Modern Capitalism – The Marxist View: Part 7

 

Treachery!! Предательство!!

The feared “Soviet” secret service, the KGB, was always controlled by the the CIA (Central Intelligence Agency of the USA). As such, the CIA — KGB played an insidious and decisive role in the destruction of the Soviet Union.

The KGB’s successor in conspiracy, the “Russian” secret service FSB (ФСБ — Федеральная служба «безопасности» России) is likewise controlled by the CIA.

Among the manifold CIA – FSB tasks in stifling Arnold Lockshin is to block almost all commentaries sent in response to my material on the internet.

Arnold Lockshin, political exile from the USA living in Russia

ФСБ — Федеральная служба «безопасности» России — по приказу своего секретного постоянного хозяина — американского ЦРУ блокирует почти все отправленные мне комментарии.

И это далеко не всё.

Арнольд Локшин, Политэмигранта из США

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Crises come, crises go. At a huge human cost.

In Marx’s time, crises occurred with rather consistent regularity every decade or so “and later at more lengthy and less definite intervals” (VI Lenin, Collected Workers, Vol. 21, p. 47-48). The Great Depression of the 1930’s was unprecedented for its scope, depth and duration. Stock market crashes and recessions have occurred since that time, but in the advanced capitalist world, the bone-crushing near-collapse of the 1930’s has not been repeated – so far.

As we shall explain, a qualitative and irreversible distortion of the capitalist monetary system combined with massive governmental debts has delayed the next major crisis. But has not and cannot stop indefinitely a major, world-wide economic collapse. The inevitable crisis has simply been delayed, and the artificial measures used to keep the ship afloat will only intensify the huge economic disruption yet to come.

Money: a commodity in spite of all denials. In capitalism, all commodities are exchanged for other commodities. In modern capitalism, we can exclude barter – the direct exchange of non-monetary commodities with eachother – as an insignificant factor in economic life.

Marx was emphatic that money is a commodity. “That money is a commodity is therefore a new discovery only for those who, when they analyze it, start from its fully developed shape… some writers have been led to hold that the value of gold and silver is imaginary. The fact that money can, in certain functions, be replaced by mere symbols of itself, gave rise to that other mistaken notion, that is it itself a mere symbol…

Money, like every other commodity, cannot express the magnitude of its value except relatively in other commodities. This value is determined by the labor-time required for its production, and is expressed by the quantity of any other commodity that costs the same amount of labor-time… I assume, for the sake of simplicity, gold as the money commodity” (Vol I, p. 94 – 97).

As capitalism developed, it became inconvenient to use gold or silver directly as a means of payment, and tokens issued by banks or .governments were used instead. These tokens first appeared as coins, which usually contained some but not necessarily the complete value of the precious metal that they represented. Then came paper tokens (currency). “Things that are relatively without value, such as paper notes, can serve as coins in its place. This purely symbolic character is to a certain extent masked in metal tokens. In paper money it stand out plainly” (Vol. I, p. 127).

But here is the catch: “The State puts in circulation bits of paper on which their various denominations are printed. Insofar as they actually take the place of gold to the same amount, their movement is subject to the laws that regulate the currency of money itself. A law peculiar to the circulation of paper money can spring up only from the proportion in which that paper money represents gold.. Such a law exists; stated simply, it is as follows: The issue of paper money must not exceed in amount the gold (or silver, as the case may be) which would actually circulate if not replaced by symbols…” (Vol. I, p. 129-130).

The issue of paper money must not exceed in amount the gold (or silver, as the case may be) which would actually circulate if not replaced by symbols.” This is the catch. In modern-day capitalism, this very law is constantly violated — everywhere. Marx warned, that if this were the case, the money would fall into “disrepute.” WATCH OUT: BIG DANGER AHEAD.

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