"Postcapitalism"? Paul Mason Has Been Thinking Too Much Again

Still, a provocation worth a weekend read.

Unfair I know, but hard not to make fun of him & his obsessing with Greece, though.

On the ground in places such as Greece, resistance to austerity and the creation of “networks you can’t default on” – as one activist put it to me – go hand in hand. Above all, postcapitalism as a concept is about new forms of human behaviour that conventional economics would hardly recognise as relevant.

Networks you can't default on, eh?  Sounds like the mafia to me.

The lefties really, really do love this Greek thing: they think it might be ... The Revolution!  Let's see what they've made of it in 12 months' time.  There must be a scenario - let's call it '1789' - in which none of us will be thinking about anything else.

ND

Market's 'signal passed at danger'

The FTSE has plunged over 3% this morning on news of HSBC's huge rights issue. Together with more bad news from America and Government dithering over Lloyds Banking Group, it has been a grim morning and it is only just 9am.

Currently the FTSE stands lower than when Tony Blair came to power. Well done Labour, officially 12 wasted years and counting.

The fall since October is approaching 40% alone. Those that study charts would tell you that we either bounce from here or go a lot lower, possibly until the FTSE starts with a 2....

UPDATE: There is not much of a bounce in this dead cat. See here, FTSE ended down over 5% on the day. A re-test of 2003 lows looks very likely as the next step, 10% below where we are today. Here is hoping for a rally instead; perhaps 5% could be capitulation...