Sunday, 5 October 2008

BBC Reports Coming Epochal Shift

Blimey. Comrade Mason is now saying this is not just a 'Minsky Moment' (a predictable fuck up in the global financial markets brought about by the inherent logic of financial capital) but that the British state is seriously considering adopting Minsky's Left Keynesian policy response to such problems. What is that response?

"As socialisation of the towering heights is fully compatible with a large, growing and prosperous private sector, this high-consumption synthesis might well be conducive to greater freedom for entrepreneurial daring than is our present structure". (Minsky, HP John Maynard Keynes, New York 2008, p164-5)

Mason is saying, I think, not merely that a Swedish solution is on the cards - but the socialisation of the banks won't automatically be temporary. A new style capitalism with the financial sector owned (or persuasively regulated) by the State.

Meanwhile, the German government has guaranteed all private bank accounts as their major mortgage leader goes belly up, and the Brits are under pressure to follow suit.

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