[lbo-talk] Leninist/Maoist Finance?

[boddi satva]

On 1/6/06, Wojtek Sokolowski <sokol at jhu.edu> wrote:
> Cmde. Boddi:
>
> > The essential thing is where the money
> > came from. It came from a state
>
> Huh?  What state prints is not worth the paper on which it is printed when
> it is not backed by the product produced by labor.  Money in Eastern Europe,
> like in any other country on Earth, came from labor - state (in EE and
> elsewhere) merely issued certificates of the value produced by that labor.
>
> Wojtek

Well I would say that it issued certificants based on some estimate of
the value produced by labor. But the point is that the state had the
right to mediate the exchange of the national product with the
certificates it issued. So had the tsar, but the Soviet state
broadened that system and valued the work of its workers much more
highly - by printing more cash.

boddi