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HOW TO SOLVE THE CRISIS?. Dr. Zoltan Pogatsa. V or W shaped ?. L-shaped : Corporate capitalism Corporate party financing State capture Unsustainable corporate , household and state finances Crisis. Rate of profit. Marx: falling Reality : growing

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how to solve the crisis

HOW TO SOLVE THE CRISIS?

Dr. Zoltan Pogatsa

v or w shaped
V or W shaped?

L-shaped:

  • Corporatecapitalism
  • Corporatepartyfinancing
  • Statecapture
  • Unsustainablecorporate, household and statefinances
  • Crisis
rate of profit
Rate of profit

Marx: falling

Reality: growing

Question: WHO WILL BUY THE PRODUCTS?

answers
Answers
  • Mediatisedconsumerism
  • Borrowingfromthefuture (debt)
  • Riddingthestate of resources (taxcuts, offshore)
  • Geographicalexpansion (CEE, China, BRICS)
  • Environmentaldegradation
  • War
ever smaller state
EVER SMALLER STATE

Becauseit is „toolarge”

offshore shaxton treasure island
Offshore (Shaxton: Treasure Island)

TaxJustice Network Financial Secrecy Index:

  • US
  • Luxemburg
  • Switzerland
  • CaymanIslands
  • UK
  • Rich individualsin offshore: a completeyearly US GDP
  • Corporations: Vodafone, Google, Enron, Wizzair, CBA….
geographical expansion
Geographicalexpansion
  • CEE, BRIC, etc.
  • New consumersforcorporations
  • Cheaplabouroffshoringforcorporations
responses so far
Responsesso far
  • Anticyclicalfiscalexpansion
  • Monetaryeasying (QE1&2, ECB)
  • Austerity (Stiglitz, Soros, etc.)
  • No regulation
  • No sustainability
why don t politicians act
Whydon’tpoliticiansact?

Finance

Chris Dodd, Chair of Senate Banking Committereceived $2.9mn fromsecuritiesindustryin 2007-2009, more thanthreetimesanysenatorwhowasnot a presidentialcandidate. („13 Bankers”)

Defense

Lockheed Martin is thebiggestcampaignsponsor of BuckMcKeon (chair, Congress Military ForcesCommitee) and Daniel Inouye (chair, Senate Military ProcurementCommitte).(Hartung „Prophets of War”)

Offshore

Lord Ashcroft, Chairman of UK ConservativeParty is a taxcitizen of Belize.

Revolvingdoor

Robert Rubin (Goldman>Glass-Stegall>Citi), Dick Cheney (Halliburton)

how to solve the crisis1
Howtosolvethecrisis?

Cutthe nexus betweencorporations and government.

greece1
Greece
  • 3-5% of GDP in Offshore (mainlyCyprus)
  • Military expenditure: EU countriessold €1bn worth of military toGreecein 2010
  • Wouldneed 6-8% growthtoget out of sovereigndebttrap
  • Willnothappenwith 5th wave of austerity
thank you
THANK YOU!

pogatsa@gmail.com