The term “quantitative easing” (QE) describes measures taken by central banks, such as the permanent purchase of mostly long-term securities and government bonds, which are held by commercial banks, when interest rates are already at zero and an expansive monetary […]
The fat years: CentralBanks and The Politics of Quantitative Easing
Banks earn their money, among other things, by transferring debts to money capital, i.e. by endowing their solvency with means of payment covered by the legally secured power to incur debts, which in turn arises from the special nature of
The credit creation of private banks
There is little doubt that, in the last hundred years or so, progress has been made in lifting more people out of extreme poverty (World Bank 2020). Yet, considerable economic inequalities both within and between nations persists and, as recent
Capitalism, Money and Inequality in the World
As we have already indicated in Capitalization vol. 2 (Szepanski 2014b), the Greek economist John Milios has offered an important approach to a precise conceptual determination of the contemporary capital relation with his monetary theory of value, based on the
Money and Capital – Basic ideas of an updated Marxism
1 Paper presented at the Conference “Rileggere IlCapitale: La lezione di Louis Althusser”, organized by the Department of Historical Studies of the University Ca’ Foscari, November 9-11, 2006, Venice, Italy. 1. Althusser’s legacy: Capital as change of “object, theory and
Capital after Louis Althusser. Focusing on Value-Form Analysis1
Restore the right of beauty to its hyper-existence by all means of artificiality. The prostitution of the male body puts an end to the last heroic privilege of the woman – that of being sacrifizes to the gaze, thereby concealing
For Baudrillard: The Model and The Hyper-Body of Signs
This article sets out the foundations of an axiomatic theory of value and money. read here
A General Theory of Value and Money, part 1
published by Palgrave The world economy is still in a phase of secular stagnation with persistently low growth rates of real gross domestic product.[1] The postwar litanies of boundless economic growth repeatedly preached by the representatives of capital and the
Financial Capital in the 21th Century / Introduction
This is a similar tale to the one experienced by British engineer Major C.H. Douglas just before the outbreak of World War I. Douglas was working on the London tube when his superiors announced that there was no more public
Covid-19 Capitalism, Neoliberal Debt & the Need for Sovereign Money
The question of the book is how a radical critique of capitalism is possible when critique in the tradition of Kant and Hegel means that the criticized subject itself has to “give” the measure of its critique. The thesis is
you can order here A New Theory of Speculative Capital The book’s central theme is to develop a new theory of speculative capital related to other forms of capital, the world market, and the state. Besides most Marxist and heterodox
Financial Capital in the 21st Century
Inflation is always and everywherea phenomenon of structural change. — Jonathan Nitzan Milton Friedman has been dead for more than a decade, but his ghost still haunts us. In the 1960s, Friedman declared that inflation is ‘always and everywhere a monetary phenomenon’ —