"They love it when you owe money"
Terrance
lycidas2 at earthlink.net
Fri Jul 25 10:34:45 CDT 2003
Who are THEY?
Why don't they want Zoyd's mortgage?
Even if they took his mortgage, and he defaulted, and They took his
house, they probably couldn't sell the house and recover their money.
Houses where Zoyd lives have negative values--their mortgages are worth
more than what they are secured by (the property, house, improvement,
the credit of the mortgagor, the local economy).
Besides, if THEY want to take Zoyd's House They've got RICO.
Best to put Their money in the markets.
Speculation--the withdrawal of profits from the Home industries, the
increasing feverish search, not so much for new markets (these are also
saturated) as for the new kinds of profits available in financial
transactions themselves and as such--is the way in which capitalism now
reacts to and compensates for the closing of its productive moment.
Capital itself becomes free-floating. It separates from the concrete
context of its productive geography. Money becomes in a second sense and
to a second degree abstract (it always was abstract in the first and
basic sense), as though somehow in the national moment money still had a
content. It was cotton money, or wheat money, textile money, railroad
money, and the like. Now, like the butterfly stirring within the
chrysalis, it separates itself from that concrete breeding ground and
prepares to take flight. We know today only too well (but Arrighi shows
us that this contemporary knowledge of ours only replicates the bitter
experience of the dead, of disemployed workers in the older moment of
capitalism, of local merchants and dying cities as well) that the term
is literal. We know that there exists such as thing as capital flight:
the disinvestment, the pondered or hasty moving on to the greener
pastures of higher rates of investment return and cheaper labor. This
free-floating capital, in its frantic search for more profitable
investments will begin to live its life in a new context: no longer in
the factories and the spaces of extraction and production, but on the
floor of the stock market, jostling for more intense profitability.
Jameson, Freddy, "Culture and Finance Capital, Critical-Inquiry, 1997
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