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Like you and Graeber said: debt is not a feature of capitalism, it is at least 5000 years old. Debt crises are nothing new and there are exactly two ways to get out of them: a) the debtors stop repaying, and the creditors forgive the debts, b) the debtors stop repaying and hang up the creditors. This is no threat to capitalism, only to some capitalists.

In my view there is the unemployment crisis underlying the current debt crisis. A degree of productivity that allows traditional full time jobs only for a small minority. I don't see how capitalism could cope with it.

by Katrin on Sun Aug 5th, 2012 at 11:19:23 AM EST
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I'm just not convinced that this technology induced unemployment crisis exists. My clothes were made in Vietnam and my electronics were probably made in China. Is it really progress leading to mass unemployment or just slavery 2.0? I don't doubt that advertisement could create demand for most everything that could be produced if there weren't physical limits to consider.
by generic on Sun Aug 5th, 2012 at 12:21:57 PM EST
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No, I mean rather like this. Slavery 2.0 is another problem (which must be solved by trade unions and strikes).
by Katrin on Sun Aug 5th, 2012 at 02:58:58 PM EST
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But jobs are just whatever you are demanded to do to get the markers that tells everyone else that you are allowed to get some of the goods society produces. To eliminate jobs is (all else equal) to eliminate the right for some to get a fair share of the goods society produces. And in general that is to give someone else an even bigger share.

I see technological change as an opportunity to renegotiate power relations, which in a situation where capital has the upper hand means an assault on labour. But outsourcing and rounds of shock doctrine has proved far more powerful.

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by A swedish kind of death on Sun Aug 5th, 2012 at 05:31:47 PM EST
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