Neue Debatte - Special Edition - Long Essay on Left Strategy #002 - 04/2017 | Page 67

11 Choosing the right track
refused to pay them before. So they may be stuck with their goods or
forced to sell them to a lower price thus losing their margin as well.
Until about two decades ago industrialists were bad off in crises of
over-production. But now they found an allegedly clever escape.
They reduced reinvesting their capital in faulty accumulation circles
of real economy and stocked their funds till they found new opportu-
nities for investment on finance markets. There they can buy, sell and
speculate with so called “finance products” to their hearts’ content
having a chance to make huge gains at high, tingly risks. They need
not bother with real commodities and the organisation of real chains
of production. They can generate and trade fictitious capital and
blow up financial bubbles out of thin air. The top speculators chal-
lenged even big banks and whole currencies in billion dollar games.
Finance mechanisms, credits, insurances and investments once were
launched to facilitate and optimise a real economy of real producing
people to exchange useful and needed products, to ease the life of all
and back up social coexistence. We have seen above the great possi-
bilities and chances on contemporary globalised level the peoples
would have to solve all serious, piled-up problems beyond the rule of
financial capitalism. It gambles away all chances, peculate working
people’s labour values, and inhibit urgently needed and most useful
investments for shear reasons of profit and mammon. The final per-
spective for mankind can only read: Away with financial capitalism!
The common, notorious, global investment crisis was intensified by
the construction of the European currency that strangled weaker
economies. They became victims of German export offensives which
brought down their uncompetitive home industries and left these
Euro states no chance to secure their economies. They could neither
devaluate any longer an own currency nor could they impose import
duties. The trade imbalances provoked the countries’ need for state
bonds which could not be serviced in times of recession. The spiral
further discouraged international private capital to invest in an un-
certain real economy of these countries. The rating agencies stabbed
them further down. They cannot get out of such vicious circles and
sink into the strong economies’ peripheral belt of durably impover-
ished, dependent, austerity haunted countries.
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