport and turned it into the national sport of India?
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Filed under Desi, Neo-Liberalism, Sports

What is meant by a Credit Crunch?

Confused by all the talks on sub-prime mortgage lending, credit crunches and the other financial lexicon flying about during the bailout?

This illustration is a start:

img93/9123/diminishingloanskm4.jpg

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Top 10 U.S. Bank Failures

img112/8535/usbankfailuresnb1.jpg

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A History of Federal Bailouts …

during the crisis of capitalism …

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Filed under Politics