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Global financial crisis: The Historical Conclusion PDF Print E-mail
The Labour Movement-Economy
2007-2009_World_Financial_Crisis.svgThe fundamental historical conclusion to be drawn from the economy or the evolution of the economic system - as regards people and societies - is that the possessors of the great accumulation of capital recycle the tightness and the cost of the tightness of the system as an accumulation of their capital and pass on this cost to societies and states.
This can be easily seen to be the fundamental issue whether it is a matter of economic crises or public finance developments from events such as war, natural disasters, etc. And here we see a basic initial pathogeny over which we must pause with relentless reasoning.

These possessors of the great accumulation of capital are the same people who profiteer out of the fundamental goods and needs of societies and people. They increase the share of their profits through 'high rates of development'.

What was happening before the crisis was the minting of fictional money which avoided exposing an interface in transactions with real money.

When real money came into contact through dealings with the fictional money, the crisis began. In this way one aspect of monetary schizophrenia manifested itself and the divided self of the economic field, based on the rift between desire - greed - and rule - regulation - found expression in an archetypal manner.

This is the schizoid dynamic which operates between the rescue of the market and the remediation of public finances. The one-time President of the United States Franklin Roosevelt was on to something when he said that we now know that the governing of organised money is as dangerous as the governing of organised crime.[1]

Ioannis Zisis, Writer

[1] Paul Krugman, The Conscience of a Liberal [Greek edition], POLIS publications, p. 98.

Photo from Wikimedia

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