Financial weapons of mass destruction

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Financial weapons of mass destruction Anonymous 07-03-25 23:52:36 No.2180595

https://theanarchistlibrary.org/library/paul-bowman-financial-weapons-of-mass-destruction

This is a good rundown of the eurodollar system. Interested to hear what leftypol’s thoughts on it are and open to any good faith debates on its contents.

Personally I think the points he missed are that it’s not necessarily capital “defeating” corporations so much as I think it’s the system that established the ability of foreign countries and corporations to create and influence dollar monetary policy through the ability to leverage their balance sheets, capital controls be damned you can turn AAA securities into collateral, and then fractional lend that collateral itself to wind or unwind dollar debt as much as you want, leading to 2007 in which Eurodollar banks had created more dollar debt than U.S. banks. In such a scenario it almost looks like the government itself poisoned its own monetary supply to try and stop foreign entities from controlling its monetary policy. This brings us to modern day, where it makes sense that banks and corporations would WANT a new reserve currency, something like bitcoin, so that they can continue trading credit to their hearts desire with no worry for a self interested third party being a single point of failure for the money supply curve.

Anonymous 08-03-25 00:53:43 No.2180647

>>2180595
I have nothing to write to you until you've escaped the Austrian economics & Chicago school matrix.
Escape the matrix, I did it once, I never have to do it again. Pseud philosophers can help with that, especially ones focused on linguistics.
You will come to realize that philosophy is garbage, theology is worse when you've walked the path.

Anonymous 08-03-25 00:57:59 No.2180654

>>2180647
What do you mean? I don’t consider myself to align with any particular school I just consider myself to look at economics, and if you look at what was happening in foreign banks leading up to 2008 they were creating their own money using credit. I think this post gave a great overview of that.

Judith Butler 08-03-25 16:15:41 No.2181222

Bumping, somebody has to be interested in talking to me about this.

Louise Michel 08-03-25 16:20:38 No.2181224

>>2181222
no one wants to talk to a same-fagging ancap

Judith Butler 08-03-25 19:50:37 No.2181375

>>2181224
I don’t same fag, not an ancap, don’t align with either capitalism or socialism, merely interested in finance as it’s the current paradigm.

Mercedes Sosa 08-03-25 23:18:31 No.2181561

>>2180595
>ancap flag
>economy discussion starting with a link to an "anarchist library" rather than a marxism affiliated website
starting badly to have people seriously engage with it

>minutiae of some obscure part of finance inner working with no obvious relevance to anything concrete
most people have not much knowledge or interest in the subject

>capital “defeating” corporations
>it makes sense that banks and corporations would WANT a new reserve currency, something like bitcoin
without exploring the subject, on the surface it sounds like you're proffering stupidities

>point of failure for the money supply curve
again, im not an expert but this sounds like esoteric bullshit

taking a look at the text, first its old, given it was apparently written before 2008, and then you quickly find some bold nonsensical statements like
>The importance of this Eurodollar, or more generically, Eurofinance market, was that although based on currencies issued by state national banks, they were outside the jurisdiction of any state monetary body. In other words they were stateless money
stateless money? outside the jurisdiction of any state monetary body? really?

>Keynesian Bretton Woods system
bretton woods was not, afaik, "keynesian" (whatever is even meant by that)

>From the beginning the analytical communist tendency was able to say that the ultimate enemy was neither the masters, the bosses, the shareholders or the corporations, but capital. Yet capital remained a theoretical abstraction only, inferred as an emergent tendency of the collective action of the actual, visible class enemies. Now with the rise of the financial derivatives capital markets
finance capital was already the boss of capitalism in lenin time, its literally one of the focus of his book on imperialism

>state socialists may either mourn or remain in denial about the passing of the nation state as a platform for reforms to mitigate the evils of capitalism, we communists see the developments for what they are. We see that we will need increasingly to link our struggles across industries, across borders and across identities
sounds like usual ultra rhetoric. Calling socdems "state socialist" is weird, is that some kind of anarchist slur?

Sojourner Truth 08-03-25 23:49:01 No.2181583

~~>>2181428~~
?

>>2181561
It’s not minutiae of finance though, it’s on the assets that caused 2008. I would say tentatively it’s not guaranteed my take is correct, however given your responses below I’m liable to believe you don’t have a good understanding so while it may sound wrong I would require more analysis, this is why I’m looking to open discussion, hoping someone who can help me patch the disconnect between my understanding of the causes of the dollars overstretching in 2008 and the reality.

To tackle your criticisms of the text:
Yes this is before 2008 which makes it all that much more impressive really given just how insightful into the eurodollar market this is.

>stateless money? outside the jurisdiction of any state monetary body? really?
Yes. This point is certainly debatable to an extent, however again if you understand how debt functions AAA corporate debt is safer than the debt of many sovereign nations, so it will be very hard to argue against this point.

>bretton woods was not, afaik, "keynesian" (whatever is even meant by that)
John Keynes was literally one of the engineers of Breton woods so this is wrong.

>finance capital was already the boss of capitalism in lenin time, its literally one of the focus of his book on imperialism
This and your last point I agree with fully, I think everything after he delves into the politics behind his original thesis is garbage and pretty much what I’m trying to deconstruct with my argument, or ignore I guess.

Anonymous 10-03-25 15:56:00 No.2182958

Bumping

Anonymous 10-03-25 16:12:00 No.2182966

>>2182958
bumping a shit thread

Anonymous 10-03-25 16:28:02 No.2182972

>>2182966
~~>>2182969~~
What’s wrong with the thread? I’m just here since /biz/ will only discuss pro Trump dogshit, does leftypol reject any discussion of the market or what?

Anonymous 10-03-25 17:20:56 No.2182996

>>2182972
The biggest problem for this thread is that either people won't get it, or the topic of discussion I'd already well understood and uninteresting.

I do have concerns that some people didn't know Keynes was a major part of the Bretton Woods system.

As an aside, did you know that Keynes advocated for a more complete monetary system that cycled $$ out to nations with bad balance of payments?

Anonymous 10-03-25 17:21:44 No.2182997

>>2182996
*is already
Fuck autocorrect.

Anonymous 10-03-25 18:02:40 No.2183062

>>2182996
>Keynes was a major part of the Bretton Woods system
he was just one of the negotiator (for UK), and he didnt actually get his way (because US got its way), so calling bretton woods "keynesian" seem wrong

Anonymous 10-03-25 19:40:58 No.2183178

>>2182996
>did you know that Keynes advocated for a more complete monetary system that cycled $$ out to nations with bad balance of payments?
Yes he seemed to take a holistic view on independently balanced budgets for each nation it seems, given his Bancor proposal, which of course doesn’t mesh well necessarily with reserve status and constant deficit spending like we see with the U.S. and what they believed benefited them. I think he maybe just didn’t have an appreciation for the equilibrium economy’s can find on a large global scale.

>>2183062
While his specific proposal wasn’t accepted, both sides of the table were stuffed with Kenysian ideas and Kenysian influenced economists, so ultimately the United States plan accepted was Kenysian in nature, given his influence of free trade and convertibility, government spending and budget balancing, ect. On the agreement.

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