Re: [OPE-L] Sergio Bologna, "Money and Crisis"

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!

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)
> | < >
> +--------------------------------------------------------------------+
> "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:
> < >

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