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Monday, November 26, 2012

Capitalism Isn't Possible Without the State

Posted by on Mon, Nov 26, 2012 at 8:17 AM

I share this conclusion with the American Marxist Leo Panitch...

Marxist theorist Leo Panitch argues that the role of nation state in the development of global capitalism has been overlooked. He picks out key moments, outlined in his new book The Making of Global Capitalism: The Political Economy of American Empire that demonstrate the intimate relationship between modern capitalism and the American state.
The issue is not about big government or small government, but who gets the most out of government. So, when you hear the Wall Street types going on and on about decreasing the size of government, know that they mean decreasing the size of government that services public rather than private interests.

As more and more Americans realize this fact, the louder and louder will be the call for a break between government and Wall Street.

The best way to make sure that the next secretary of the Treasury is not overly beholden to Wall Street might be to hire a woman.

There are several female candidates in the running to take over the job expected to be vacated fairly soon by Tim Geithner. The selection of any one of them would break up one of the last remaining all-boys clubs in the top echelons of the federal government.

It could also break the financial services industry's extraordinary hold on fiscal policy....

Very few women have gotten anywhere close to positions of leadership in the largest U.S. bank and securities firms. When it comes to Wall Street, "women are by nature outsiders," said Mark Thoma, a University of Oregon economist and blogger. "Not by their nature," he noted — but because of how Wall Street currently works.

Indeed, the only reason why you find this talk about cutting the deficit everywhere you go is because of Wall Street.
In the current environment, Wall Street's clout is so great that it controls the political discourse in Washington. Why else, asked Stephanie Kelton, an economics professor at University of Missouri-Kansas City, would we be talking about deficit reduction rather than economic growth right now?

Her answer is that the contraction of Social Security would serve Wall Street's interests by driving more retirement money into private accounts, so for them it's the top priority.

Capitalism only wants more of your government.


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treacle 1
Interesting. Relatedly, D.Graeber argues that the only truly free market occurred around the Saudi Arabian peninsula between about 800-1400 AD. The state was not involved in commerce at all, and usury was considered a sin. Consequently all trade took place without any interest on loans or money in general.

Truly free trade exacted no interest. Not what economists today would expect.
Posted by treacle on November 26, 2012 at 9:22 AM · Report this
The issue is not about big government or small government, but who gets the most out of government.

Truly, but the vile soulless ones who always convey the message, since they own the medium, and the medium is their message, always frame everything in their bipolar method:

either -- or

big government -- small government

taxes -- no taxes

Similarly, the way Nassim Taleb, in his book, The Black Swann, attempted to explain why probability and the bell curve are highly flawed, etc. (Always suspect anyone using the "coin toss" to explain probability: only positing two possibilities, when in reality there seldom ever, ever exists just two possibilities to an event or situation, such thinking is self-defeating from the getgo.)

Control of government, financial manipulation and the rigging of markets --- the usual MO.

Some time back I was explaining to an idiotic reporter the necessity of reading, actually reading, the subject he was pontificating upon; otherwise, it's the same as going to a virgin for advice on sex!

To all those morons who've never read the Warren Commission report, then rant and prattle onl about "conspiracy theory, conspiracy theory" -- sounding like complete and total idiots, or simply members of the species, Ignoramus Americanus, there are hundreds if not thousands of the following bizarre instances.

In the report, there appears various interview and accompanying depositions. One such involves one of the assistant counsels, Leon Hubert, questioning the Mayor of Dallas, Earle Cabell about whether he'd seen Jack Ruby at the hospital where they transported President Kennedy to after he was shot.

Hubert suggests Mayor Cabell would recognize Ruby, since his face has now appeared in the newspapers (the deposition interview took place around 9 months after the assassination of JFK and after Ruby had murdered Oswald), and Cabell responds that he'd recognize Ruby anyway, since he personally knew Ruby for a number of years!

Most strangely, Hubert, a Phi Beta Kappa law school grad, never follows up as to how the mayor knew Jack Ruby, murderer of Oswald, nor in what capacity --- how very, very bizarre?

Even ignoring the salient fact that Mayor Earle Cabell was the brother of the former deputy director of the CIA (worked for Allen Dulles), who was fired by President Kennedy, along with Allen Dulles and Richard Bissell, and the later reports (from multiple sources) that it was Earle Cabell who issued the last-minute order for the presidential caravan to do a detour in front of the Texas School Book Depository, the interview is truly bizarre.

(Of course, later FOIA requests of FBI files will show that the FBI had damning files on all the assistant counsels involved with the Warren Commission --- which doesn't necessarily mean the FBI blackmail files were factual, but their files were considered sacrosanct back then!)

Only the most ignorant and uneducated are still unaware that America is a corporate fascist state.

'nuff said.....
Posted by sgt_doom on November 26, 2012 at 11:01 AM · Report this

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