Michael McAteer Profile picture
May 10 10 tweets 2 min read Read on X
All revolutionaries have an eschatological bent — that their beginning necessitates the end of the order that precedes them. It was so with the Bolsheviks who understood any action they took was justified to realize their aims.
They adhered to Marx's notion that capitalism had to end by virtue of its internal contradictions that he had artfully calculated in his masterwork Capital.
When Joseph Stalin seized power, he commissioned a renowned Russian economist named Nicolai Kondratiev to study capitalist economies to determine when they will end.
Kondratiev gathered price data going back to the Napoleonic era of key elements of market economies such as gold, pig iron, coal, Consol bonds, etc., and observed that over time, capitalist economic activity displayed a regular sine wave pattern lasting between 45 to 60 years,
and always ending in deflationary depression, but ultimately recouping to start a new long wave. Capitalism, he surmised, was not destined to end, but to repeat in long waves.
Kondratiev's observations did not fulfill Stalin's request, and because he also had been critical of some of the Communist regime's agricultural policies, he was summarily arrested in 1930 and sentenced to eight years in the Moscow jail.
He continued his economic research in deteriorating health and in one of his last letters to his wife, claimed to have resolved a two-factor model that explained the phenomenon of the long waves of economic activity.
Nobody has seen it, as yet, because at the end of his sentence he was escorted to the courtyard of the Moscow jail and shot. In the minds of the Bolsheviks, Kondratiev was guilty of "thought crimes".
The point of the following summation by Justin Ling of the nature of MAGA which is founded on the ideological antecedents of people of whom you may only be vaguely aware, is that they are not "conservative",
because that definition would only be a reflection of the old order they are determined to overthrow. They see themselves as revolutionaries, and that carries all the historical baggage we are aware of.
bugeyedandshameless.com/p/the-neo-reac…

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More from @Monetarius

May 7
Economist Michael Pettis was alert to the problems of the global trading order when countries, in particular China and Germany, followed mercantilist "beggar thy neighbour" trade policies.
John Maynard Keynes, however was an oracle. In 1943 at Bretton Woods he anticipated the problem and proposed prophylactic solutions. One was to create an international currency to gird global trade.
The American contingent at the conference outvoted him and elected the American dollar to serve that purpose. Keynes also suggested that trade balances could be restored by the surplus carrying countries if they invested in manufacturing in their trade partners' countries.
Read 9 tweets
Apr 8
David Brooke's dismay in the May Issue of Atlantic Monthly:
"George Orwell is a useful guide to what we’re witnessing. He understood that it is possible for people to seek power without having any vision of the good.
“The Party seeks power entirely for its own sake,” an apparatchik says in 1984. “We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness: only power, pure power.”
“The Party seeks power entirely for its own sake,” an apparatchik says in 1984. “We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness: only power, pure power.”
Read 5 tweets
Apr 2
Lots of attention being payed by CNN to two elections in the U.S. The Republicans (you might as well call the party MAGA) won a congressional seat in Florida. CNN is projecting a win for the seat on the Wisconsin Supreme Court.
It is a position that is ideally though to be non-partisan, but the contenders in this race are being identified as conservative and the other, liberal, such is the hardened ideological line in politics today.
It is no less so in the current Canadian election. Poilievre is in free fall trying to distance himself from the most unpopular man looming in the Canadian consciousness.
Read 4 tweets
Mar 3
Canada had a chance to do what Australia accomplished with thought and intention. They haven't had a recession in 20 years. thebusinesscouncil.ca/report/canada-…
"Instructive here is Australia’s strategy toward Asia. Indeed, Australia has developed an influential role in the region far out of proportion to its economic size, which is a third smaller than Canada’s.
More than twenty years ago, the Australian government initiated a major economic and political study of northeast Asia’s economic prospects, which painted a clear picture of the region’s potential and made far-reaching policy recommendations that were taken up...
Read 8 tweets
Feb 4
Saskatchewan has 21,000 kms of natural gas pipeline. It's the way we heat our homes. Scott Moe says electric heat pumps won't work here. Today it is minus 30, so I tend to believe him.
The Sask Party government is committed to building nuclear reactors to create electricity. Why?...to power our toasters?
If we are destined to continue heating with natural gas, I'm inclined to consider using fuel cell furnaces like the Japanese Ene-farm project, where the units use natural gas but with a 50-60% decrease in CO2 emissions. They produce both heat and electricity.
Read 5 tweets
Jan 25
Mark Carney must have had his Hamlet moment before deciding to go against the run of Canadian electoral cycles and announce his candidacy to lead the country as its Prime Minister. Image
The election will be a contest of economic theories. Pierre Poilievre is a folk libertarian and falls in line with the Silicon Valley tech bros who want to give "Austrian" economics a kick at the can.
The economic theories of Friedrich Hayek (en.wikipedia.org/wiki/Friedrich…) and Ludwig von Mises (en.wikipedia.org/wiki/Ludwig_vo…) eschew any role for government to participate in the economy.
Read 16 tweets

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