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The double change brought about under capitalism – the creation of wage labor under the regime of industrialization and the introduction of a revamped and quantitatively huge sphere of circulation under the regime of consumerism – is one that particularly effects the place of the clerk. The fictional commodities of land and labor, and the international trade in everyday household and psychoactive commodities – sugar, chocolate, alcohol, coffee - that underlay the great transformation required a new system of description and calculation that opened up a new vocational form – and into that form came the clerk. When Marx speaks of the way the bourgeois economists invert the processes that constitute the nature of the commodity so that it seems like the commodity comes first and constitutes the unsurpassable horizon of the world, what he is really talking about is the codification of the economy from the point of view of its managers in the sphere of circulation – for them, gazing at the

In important ways, the D.C. drone drone drone about deficits and debt is right. Unfortunately, they have targeted the wrong debt. It isn't the government's debt that is the problem: it is the people's debt. Unfortunately, the government could have chosen to do something radical about debt in 2009 and it didn't. No, I don't mean that we could have balanced the budget in D.C. - we could have helped balance the budget in the U.S. Instead of loaning, at 1 percent, 16 trillion dollars to the American people, which would have effectively re-liquidated every American household, this is what the Federal Reserve - which is the government - did: it chose to loan that 16 trillion to the banks in the 2008-2010 period. What was the beneficial effect of this policy? It saved the banks. What does that mean? The government loans money to banks at 1 percent or below, so the banks can loan money to businesses, people and the government at from 2 percent to 14 percent (for you luc

I have read with amazement the news about the speeches at the Labour conference that is going on this week. Labour has discovered its niche in the political sphere, apparently: support for ‘deficit reduction”, i.e. mass employment and wage deflation, combined with a strong on crime stance. Thus, the silent majority may huddle in their homes waiting for the layoff slip or the round of unaffordable bills, but at least they can have the satisfaction of seeing the noisy unemployed person in the house next door put out in the street. This is what the supposed “Left” has come to. Clearly, the Blairist poobahs that have reformed Labour have no time for the economic sillyness of their forefathers. Someone like Bevin, surveying the current scene, would have summed up the deficit debate very simply: we will cure deficits by curing unemployment and stimulating higher wages. In the interim, we will consider nationalizing the bond markets if they can’t do a better job of pricing the risk in bo

The battle and the market “Might one, then … bring on the Romans once more as witnesses in behalf of Fortune, on the ground that they assigned more to Fortune than to Virtue? At least, it was only recently and after many years that Scipio Numantinus built a shrine of Virtue in Rome; elater Marcellus23 built what is called the Temple of Virtue and Honour;24 and Aemilius Scaurus,25 who lived in the time of the Cimbrian Wars, built the shrine of Mens so﷓called, which might be considered a Temple of Reason. For at this time rhetoric, sophistry, and argumentation had already found their way into the City; and people were beginning to magnify such pursuits. But even to this day they have no shrine of Wisdom or Prudence or Magnanimity or Constancy or Moderation. But of Fortune there are splendid and ancient shrines, all but coeval with the first foundations of the City.” – Plutarch, On the Fortune of the Romans In an essay exploring the concept of Fortuna in the Latin world, Nicole Hequet