Central bankers want to find a means of resetting everything, exploring solutions such as digitising currency through blockchains, doing away with cash, and finding other avenues to try to control the so-called vagaries of free markets.
In his new book Google Archipelago, Rectenwald asserts the Google Archipelago re-upping of Marx is not only practically Marxist, but conceptually and structurally so.
It is a huge mistake to call the repeating cycle of boom and bust a business cycle. That name implies the bust is the failure of markets and capitalism. But it is really due to monetary and credit inflation licensed and promoted by governments and central banks.
The $120,000 price tag on that artwork involving a banana taped to a wall had almost zero to do with the amount of labor or materials that went into it. Its value was based on subjective valuations specific to certain buyers.
Father Frost (the Soviet Santa Claus) asks: "To whom do we owe all the good things in our socialist society?,” to which, it is said, the children chorus the reply, "Stalin."
By abolishing the weekend, the Soviets were in one move able to strike a blow against both families and religious institutions. All that was left was the state — and state-mandated labor.
