/leftypol/ - Leftist Politically Incorrect

'commies' were saying about this crisis literally every day since 9/11

>>468461
>since 9/11
since ww1 actually

<ok, THIS time it's a final "final" crisis of gabidalism! trust me bro! This time for sure!
especially funny reading retarded soviet ramblings right after ww2 about "the General crisis of capitalism" that "ravages the West" right as "the West" was taking off into the stratosphere lol

leftoids are the classic case of "boy cries wolf"

>>468464
didn't mean that, retard. but ok

i meant modern times and it starts with 9/11 (when west just go on a shit show what it alredy was technically (think reagan 'n shit))

As to the video, Penisman seems to think that "financial vs productive" capital is divided between china and the west, which is not true. The west has its own productive capital, and china has its own financial, just look at the recent real estate bubble.

His explanation as to why other countries agreed to sell their shit for dollars after the end of Breton Woods is also nonsensical

<Bro they just need more money to accumulate more surplus and somehow only the US was able to provide this growing money supply
even petrodollar recycling makes far more sense than this dogshit take

well, at least he had enough sense to compare China and Russian Pederation to France and Russian Empire in ww1 kek

>>468467
>As to the video, Penisman seems to think that "financial vs productive" capital is divided between china and the west, which is not true. The west has its own productive capital, and china has its own financial, just look at the recent real estate bubble.
Marxists look at which part is dominant. In China productive capital is dominant, while in the west financial capital is dominant. That's what Cockshott says. The recent real estate bubble proves this point. The Chinese state is bailing out the customers who bought buildings and the construction companies, while financial capital took the L.

>His explanation as to why other countries agreed to sell their shit for dollars after the end of Breton Woods is also nonsensical
Explain why you think that.

>Bro they just need more money to accumulate more surplus and somehow only the US was able to provide this growing money supply
>even petrodollar recycling makes far more sense than this dogshit take
Not sure what this means

>>468469
>In China productive capital is dominant, while in the west financial capital is dominant.
The only problem is that chinese "productive capital" invests its trade surplus back into the us financial markets lol

>Explain why you think that.
you literally quote my explanation below retard lol

>Not sure what this means
It means that the explanations of the kind "well according to M-C-M' to accumulate more surplus value you need a bigger money supply, and so third-world capitalists agreed to be ripped off by the US Treasury and the wall street because the US dollar was already a reserve currency!" are nonsense
Capitalists are not a hivemind, they don't care about abstract M-C-M' schemes, they care about their individual financial accounts.

Capitalists don't want to be ripped off. You need to explain why they couldn't use any other currency, or multiple currencies, to facilitate their accumulation cycle.

I'm not sure where to ask this.

When the world de-dollarizes, does that mean that the US in particular but also the west in general will start shift it's capital composition towards productive capital, and away from financial capital ?

My reasoning is that if western currencies become weaker, exporting manufactured goods and machine capital will become easier while exporting financial capital will become harder. De-dollarization also means that the US can't print infinite money for massively bloated military budgets and they could be looking to make up the loss of global influence from receding military power towards gaining soft-power from exporting goods and machine capital.

Does that logic add up ?

https://invidious.sethforprivacy.com/watch?v=q1CrvY_of_8

>>468469
whenever you see someone making a statement like
>hurr durr china has a financial sector just like the US
without quoting numbers, regulations, policy, or literally anything besides their word, don't waste your time, they are arguing in bad faith. the financial sector represented 20% of the american gdp (5.1 t. usd out of 25.4 t.), or ~2 times the gdp of the manufacturing sector in 2022 according to official estimates. the financial sector in china for the same period represented only around 7% of the chinese gdp (1.32 t. out of 18.3 t.) while the manufacturing sector represented around 40%
just ask for numbers and data and see how their arguments crumble away
http://www.stats.gov.cn/english/PressRelease/202201/t20220119_1826672.html

>>468655
>shift it's capital composition towards productive capital
capital isn't playdough. there won't be a shift: a large chunk of capital will just be destroyed if the dollar loses it's global currency status

>>468693
thanks
quality answer