From: Francisco Paulo Cipolla (cipolla@UFPR.BR)
Date: Fri Mar 11 2005 - 14:26:52 EST
No, by any means, do not stop posting. I do not know what other members think but I for one have benefited a great deal: I do print and read most of the stuff you send. My problem here is memory space (my own!) and renewal of the printing cartridge! Paulo glevy@PRATT.EDU wrote: > Paolo: > > Here's the link to Part 5. > > > P.S. By the way, thanks for the many interesting sites and > > articles that you keep posting to the list. > > You're welcome. I sometimes wonder whether members want me to > stop.... > > In solidarity, Jerry > > +--------------------------------------------------------------------+ | > Sergio Bologna, "Money and Crisis" (Part Five) > | < http://info.interactivist.net/article.pl?sid=05/02/27/2019223 > > +--------------------------------------------------------------------+ > > "Money and Crisis" (Part Five) > Sergio Bologna[Part Five of five parts. Continued from here.]Does this > highlighting of the Crdit's non-productive and speculative > characteristics, contrasting with the revolutionary and innovative view > given in the first group of articles in 1858, perhaps show the influence > of Proudhon's Manual? In the pages that he dedicates to the Preire bank, > Proudhon, who was more concerned with problems of value than with the > political function of the institution, had shown how the Crdit, with a > capital of sixty million francs, had issued bonds to the tune of six > hundred million francs, guaranteed by an equal sum employed in > subscriptions of public bills (treasury bonds, etc) or of company shares. > But since shares are subjected to depreciation, they would not provide > effective guarantees. Unlike the circulating banks which discount > commercial effects of a given value and are guarantees of a transaction - > Proudhon concluded - the Crdit Mobilier is not in a position to supply > guarantees of > value, and thus it "cheats" its clients. Proudhon did not draw the > conclusions which Marx had indicated - that the Crdit, by virtue > precisely of that structure, was an institution which could prosper only > in times of boom, and which would collapse in times of monetary panic. > He had not drawn them because he lacked an overall perception of the > cycle. His vision of the speculative nature of the Crdit Mobilier was > therefore static and moralistic, and to the extent that it influenced > Marx, it was in the sense of making possible a further deepening of his > analysis. > This story continues at: > < http://info.interactivist.net/article.pl?sid=05/02/27/2019223 >
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