Saturday, February 09, 2008
disappearing labour by the debt
grande oggetto pneumatico
even more inflated
deb[t]ribute to giovanni anceschi
The magic of debt is to make labour disappear. It is here that the analysis of debt must begin and end, particularly in the context of current finance capital. At stake is not only the issue of the so-called debt crisis, created by the making of international loans to the governments of poor countries, which can only finance repayments by borrowing more when interest rates go up or exchange rates are unfavourable. Nor is the question solely about what Michael Hudson has called ‘superimperialism’ – the process by which the United States has maintained its global economic power by becoming indebted to foreign nations, which are then compelled to keep US treasury bills in their central banks. These are crucial matters that shape much of the world’s economic activity through debt. But they do not capture the magic of debt, its capacity to perform vanishing tricks, most specifically on the living labour that drives this same global economy.
tarted by ---gallizio
in the ever popping bubblous era
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Labels: activism, anceschi, arts, gruppoT, mutemagazine
