[Marxism] Michael Hudson on the "fiscal cliff"
fuerdenkommunismus at yahoo.com
Fri Dec 28 10:17:53 MST 2012
Daniel Rocha wrote:
> Living in debt will only delay the day payments cannot be realized.
No, this is wrong, but unfortunately a very typical line of reasoning for some Marxists, who tend to sound like neo-classical economists whenever they discuss finance.
For years, Marxists like Doug Henwood and many others have been pointed out that far from being an "unhealthy" epiphenomenon to capitalism, finance is -- and always has been -- it's core, and Marx understood this fact.
When a debt is "repayable", and when a country is "bankrupt", is a question of class struggle and the balance of forces. That's why Japan and the US can carry debt levels that far exceed Greece's, despite the latter being declared "bankrupt" by international financial and political power structures.
Here, I think, is an approach to government state debt that doesn't take the problematic "payments cannot be realized" line that Daniel articulates above.
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