Ted Reese
@Grossmanite
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https://t.co/HpUlFlfrDA Author of: Socialism or Extinction • The Thought of Henryk Grossman • Abundant Material Wealth For All
Joined January 2018
Trump or no Trump, capitalism's collapse is unavoidable. Surplus capital that can't be profitably invested steepens before every recession - and more steeply than the one before. IF YOU DON'T WANT A DEPRESSION, YOU NEED COMMUNISM.
🎦🍿.The INEVITABILITY of capitalist breakdown: Overaccumulation NOT underconsumption or overproduction .
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Not to mention that life expectancy is going to fall dramatically as capital continues to bleed dry the economy and the public purse
Almost a third of people never make it to the age of 70. This means they will pay in all their working lives and never receive a penny in state pension. This is a morally unacceptable cut. Yet there is money left for a huge increase in military spending.
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The MMT solution, like all social democratic reformist solutions, is only sustainable if the state goes on to buy up the whole economy – in which case the Marxist solution is realised.
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Can the state then print and spend more money to put re-achieve full employment without the inflation that MMTers admit would become a problem? No; at some point the problem obviously worsens and capital, unless it rolls over and dies, is forced to fight back against rising wages.
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If the state can always ensure full employment, as MMTers claim, then the state's spending on wages raises the bargaining power of *all* workers and capital's outlay on wages – relatively as well as absolutely – weakening profitability. Companies go bust – and jobs are. lost.
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Key takeaways: MMT claims about taxes, borrowing and money creation are moot because the law of value regulates production. Whether the state relieves the economic crisis by funding the public or private sector, the crisis roars back with a vengeance
▶️ Marxism vs MMT | Ted Reese vs Richard Murphy | For capital, austerity is not just a political choice.
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▶️ Marxism vs MMT | Ted Reese vs Richard Murphy | For capital, austerity is not just a political choice.
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RT @philippilk: Sorry. The per capita GDP stats are increasingly fake. We need a new metric for comparing different countries. https://t.co….
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RT @NormalIslandNws: BREAKING: Police have confirmed they did not arrest the protesters holding a "kill 'em all" banner outside an asylum h….
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Capitalism will replace you with a robot to cut costs too, Reem
8 million people are now on universal credit. 3.7 million people are not required to even look for work. How has this happened?
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RT @WordMercenary: No sorry I'm not letting this go, we had several months of the government telling us we need to force the disabled into….
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RT @BenjaminNorton: The job of US politicians is to defend US monopoly capital:. Europe's largest airline, Ryanair, wants to buy safer, low….
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Mad to think about how and why capitalism mangles human feet - especially those of pro athletes
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The aim of this operation is to stir up, reinforce and strengthen misogynistic attitudes. At least it might as well be.
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State Monopoly Capitalism (whereby capital accumulation – bc profit=growth=devaluation=less profit per commodity – is increasingly dependent on the state and monopolisation) is an evolutionary process increasingly necessitating State Monopoly Socialism (total state ownership)
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RT @CraigMurrayOrg: I have a leaked copy of the report of the government's Joint Terrorism Analysis Centre (JTAC) into Palestine Action. I….
theguardian.com
Huda Ammori says No 10’s allegations go against its own intelligence assessments, as pressure grows over mass arrests
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In July, over 53% of industries in the US were cutting jobs
fortune.com
"Things could still turn around if the economic policies weighing on the economy soon lift. But that looks increasingly unlikely."
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RT @GreenRupertRead: Not content with acts of genocide in Gaza, the IDF are now busy with wanton, tragic, despicable acts of ecocide in the….
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That is to say, the cost of innovating AI in the US is so much higher than in China because the US has an extremely high ratio of capital:labour in production, now resulting in its highest ever overaccumulation of (surplus) capital that can't be reinvested profitably
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