Wednesday, 31 March 2021
The Economic Content of Narodism, Chapter 4 - Part 6
Tuesday, 30 March 2021
Marxism, Zionism and the National Question - The Truth Is Always Concrete (2/3)
Marxism, Zionism and the National Question
The Truth Is Always Concrete (2/3)
Monday, 29 March 2021
The Economic Content of Narodism, Chapter 4 - Part 5
Sunday, 28 March 2021
Marxism, Zionism and the National Question - The Truth Is Always Concrete (1/3)
Marxism, Zionism and the National Question
The Truth Is Always Concrete (1/3)
Saturday, 27 March 2021
The Economic Content Of Narodism, Chapter 4 - Part 4
Friday, 26 March 2021
Defend Freedom of Expression Oppose Bigotry and Medieval Mysticism
The demonstrations, by religious bigots, outside Batley Grammar School, in themselves are an affront to a civilised, secular society. That a teacher has been forced into hiding by threats from some of those behind those protests is an even greater affront, as well as being a criminal act. But, just as bad is the failure of the school to defend the teacher against this manifestation of bigotry, and medieval barbarism, by the protesters. Worse still has been the response of the Labour MP, for Batley and Spen, Tracey Braben, whose cowardly statement has not only failed to support the teacher, and the principles of freedom of expression basic to a civilised society, but has lent credence to the bigotry of those involved in the protests. But, then this is typical of the current Labour Party's cringing accommodation to all sorts of reactionary and bigoted ideas, as it searches for a few extra votes.
This is a repeat of the instances of bigotry from religious zealots that was seen in relation to the Danish Cartoons, and more recently, the murder of journalists at Charlie Hebdo. The responsibility of all democrats, let alone social-democrats and socialists is to stand up against such barbaric religious bigotry, not as Braben has done, jump into bed with it.
If Muslims believe that it is wrong to display images of Mohammed, they are quite free to act accordingly, and not do so. We may think that such a belief is irrational, but it is not for us to impose our view about Muslims. By the same token, it is not for Muslims to impose their own, irrational, religious beliefs on the rest of us. A long time ago, liberals, democrats and socialists fought against the imposition of such irrationality by the Church of England and Catholic Church upon us. Britain is, overwhelmingly a secular society. If we do not accept the right of the established Church of England, to impose such restrictions upon us, why on Earth would we accept the right of some other religion to take us back to the Middle Ages, and allow ourselves to be so constrained?
In an English School, in a secular society, teachers, or indeed anyone else is entitled to freedom of expression, including the expression of ideas or images that others may find offensive. Freedom of expression is no freedom at all, if others can limit it to only what is acceptable to them. Already, that freedom is seriously under threat by the governments new Bill restricting the right to protest, which follows on from its ability to get away with restricting people's rights and freedoms through the implementation of lock-outs and lockdowns over the last year, and its limitation on the right to free movement following on from Brexit.
It doesn't even matter what purpose the teacher had in showing an image of Mohammed in the classroom, and any attempt to divert attention on to that is precisely that a diversion, because the fact remains that, in a free secular society, everyone, teacher, student, caretaker or whatever has a right to freedom of expression. If you dislike what they express, you have a right to disagree, and express your own view, that is all. Issuing threats that result in someone going into hiding, demanding their dismissal from their job, and so on, is not acceptable.
This situation is the product of a long period in which basic rights and freedoms and principles of a free and secular society have not been defended. Even going back to the Danish Cartoons, that was the case, as spineless liberals in the media failed to stand up for the right of journalists to publish the cartoons. Time and again what we have seen is an appeasement of reactionary ideas and bigotry. Nor is that just a question of reactionary ideas and bigotry from Muslims, there has been an increase in attacks on free expression by other religious zealots, and reactionaries too.
The whole issue of faith schools plays into this appeasement of cultural separation, and appeasement. At the start of the twentieth century, such ideas were termed national-cultural autonomy. It acts necessarily to divide the working-class in fighting its real enemy capital, by separating it into silos based upon ethnicity or religion. There can be no place in a civilised, secular society for faith schools of any type. Again, here, it is the spinelessness of liberals that is to blame. Liberals have promoted the idea of multiculturalism, which implies that all cultures are equal, but separate, and so should be encouraged to exist side by side, on an equal basis. But, all cultures are, in fact, the culture of the ruling class, and as such they are all reactionary and based upon exploitation. Where cultures are cultures of other nations, whose ruling class is even more reactionary than that of the bourgeoisie, and remains bound up with all of the barbarisms and mysticism of bygone ages, these cultures themselves are even more reactionary. Such is the case with Islam.
As socialists we have no truck with promoting the myth that all cultures are equal, or that they should all be allowed to exist side by side unchallenged. The only culture we are interested in promoting is the culture of the international proletariat, in opposition to all of these other cultures of exploiting classes. That Tracy Braben should suck up to the reactionaries in this case is not surprising. It is fully in keeping with the spineless politics of liberals and social-democrats. More specifically, it is fully in keeping with Labour's own collapse into reactionary politics, and nationalism in its promotion of Brexit, its attempts to wrap itself in the Union Flag, the butcher's apron stained with the blood of millions, its scramble into jingoism of the worst kind. All of that is down to a pathetic attempt to win over a few reactionary voters, which itself will be a vain hope.
