Commentary on Political Economy

Wednesday 6 July 2011

Postscriptum to Comment On Davies (Below)

PPS: So as not to sound too "delphic" or "cryptic" (you are going to have to endure this, friends, I am skiing in New Zealand and revising my Ancient Greek!), I will briefly e-nucleate that last question: "Or is it?!"
I mean to question, first, whether the Fed is acting as "enforcer" (present or future) of State debt - in fact, you must have worked this out by now - it is doing quite the opposite: it is acting as "facilitator" of State deficits because.... they are all (!!) that is left available to capitalist governments to maintain "the pretence of and pretext for" a capitalist economy that has nothing "capitalist" left about it except the abject and naked exploitation of us the producers. And secondly I mean to question the "legitimacy" of the role of the Fed (as either "enforcer" of capitalist arrangements or "facilitator" of State evasion or elision of the same) given that these are unelected officials who do not represent us democratically or in any other guise.
(Recall, please, that Axel Weber, after exiting the ECB promptly took up a post with the University of Chicago and has now gone to run UBS - a double collusion with academe and Finanzkapital that ought to be prohibited in any "democracy" because it is part of that "principal-agent" conflict of interest that central bankers use to justify the financial crisis (the 'regulators failed to regulate!!!). Cheers to all.

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