Is Western Finance to Blame?

Fabio Vighi discusses his upcoming book "Emergency Capitalism" and explains how financial capitalism and productive capitalism can't be treated separately but must be understood as united. How the disintegration and irregulatiry in the financial sector is the result of a crisis stemming from production.
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[@tomspaghetti]

I look forward to the book as a contribution to an explanation of why so few of us are failing upwards and so many succeeding downwards.

[@BlenBlen]

I love these pods.

[@curiousfella4076]

He seems to be getting correlation and causation on the bond market wrong. It's not that people buying bonds provides liquidity. It's government not providing enough liquidity to support the economy that is sometimes showing in the bond market as a lack of people buying bonds. Bonds are just a savings vehicle that government provides in correspondence with the spending that it (and its subsidiaries the private banks) does. The government spending comes first and to correspond to that, bonds are issued. If for some reason people don't want bonds all kinds of reasons could be to blame for that but it's not clear how this relates to government's best course of action going from there and it certainly is no technical limitation on future government spending. Also do note that the Fed has an unlimited mandate and capacity to purchase bonds to keep em within the interest rate corridor it sets. Be it just through the secondary market. There's a lot of things that could be going on with the bond market as such. Can mean one thing on one day and something totally different on another day. Bonds ARE a savings vehicle that government voluntarily provides. That's about it. The guest is on to something in terms of non-financial sector private debt to GDP ratio being really high though. Steve Keen's great if you want a macro economic evidence informed view of the macro economy on this point. Although how the global rivalries might play into that is another topic.

[@curiousfella4076]

To flesh out the private-debt to GDP ratio/Steve Keen part. There's always room for real expansion. But with how we do banking today an expectation of nominal growth gets baked in over time that cannot be sustained and as that ratio goes past a certain point the fallout of nominal growth expectations vs actual value growth moving apart can become terminal without extraordinary measures. But so this conceals the really ongoing growth potential. It's a nominal crisis. Real crises of ecology could happen one day but the market probably won't warn us of those until it's too late btw.

[@Pinstripe0451]

That's a long discussion for saying big monopoly capital getting more and more freedom at the expense of society's increasing unfreedom.

[@dethkon]

I think it’s deeper than that. Monopoly Capital relies on “injections” of “Real Capital” to keep up its parasitic, ancillary, fraudulent Value. He is suggesting that the reverse is now happening. “Postmodern Capitalism,” if you will.

[@onatone]

Could you interview someome on Fanon? Feel like his work is pretty relevant for today.

[@DamenJoost]

Michael Hudson is great on these topics.

[@Drforbin941]

Dong, do you have Brandon's videos?

[@dethkon]

This issue can’t be stressed enough, IMO. It has implications from Marx to Baudrillard to China.

[@latinexus]

So, let's say Finance is patient zero of the capitalism virus. Isn't there a way to delve into Finance and find an antidote?

[@argengama7548]

I missed the old zerobooks music, kinda nostalgic.

[@Drforbin941]

Dong, There is a difference between exchange and use value.

[@sublationmedia]

Of course

[@TheDirtyBlondeDon]

Our economy is an illusion basically 😂 don’t stare too hard or the whole thing will crash in front of you

[@Morton-221]

How do most of you guys still make a profit? Even with the downturn of the economy and ever increasing life standards

[@BENWILLIAMS12316]

Well, I picked the challenge to put my finances in order. Then, I invested in cryptocurrency and stocks through the assistance of my discretionary fund manager

[@BENWILLIAMS12316]

Hattie Glover

[@Morton-221]

Interesting, please, how can I get more information? I don't want to remain out of ignorance

[@Harry-er7gu]

This is correct, Hattie's strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started..

[@Nicolewhit]

Crypto and NFTs are bringing a different revolution in the world economy. People are optimistic investors who earn consistently. Others will just sit and watch.