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October 9, 2007 The Bank of Canada is busily handing out money to buoy the Canadian financial system, resorting to purchase, and re-purchase agreements which allow financial institutions time to find more funds to satisfy their need for liquidity aka cash. Note that public money is readily available to banks with shortfalls, but not for the homeless.
Watching the waves of speculative transnational finance crash around the world economy, shaking faith in not only sub-prime mortgage funds, but national currencies, and banks as well, brings to mind the important intellectual legacy of the German philosopher, economist, journalist and political activist Karl Marx: his theory of history.
While the reputation of Marx as a thinker has been besmirched by the political idolatry accorded him by his would-be followers, his analysis of the dynamics of public affairs has never been refuted.
Marx developed a theory of prices that could not be made operational. He mistakenly thought gold was all there was to money. And his thinking about how to achieve political change was “over-determined” by the proximity of the French revolution. Nonetheless, there is more than a kernel of truth in Marx 101 about how the world is transformed. . .
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posted 10 October 2007 12:45 AM
