a System in flux: trying to get our brains wrapped around the crisis in capitalism

central ideas growing from this "threewayfight" discussion board is that the System - capitalism and the administrative States - represent dynamic sets of entities in a constant flux of shaping and reshaping themselves. beyond the Systems own internal dialectic this motion and how the System manifests itself weighs heavily on the trajectory - the politics and focus - of the opposition movements. anti-capitalism, anti-fascism, fascism, popular reactionary movements, radical expressions of liberation, all are impacted by the System and vice versa. simple, right?

at times we can have a developed and fairly sophisticated praxis, at other moments our understanding is still waiting outside the door fumbling for the keys.

for several of us that contribute to threewayfight - or those who use the sites information to help draw out and develop ideas - the economic aspect of the System is paid little attention. seemingly strange considering that a total critique of these societies demands us having a grasp on how the capitalist society we are looking to uproot and overturn actually functions. but i said seemingly because we acknowledge a lack of full knowledge. its from here that we are trying to talk about and understand what is happening.

the housing crisis, the bailouts or liquidation of financial institutions, and now the $700B bailout of the market, is forcing a new discussion that many of us have only just thought over in rudimentary terms. the Democrats want us to see their party as the saviors of the common people. some Republicans are "outraged" by the Bush/Paulson bailout plan because it has government tinkering with the economy. by and large the boss class - both parties - would like for us to keep sleepwalking as they construct our futures; a future that every economist is saying is completely uncertain.

we are going to try to point "our side" in the direction of news, analysis, and overviews that deal with this future.

we cant afford to sleepwalk through the nightmares the masters create.
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1) Capitalism in Crisis? by D. Hamerquist

"There is no evidence of capitalist complacency in the current situation – but there is a good possibility that many left radicals will relax and snooze their way through it. I recommend that those who see the current situation as just “capitalists just being capitalist” make sure they understand the concept and the function of “leverage” and then google - ‘collateralized debt obligation’ and ‘credit default swap’. This should provide some recovery therapy for business as usual disorders on the left."

2) Paul Bowman writes for the Workers Solidarity Movement, Fiancial Weapons of Mass Destruction

"as a system of social relations, capitalism is also a system with internal mechanics. Those mechanics evolve in response to the historical development of struggles over exploitation, but what new directions the new mechanics make possible in terms of capitalist strategies, in turn, shape the new struggles of today and tomorrow."

3) Kevin Phillips interviewed on the Bill Moyers Journal

"KEVIN PHILLIPS: Well, just to give you an example of how many there are… I sometimes use the description 'seven sharks.' There are seven sharks in the tank with the economy… Now, whenever you get this sort of package in one decade, you got a big one. And when Greenspan says it's a once a century, I think it's another variation but on a par with the Thirties.”

4) Michael Hudson writes for Counterpunch, The Paulson-Bernake bank Bailout Plan: Will the Cure be worse than the Crisis?

"The question to be asked is just how much will the economy’s debt overhead grow, and what will it cost debtors (a.k.a. “taxpayers”)? And how will the economy look when the dust settles?"

5) from the Maoist Kasama site, Overview of the Financial Crisis.

Financial Weapons of Mass Destruction

by Paul Bowman - Workers Solidarity Movement

Everything comes tumbling down

With financial giants toppling at rates that shock even seasoned financial commenter, many of us are left wondering, how did this state of affairs come to pass. What is becoming obvious is that the financial markets have become increasingly complex. In this article, Paul Bowman looks the nuts and bolts behind the economic headlines, explaining what is it that is being sold and why nobody seems to be able to stop the chaos from unfolding.

This is the first part of a series of articles investigating the capitalist financial markets from a critical perspective. With such a large topic it is tricky finding a route into the subject and a plan of enquiry. The chosen road is to start with a look at the financial markets, particularly focusing on the mechanics of some of the instruments that have led to a momentous transformation of the workings of global financial markets in the most recent decades.

At first sight, this approach may seem odd, perverse even, like examining the internal workings of a clock as a prelude to discussion the social relations of time. However this "inside-out" approach is justified by the fact that as well as a system of social relations, capitalism is also a system with internal mechanics. Those mechanics evolve in response to the historical development of struggles over exploitation, but what new directions the new mechanics make possible in terms of capitalist strategies, in turn, shape the new struggles of today and tomorrow. The next article in the series will place these market mechanics in their fuller historical context. But for now let's start by investigating the mechanics of capitalist financial markets.

read more at anarkismo.net

Colonge, Germany: Anti-Islam Rally Cancelled After Violence.

the pic just above here is of anti-racist/anti-fascists demonstrating
against the Far-Right and anti-Islam group, Pro-Koeln.

From Anarchist Black Cat

German police on Saturday cancelled an anti-Islam congress organised by a far-right group on safety grounds in Cologne after the venue was blocked by opponents. 'Pro-Cologne' had called the rally to oppose a decision by local authorities in Cologne to allow the construction of a mosque with a high dome and minarets. It invited nationalist groups from around Europe to join the "Stop Islam" rally to fight what it called the "Islamisation and immigration invasion" of Germany and Europe.

But only 50 supporters of the anti-immigrant group Pro Cologne managed to reach a city square as it was being blocked by anti-fascists. A police spokesman said the leftists were no longer attacking in small groups but in large formations.

A signal box on the edge of town was set on fire in the early morning by persons unknown, forcing the closure of a main line for several hours and the diversion of 12 national express trains. Taxi drivers, bartenders, bus companies and hotels denied the far right their service

more links:

1) COLOGNE, Germany (AFP) - - German police said tens of thousands of Cologne residents took to the streets Saturday in protest at an "anti-Islamisation" conference of European far-right leaders.

Carrying banners saying: "We are Cologne -- Get rid of the Nazis!," protesters gathered outside the city's cathedral to demonstrate against the congress organised by the local far-right group Pro-Koeln (For Cologne).

2) Published: 19 Sep 08

The first day of a three-day right-wing "anti-Islamification congress" in Cologne against a supposed "immigrant invasion" in Europe was marked by minor scuffles with counter-demonstrators.