http://www.metamute.org/en/Fictitious-Capital-For-Beginners
"The implicit final stage of this process is, once again, the self-cannibalisation of the system, if and when the sources of loot outside the ‘closed system’ are exhausted. We have not yet seen this in dramatic form in the case of the era of US world hegemony. But history does provide the example of the Nazi period in Germany, when Hjalmar Schacht, Hitler’s finance minister, ran up a huge debt pyramid to finance German rearmament in the 1933-1938 period, while holding real wages at 50 percent of 1929 levels. The difference between Germany then and the US today is that Germany had been shorn of most of its external sources of loot after its defeat in 1918, and hence had to seize some new ones militarily after 1938.
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2007-09-26
03:15:32
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Anonymous
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Other - Politics & Government