Re: [OPE] Madoff Ponzi scheme

Thanks, Paul and Jurriaan, Paul Z.

=====
(V23) HIDDEN HISTORY OF 9-11, Seven Stories Press, 2nd ed. softcover
(V24) TRANSITIONS IN LATIN AMERICA (V25) WHY CAPITALISM SURVIVES CRISES
(V26) THE NATIONAL QUESTION AND THE QUESTION OF CRISIS
====> Research in Political Economy, Emerald Group, Bingley, UK
====> P.Zarembka, ed., www.emeraldinsight.com/books.htm?issn=0161-7230
.

On 12/22/2010 4:19 AM, Paul Cockshott wrote:

> This paper http://reality.gn.apc.org/econ/creditcrisis.pdf attempts to look at the relationship between the 'normal' operation
> of the financial markets and Madoffs activities
> "During the bull market the financial system as acts as a vast Ponzi scheme. Any
> excess of deposits by savers over and above the current needs of industry and the
> state are translated into prots and bonuses. Savings are converted into current
> consumption revenues of the banking community."

On 12/22/2010 4:52 PM, Jurriaan Bendien wrote:
> I found Jan Toporowski's "The End of Finance" helpful (Routledge, 2000).
> Part II of this book is devoted to Ponzi finance. It's not specifically a
> "Marxist" book though, though perhaps "Marxisant"; Marx isn't mentioned by
> name in it as far as I remember.
>
> Jurriaan
>
>
>
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Received on Thu Dec 23 12:11:05 2010