[Marxism] Karl Marx vs the crisis-deniers ...

Angelus Novus fuerdenkommunismus at yahoo.com
Tue Jun 10 16:29:11 MDT 2008

Steve Palmer:

> What Marx did say was that capitalism has inherent 
> tendencies to crisis (the barrier to capitalist 
> production is capital itself); that the crisis is
> capitalism's healing mechanism, which, through the 
> devaluation of capital, driving down of wages, 
> massive unemployment, collosal reorganization of 
> material production creates the conditions which 
> allow profitability to be restored, accumulation to 
> restart and to pull itself out of its crisis. 

This is almost exactly the point Michael made in the
article, which caused Louis to liken him to

Did you even read the article?

> There seem to me to be consequences which flow from 
> his interpretation which result in his adoption of a
> variant of the currently fashionable 
> 'financialization' theory, which sees the current 
> crisis the result of some voluntary activity
external > to the capital relationship

Stop parading your ignorance.  Michael's controversies
with figures like Wolfgang Fritz Haug, etc. are rooted
precisely in the fact that he sees finance and money
as *central* to the capital relationship, not
something external to it.

Doug Henwood (who called this piece by Michael
"excellent") is another thinker who stresses the
centrality of Marx's analysis of finance for his work
as a whole.  That is why Michael always stresses the
need to read Volume III.


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