Marxism, Zionism and the National Question - Multinational Capital and The Multinational State
Marxism, Zionism and the National Question
Multinational Capital and The Multinational State
The Search For Yield Myth
This morning, on one of the speculation news programmes, I heard a pundit again talk about speculators being engaged in a search for yield. Whether they actually believe that nonsense I don't know, but that it is nonsense, is beyond doubt.
If speculators really were engaged in a search for yield, then we would not have such a large proportion of assets, across the globe, with negative yields, and most assets, now, with negative real yields, i.e. after inflation. If speculators were actually in search of yield, then they would not be speculators at all. They would become investors in the true sense, using their money as money-capital to buy productive capital, so as to engage in the production of goods and services, to produce profits, which currently offers an actual real yield (the annual rate of profit) of around 30%.
But, they don't do that, for several reasons. Firstly, engaging in the actual production of goods and services, as a private capitalist, requires work, and speculators have become accustomed, over the last century, of not needing to do any work, even the work of superintendence over the labour process. Secondly, it involves risk. The average annual rate of profit is precisely that, an average, and not guaranteed to each individual capital. So, 30% looks attractive compared to actually paying other people to borrow your money, as they do now, but then you might make a loss rather than a profit, if you engage in actual production.
But, the bigger problem is that speculators are not bothered about yield at all. Whatever yields are available, they are so tiny, even when they are positive, as to be meaningless in absolute terms. Banks are offering regular saver accounts, paying 0.50%, if you save up to £200 a month. But, at the end of the year, having tucked away this £200 per month, the interest you get on the £2,400 is a measly £6.50! Who would bother? What speculators are concerned with is not yield but capital gains. They put money into bonds, or shares, or property not in order to obtain a yield, but in the full expectation that, at the end of the year, the price of the assets they have bought will have risen by 20%.
The idiots who acted like lemmings in wasting money buying Gamestop, and who have done something similar with Bitcoin, have no interest in yield. They are driven by greed for short term, large, speculative capital gains. All of the big investment banks engaged in high frequency trading, often driven by AI, have no interest in yield - they often hold assets for only fractions of a second! - but merely with making fractional capital gains per unit, on huge numbers of units bought and sold.
That is why we have seen property developments in London and other big cities that have remained empty from the moment they were completed. The owners of these developments are not bothered about getting rents from them - which itself involves collection and management costs, maintenance expenses and so on - because they expect that simply by doing nothing, the price of the property will increase by 50%, and more within a few years of its development, providing them with a capital gain that dwarfs any potential measly yield they might have obtained from it. And, they know that all such speculation has been essentially risk free, now, for the last few decades, because if the prices happened to fall, the central bank and the state steps in to bail out the speculators, and to buy up the assets so as to inflate their prices once more.
Eventually, such Ponzi Schemes collapse, because they are unsustainable. The negative yields we see today are the result of previous collapses, and the extreme lengths that central banks and states have had to go to to establish the scheme once more. But, negative yields, amidst the ridiculous claim that speculators are involved in a search for yield is simply a reflection of how surreal and unsustainable that situation has now become. The huge levels of debt, and the much greater debt to come, as economies break out of the current lockouts, means that interest rates are set to rise sharply and burst all of these bubbles, in a spectacular manner. The Keynesians who think it can all be handled by printing even more paper money tokens to finance that debt, are living in a fantasy land of magic money trees, which shows they have no understanding of either money, or value, or interest rates.
As I've pointed out in previous posts, inflation as well as interest rates is rising sharply across the globe. Printing even more money tokens, at a time when the liquidity is necessarily going into actual circulation and consumption, rather than simply buying assets, will push up inflation, and interest rates even further. Again, the presentation of the official inflation data is as much of a fiction as the idea that speculators are searching for yield. The official inflation data shows the rise in prices of all those things that consumers currently can't buy, but leaves out the sharply rising prices of all those things they can buy! A look at the surge in global primary product prices illustrates the point.
According to Bloomberg,“Food prices are soaring faster than inflation and incomes”.
Thursday, 25 March 2021
Tory Greed, Nationalism and The NHS
The Economic Content Of Narodism, Chapter 4 - Part 3
Wednesday, 24 March 2021
Marxism, Zionism and the National Question - Opposition To Immigration Controls and The National Question (2/2)
Marxism, Zionism and the National Question
Opposition To Immigration Controls and The National Question (2/2)
Tuesday, 23 March 2021
The Economic Content of Narodism, Chapter 4 - Part 2
Section I
More Covid Data Analysis
Yesterday, I looked at data provided by the ONS at the end of November, as a result of a Freedom of Information request, which showed that the number of deaths actually due to COVID 19, between April and July last year, was just 4,476, as against a total reported number of "Covid related" deaths, in the same period of 46,000. In this post I look at another table (Table 2), provided by the ONS, in this same dataset, which looks at the age range of deaths of this 46,000. It indicates why, the main actual cause of death of these reported cases, was Alazheimer's/Dementia, and not COVID. In short, as I have demonstrated in previous posts, its because COVID 19 is a disease that almost exclusively targets the elderly.
The ONS data is presented as monthly figures for March-June of last year, and so I have amended their spreadsheet to give totals for the period, so as to facilitate analysis. The relevant total figures are presented below.