[lbo-talk] Michael Hudson - 'From Marx to Goldman Sachs: The Fictions of Fictitious Capital'

[Max Sawicky]

Innocent question directed at nobody in particular, from one not deeply
versed in Marx.  Isn't the fundamental process of using money (in all its
forms) to make money basic to the instability, inefficiency (waste of
misdirected real investment), and injustice of the system, so that
financiers et al as the tribunes of this process become themselves central
to the whole mess?

I take the point that finance is not separate from production, nor that
bankers are separate from industrialists.  But if that is so, it would seem
that finance is the stage upon which everything falls apart -- the
centralization that fails to rationally allocate resources.

On Mon, Aug 2, 2010 at 5:15 PM, socialismorbarbarism <
socialismorbarbarism at gmail.com> wrote:


> Doug H: "Well, yeah, but there's also this, from Capital vol. 3 (p.
> 678 of the Vintage ed - I almost called Wall Street Fabulous Parasites
> in honor of this passage):
>
> 'Talk about centralization! The credit system, which has its focal
> point in the allegedly national banks and the big money-lenders and
> usurers that surround them, is one enormous centralization and gives
> this class of parasites a fabulous power . . .
>