imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Annulling Debts as a Great Step

by Robert Kurz Monday, Jun. 28, 2004 at 7:32 AM
mbatko@lycos.com

"The goal must be redefined beyond goods production and abstract labor, beyond the market and the state.. The great step of debt cancellation occurs when the burden can no longer be endured. The new finance capita-lism is a bubble and debt capitalism.."

ANNULLING DEBTS AS A GREAT STEP

By Robert Kurz

[This article originally published in: Neues Deutschland, September 7, 2003 is translated from the German on the World Wide Web, http://www.exit-online.org/html/druck.php.]

A radical criticism of the modern goods producing system is reproached for being esoteric, utopian, impractical and closed to negotiation or compromise. Even those pragmatists of the ruling order to whom the water is already up to their upper lip ask indignantly: Where is the alternative? What should we do differently? However all irritability against the exaction of system criticism is put aside when the crisis level continues rising. Coping or mastering a completely intolerable state of social reproduction with “creative organization” is now impossible..

This does not mean that the old dialectic of reform and revolution, fundamental criticism and limited daily demands, the way and the goal has become meaningless, even if it cannot be resolved as cheaply as in the times of the historical accumulation movement when the term socialism meant nothing but state capitalism and a variant of the goods producing system. The goal must be redefined beyond goods production and abstract labor, beyond the market and the state. There must also be ways to the new goal, transition forms and immanent partial demands that a social movement can adopt. A partial demand is also a demand, not an “organization” of the alleged practical necessities where one cannot demand anything any more but only creatively manage one’s own social descent. To face even the smallest immanent demand, one must put the whole system completely in question theoretically and programmatically.

An immanent alternative to the present political management of the public and private financial distress was the resolute struggle to annul the debts of all the insolvent. This often occurred in history since the Athenian legislator Solon in 394 B.C. who liberated the small Attic farmers from debt bondage: the great step of debt cancellation when the burden can no longer be endured. Today this befalls the states of the third world, communes and debt-heavy private households of all countries. The destitute can no longer dig deep. All debt rescheduling deferments, transfers and so forth are only eyewash. The absolute limit is reached when the whole public and social life collapses as in countries like Argentina, when German communes close or make prohibitively expensive their libraries, swimming pools and social institutions, when millions of households are denied telephone, gas and electricity or people lose their housing.

The problem is obviously system-conditioned. Capitalist real-accumulation has long reached its inner limit in the 3rd industrial revolution. For want of profitable real investments, money capital flows in the financial superstructure and produces speculative financial bubbles. Simultaneously and for the same reason, real incomes collapse. States, communes and private households must become heavily indebted to unparalleled extents. The new finance capitalism since the 1980s is a speculative bubble- and a debt capitalism. Sometime or other the end of the flagpole will be reached. The bubbles burst and the debts can no longer be paid. Let us face this prospect now.

While the bubbles burst by themselves, the unpayable debts become the theme of the battle of interests and politics. The political-economic representatives of the new crisis capitalism and the administrators of financial assets and financial investments cannot do anything but persist in their unreal demands. However if the substance of the ledger money should be maintained come hell or high water, the social reproduction crumbles in ruins. Politics stands on the side of the creditor institutions as their bodyguard. The financial-capitalist fiction should be preserved at any price even though the debt mass in the meantime is an imaginary accounting like the speculative stock prices. The demand for the great step, for annulling unpayable debts is in the air so to speak.

Obviously this would be a deep incision in the reproduction of capital. Creditors must simply write off their demands in toto, not only in dribs and drabs. They will be dispossessed from their merely monetary titles of ownership. This will mean the ruin of many financial institutions, banks, funds, owners of great financial assets and so forth. This is unavoidable. Therefore the ideologies of crisis capitalism complain that a great step would mean a setback of paid laborers. However this could be easily avoided since the state and the security fund must guarantee financial investments to a certain extent… Everything that goes beyond this must be written off.

The great step of debt cancellation should not be interpreted as the final solution and overcoming of capitalism. This misinterpretation appears in a convoluted capitalism criticism that mistakes finance capital with the capital relation. Marx described this as a vulgar “popular prejudice”. The logic of the crisis is turned upside down. Financial bubble- and debt capitalism appears as the cause of the crisis generally brought about by malicious profit seeking, not as a consequence of the inner limit of real accumulation. Anti-Semitism with the personification of an imaginary “rapacious” Jewish capital is not far away.

Emancipatory thinking must be sharply distinguished from vulgar economic Keynesianism, ideologically irrational and often ethnic-neo-nazi interpretations. A partial demand to immediately ward off the destruction of social reproduction is involved. The summons to the great step, for annulling all unpayable debts of the 3rd world and beyond can be an important motive of the new worldwide social movement.





Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Doxa du lobby A25 2:03AM

Tech workers organize A24 6:24PM

Architect Stephen Francis Jones A24 3:01PM

UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for A24 12:34PM

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy