EconoFiction

Am Horizont: Die nächste Finanzkrise

15 Jun , 2020  

Es ist weitgehend bekannt, dass die Coronavirus-Pandemie für die Wirtschaft unterbrochene Lieferketten, Rekordarbeitslosigkeit, gescheiterte Kleinunternehmen und weitere Armut der Massen mit sich bringt. All diese Faktoren sind ernst zu nehmen und werden die westlichen Industrieländer in eine tiefe und lang anhaltende Rezession stürzen. Aber es gibt auch noch eine andere ...

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EconoFiction

COVID Life and the Asset Economy

28 Mai , 2020  

Lisa Adkins and Martijn Konings

Following the 2007/08 financial crisis the creation of a less unequal and fairer world appeared to be a major prospect. As is by now all too familiar, after the financial crisis, instead of becoming more progressive, societies turned out to be more unequal, with inequalities ...

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EconoFiction

Capitalisation is debt production sui generis

26 Mai , 2020  

Dieter Schnass writes in the context of the EU’s current aid measures in an article in Wirtschaftswoche that infinite debt is the business basis of the capitalist system: “… Without stimulus from governments and central banks the world economy would be stuck for years “in a deflationary labyrinth”. What is ...

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EconoFiction

What Black-Scholes-Merton means to a speculative materialist

25 Mai , 2020  

Even those persons paralyzed by anxiety over their lack of knowledge of financial economics will intuitively grasp that uncertainty pervades an attempt to ascertain what will have been the value of an asset in the future, relative to its subsequent past value now in the present. Can this even be done? ...

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EconoFiction

After Brexit and Donald Trump: Is Nationalism challenging Neoliberalism?

14 Mai , 2020  

… Financial markets generate a structure for overseeing the effectiveness of individual capitals, that is to say a type of supervision of capital movement. The demand for high financial value puts pressure on individual capitals (enterprises) for more1 intensive and more effective exploitation of labour, for higher profitability. This pressure ...

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EconoFiction

Capitalized money, austerity and the math of capitalism

6 Mai , 2020  

This article seeks to contribute to the existing critical debates on money and debt by advancing three main arguments. First, largely due to such debates’ tendency for description, the article argues that in in the heterodox literature on money and debt there is no convincing critical theory of money creation. ...

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EconoFiction

Covid Capitalism. General Tendencies, Possible “Leaps”

25 Apr , 2020  

taken from Spectre Journal

Never has the global economy faced such a thorough challenge from a virus. Previous epidemics scythed through populations and ravaged livelihoods, but they remained contained on a regional scale or, where global, impacted the world economy less precipitously. Noteworthy too is the fact that never in recent ...

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EconoFiction

Covid ‐ 19 Capitalism, Neoliberal Debt & the Need for Sovereign Money

16 Apr , 2020  

… If no one borrowed, our capitalist economies would go into severe contraction because the vast majority of our money is created as debt. This is why financial elites were rattled during the global financial crisis: they feared credit would dry up and credit    is   the   lifeblood    of     global    capitalism ...

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NonPolitics

Epidemic crisis and crisis of capital

14 Apr , 2020  

Epidemic crisis and crisis of capital

This text is an attempt to begin reflecting on the impact of the Coronavirus crisis. This crisis has already brought about profound upheaval within the capitalist economy and is accompanied, even within the current moment of [social] confinement, a certain social agitation. It is ...

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EconoFiction

Eske Bockelmann: Das Geld. Was es ist, das uns beherrscht Berlin (Matthes & Seitz) 2020 / Review by Klerich

14 Apr , 2020  

„Geld regiert die Welt, und die von ihm regierte Welt droht in einer Katastrophe zu enden – sozial und ökologisch. Doch warum bestimmt das Geld überhaupt über den Lauf der Welt? … Mit dieser Herleitung des Geldes gelingt es endlich, auch das scheinbar ewige Rätsel zu lösen: was Geld überhaupt ...

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EconoFiction

Value, Fictitious Capital and Finance. The Timeless of Karl Marx’s Capital

2 Apr , 2020  

Karl Marx is not a proponent of classical value theory as labour expended. Marx developed in Capital and his other mature economic writings a monetary theory of value and capital.2 He analysed value as an expression of relations exclusively characteristic of the capitalist mode of production. Value registers the rela-tionship ...

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EconoFiction

Corona-Krise: Das ist erst Phase 2

26 Mrz , 2020  

Damit kommt es zum Crash. Das Leverage-Spiel dreht sich um:

  • Unternehmen mit hohen Schulden merken plötzlich, dass der Cashflow sinkt. Das wirkt sich überproportional auf die Gewinne aus und gefährdet die Fähigkeit, Schulden zu bedienen. Das Rating wackelt. Kein Wunder, dass Unternehmen mit hohen Schulden am stärksten gefallen sind.
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