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an extreme distortion of marx's theory of value.
'human values' are more important than 'money values'?! did marx really spend decades of his life analyzing capital to come to that rigid and extremely facile antithesis? is this the kind of trenchant insight we can expect from the debt-financed, self-proclaimed 'intellectual left' that has no organic ties to labour and yet dons the garb of revolutionary marxism?
marx NEVER used the term 'abstract value' in the sense used here. rather he was at pains to show that exchange-value was NOT just abstract, but had as its secret, DEFINITE relations of production taking the form of 'abstract human labour' measured in labour-time. 'abstract' here does not mean 'made up' or 'unreal', but 'without particulars', in this case referring to the very real and palpable 'expenditure of human brains, muscles, nerves, hands etc.' that all forms of labour have in common.
i didn't hear mcnally mention the word 'labour' once, effectively extirpating the very heart of marx's work which is his LABOUR theory of value. how he could have progressed all the way to volume three having failed to grasp the most important element of the whole of marx's political economy is shocking considering he is being paid to teach the stuff. the whole theory rests on the hidden UNITY of so-called 'human values' and 'exchange-value', which is what the so-called 'intellectual left' should be pointing out, and not their dazzling APPARENT antithesis that can be seen by even us non-academics at a quick glance.
lots of other mistakes too, packed into a mere 15 minutes, such as the confusion of 'world-money', which as marx says always takes the form of bullion, with so-called 'non-commodified' money [another meaningless term marx NEVER used]. the IMF, the very instrument of 'globalization', is in fact also charged with assessing and maintaining an international gold standard, hence 'WORLD-money'. nixon de-nationalized the gold standard in order to finance the vietnam war, i.e., slaughter the international revolutionary working-class. the 'hidden' connection between money and labour is far more overt in material reality than in the head of david mcnally.