[Marxism] Notes on the current crisis of capitalism

[S. Artesian]

Overproduction is not identical or equivalent to underconsumption.  Keep in 
mind that capital has its origins in the very fact that consumption by the 
producers is restricted.

More in particular, this...

"I'd also add to this in connection with measure C) below that extension
of credit to wages in the form of credit cards, auto loans and mortgage
loans, i.e. 'consumer credit', as a means to address the overproduction of
capital, has as its precondition precisely this stagnation or fall in real
wages. This introduces some important contradictions that are critical to
understanding how a crisis in consumer credit - involving quite literally
hapless Mexican immigrants trying to buy into "the American Dream" on the
south side of Stockton, California, just think of it! - acted as the
detonator for a generalized financial meltdown:"


...is just not accurate.  Throughout the "mortgage crisis," payment amounts 
and payment punctuality of immigrant workers, particularly in those programs 
where no questions about citizenship are involved, have been far above 
repayment rates in the rest of the sub-prime, alt-A tiers.

The crisis in consumer credit exists is a result not a cause of the 
underlying decline in profitability of capitalism since 2006.