'Democratic Money' & the Tragedy of Anti-Marxism (wasRe:Populism)

Max Sawicky sawicky at epinet.org
Sat Nov 13 20:14:10 PST 1999

. . .
> all such theories is "money = language." In one of his books Pound
> makes a statement that all materialist theory is refuted by the fact
> that the King's stamp gives the coin its value. . . .

Yeah well Pound is an idiot. And I don't mean in the elegant greek sense. The King's stamp is not immaterial -- quite the contrary. The power of the state, from which fiat money derives, makes money a real economic institution with real economic effects. In a malign sense, it is a device for facilitating indebtedness, typically to the state and to capital. In a positive sense, it facilitates exchange and real capital formation. It is not a "symbol system."

Nor is the state is not a conspiracy implying a counter-conspiracy. The state's use of money -- the respective interests of assorted elites in its use -- is as plain as day. Well, almost.


More information about the lbo-talk mailing list