"Roots of the Economic Crisis" Andrew Kliman 1 of 3.mov

Left Forum 2010:
"Economics and Politics of the Current Crisis"
a panel featuring:
Andrew Kliman, Roots of the Economic Crisis: The Persistent Fall in Profitability and Debt Financing
Brendan Cooney, Value, Crisis, and Marx's Order of Operations"
Anne Jaclard, Do We Have an Uncoupled Economy?

Category:

Education

Tags:

• kliman
• andrew
• crisis
• marx
• money
• profit
• capital
• debt
• growth
• GDP
• value
• labor
• recession
• falling rate of profit

[Raptoreyes]

Did I just witness a liberal at Left Forum admit that profits were too low to sustain investments in the system. He also said government intervention would not solve all of this. The profitability of a business and of perhaps of labor time will have to rise first before we get any real sustainable recovery. Great video that I will put in my favorites, simply because the source is very unexpected.

[brendanmcooney]

@Raptoreyes. He's not a liberal. He's a marxist. And he is presenting the classic marxist theory of capitalist crisis.

[Raptoreyes]

@brendanmcooney

Its funny you label him a Marxist simply because most Marxists though history have been against increased privately held profits. The guy does not come out and say it but all arguments in the video suggest that something is siphoning away profits. It might be a problem with rule of law or fractional reserve banking. Perhaps taxation is too high so people spend more time avoiding taxes then they do developing new products.

[brendanmcooney]

@Raptoreyes. Perhaps watching my video "The Falling Rate of Profit" would help you understand what he is talking about. It has nothing to do with taxation, banking or the rule of law. It has to do with the relation between productivity and value creation.

Incidentally marxists are not against privately held profits. They are against all profit.

[erzzr]

@JP2times2007 the hike in Fed interest rates in the late 70s-early80s was to shock the economy out of stagflation which, exacerbated by the oil shocks, would have caused another depression if the Fed hadn't induced a recession.

[JP2times2007]

Kliman is clearly wrong on his analysis that the 'fed' intervened to forestall a depression in the 1970s and 80s. This is factually incorrect. The FED actually let interest rates move to 18% crippling businesses, laying off workers (and hurting union membership), and grinding the economy to a halt. Reagan had to deficit finance to at least stimulate a little through military keynesianism. At 3:34, you can see the rate of profit moves upward. 1979-1982 = FED induced recession.

[workergirls]

Long live the workers unity !!!

Deat the capitalism, fascism and racism !!!

Unite against the money grabbing politicians !!!

Unite against the mafias and gangs !!!

Stop the police crimes !!!