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Showing posts from June, 2020

Private Debt - An Impending Capitalist Crisis

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Given that we're about to embark on yet another round of quantitative easing combined with austerity, which has not for the past four times it's been tried, I thought it might be pertinent to talk about something which is rarely mentioned. First, though, I want to clear something up and I'm afraid that this is a rather boring economics post. The Pandemic is touted by many as being an instigator of a capitalist crisis. I don't believe this is the case and I can't honestly see how a socialist economy would have economically fared much better bar being better prepared and more liberal with spending on healthcare and safety. The UK governments have for once been pretty good economically but heinously shit with regards to everything else. However, this is beside the point. The point I'm making is that it wasn't an internal contradiction of capitalism that triggered the crisis. An internal contradiction is the only way by which a crisis of capitalism is triggered.

Neoliberal Virtue-Signalling

Although it was amazing to watch the tearing down of Colston's statue during the midst of a Black Lives Matter protest, something which should be historically significant, I can't help but feel that a lot of local councils and corporations are now being disingenuous about the issue. Council's are now suddenly saying that they will take down some of the more contentious statues, and streaming and broadcast services are removing literally anything that could be even remotely construed as racially offensive. Many people had been lobbying their local councils for the removal of the more contentious statues for quite some time, but almost no-one had been arguing for the removal of Gone With The Wind or The Mighty Boosh. It's all performative and vacuous and to appropriate right-wing terminology, it’s virtue-signalling. It's obvious that councils and other polities are trying to protect themselves and appear virtuous, it's obvious that Netflix et al are trying to prot