Financilisation comes at the expense of industrial capitalism - production and trade are not the source of generating finance instead tangible assets are transformed into exchangeable finance.
He has a way of explaining it in a way that most people can understand. Unfortunately being an academic from a different age his political and economic perspectives are still quite narrow (despite being much broader than 99.9% of mainstream academics) which can make them quite dry/dull to listen to at times (I always get the feeling there’s an element of self-censorship going on when i hear Chomsky speak too). Indecently low IQ, low concentration levels and memory loss are some of the primary symptoms of brain damage which is why the capitalist/fascist elite have been intentionally damaging our brains with heavy metals and synthetic chemicals for decades
@@JoeyHauschildt It's too bad this guy is too high from sniffing his own farts that he can't be humble enough and wise enough to tailor this message for the masses to understand and accept.
I.S.D.A. rules the World. Monetized DEBT slavery "Insurance" Casino Capitalism Nobody makes money in Stocks and Bonds Derivatives rule the world of wealth extraction PROTECTION. $$100. TRILLION IN OFFSHORE I.S.D.A. SWAPS TRADING AND BANKING ACCOUNTS
I love Noam. However many many many economists saw the housing bubble long before it burst. I could delve into this topic further if anyone's interested however I'll leave it at this for now.
Nouriel Robini and Aaron clarey are both economists you could look up that have multiple documents pre 2007-2009 showing they knew this would happen...that's just off the top of my head there's plenty of others.
clarey isn't an economist, he's a blogger who worked as a financial analyst. roubini, shiller and rajan were the most prominent economists warning against the bubble. there were other less known ones as well.
They saw it as did many in the banking world but there first thoughts were how do I profit from it. Thats the world of investment banking. Noams correct, they dont look at the poor bastard who will lose everything just there bonuses.
The guy that wrote "other people's money" 5 years ago pointed out that there has been more regulation in the last 30 years than before. Perhaps it was just the wrong kind.
awesome. it's online now. meta dynamics and the finnesse of the financiliazaiotn with gestalt autonomy of regulation and loopign back mechanicms for fruition
Article: How the Ruling Class Became Vulgar "Well, they do need to keep these institutions going. They’re just not, it seems. There’s a hostility to reason, science, and culture - which, when the bourgeoisie was on the rise in the nineteenth century, used to be very important to its mission of establishing its legitimacy and domination of society. Now they just seem to be dominated by moneymaking and the accumulation of the maximum amount of money in the shortest period of time." Economic solutions: How To Go From Financialized Neoliberalism To A Productive, Sustainable Economy “The Federal Reserve was created to get rid of the Treasury in 1913. The Treasury wasn’t even allowed on the Federal Reserve. Most people don’t realize that before there was a Federal Reserve here, all of the functions that are now done by the Fed were created by the Treasury. And that’s the same in most countries. Every country that has a central bank is to essentially take power away from the government to spend money into the economy, to insist that the government should run a balance and not create money and force everybody to depend on bank credit for whatever they need. And the bank credit, as we’ve described before, is not very helpful. And so money is created by running into debt for a commercial bank. We want money created by the treasury where it does not involve this kind of debt. There are many ways of doing it. If the commercial banks acted like savings banks, 100 percent reserve, then they would essentially be reliant on the government to create their credit for the kind of thing that the treasury creates credit for, for growth.”
