"The working class and the employing class have nothing in common." –IWW Preamble, 1905
Comrades, history has offered us an opening which, if we fail, will not come again in our lifetimes.
A talk with Loren Goldner on the current capitalist crisis.
The world is still in the early phase of an inflationary blow-out centered on the indebted “U.S. consumer” as the “locomotive” of the world economy.
Incredible as it may sound, ever since the late 1950’s, the world economy has been tossing around a “hot potato” of an ever-increasing mass of “nomad dollars” (dollars held outside the U.S.) whose actual conversion into tangible wealth would plunge the world into a deflationary crash.
The fundamental problem for U.S. capitalism is to globally circulate the mass of fictitious capital that has built up over 45 years of subsidized dollar hegemony, making possible that capital’s valorization by extracting an adequate amount of surplus value.
Without any distinction between productive and unproductive labor, and without a serious look at the social reproduction of labor power, and without an awareness of how the vast inflow of foreign capital into the U.S. stock market skews figures for “American” firms, what can figures on “profits” mean?
PDF available for download.
1971 was the closing act of a drama which began with the unilateral creation of the Breton Woods system by the U.S, in the closing phases of World War II.