Burdened with debt reloaded: The Politics of Devaluation
In Greece, the initial austerity measures developed into a full blown shock policy of devaluation of capital, which has deepened the recession and increased public debt. A main ingredient of the politics of devaluation of capital is the depreciation of labour power which aims at the weakening of the power of the working class by establishing permanent austerity and disciplining mechanisms, and by the creation of a large reserve army. Furthermore, this depreciation of labour power is facilitated by the institutional abolition of collective bargaining agreements, a process which, to a great extent, undermines the very function of the labour power representation mechanisms…
…The extremely volatile and explosive situation does not allow any safe conclusions for the time being since the inability of the proletarian struggles to have any real and persistent effects (in the production and reproduction spheres of the capitalist totality) is accompanied by a deep, generalized and amorphous despair and anger precipitated also by the destruction of any safety valves for their containment. Therefore, the widespread prospect of a rather prolonged dead-end period looming ahead could be easily reversed by a social explosion that will change more deeply the balance of forces.
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