Is inflation coming back in the major capitalist economies? As the US economy (in particular) and other major economies begin to rebound from the COVID slump of 2020, the talk among mainstream economists is whether inflation in the prices for goods and services in those economies is going to accelerate to the point where central banks have to tighten monetary policy (ie stop injecting credit into the banking system and raise interest rates). And if that were to happen, would it cause a collapse in the stock and bond markets and bankruptcies for many weaker companies as the cost of servicing corporate debt rises?Inflation and financial risk
The longest chapter in Capital is the fifteenth, on “Machinery and Large-Scale Industry.” At almost 150-pages, it’s really a book in itself, a staggeringly dense and expansive discussion that could easily standalone—not only as a brilliant exegesis of capitalist machinery, but also as a sweeping social history of technology. At its broadest reach, the chapter is a vivid demonstration of historical materialism in action, of Marx’s method put through its dialectical paces. As ever with Marx, his footnotes aren’t to be passed over glibly: they’re worth studying, pondering over for the nuggets of insight they contain.Marx on technology
Dandelion Salad Originally published May 1, 2015 Republished with permission from IWW by Eric Chase IWW, 1993
Most people living in the United States know little about the International Workers’ Day of May Day. For many others there is an assumption that it is a holiday celebrated in state communist countries like Cuba or the former Soviet Union. Most Americans don’t realize that May Day has its origins here in this country and is as “American” as baseball and apple pie, and stemmed from the pre-Christian holiday of Beltane, a celebration of rebirth and fertility.The Brief Origins of May Day by Eric Chase
Biden is attempting to create a political framework within the US to wage war abroad. This is the essential significance of his administration’s aggressive promotion of the official trade unions, which are to be incorporated into a “national labor front” based on economic nationalism and militarism.
While Harris clearly had a Freudian slip in that she rather flippantly revealed an unacknowledged truth about foreign policy — which is the fact that oil is the reason why America remains at war — it seems that from her perspective as a driver of imperialist machinations, this was a benign statement given our current situation. It appears to now be common sense among the imperialist technocrats that for capital to be preserved in the face of the climate crisis, wars are going to need to be waged for increasingly scarce resources like water, and that these wars will need to be tied into the near-future economic developments within the imperial center.