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From The Class Struggles in France: 1849-1850:
Both public credit and private credit were, of course, shaken. Public
credit is based on the confidence that the state will allow itself to be
exploited by the financial sharks. But the old state had disappeared and the
revolution was primarily directed against the financial aristocracy. The
vibrations from the last European commercial crisis had not yet died away.
Bankruptcy still followed on bankruptcy.Private credit was therefore paralysed, circulation restricted,
production at a standstill before the February revolution broke out. The
revolutionary crisis intensified the commercial crisis. And if private credit
is based on the confidence that bourgeois production – the full range of
relations of production – and bourgeois order are inviolable and will
remain unviolated, what sort of effect must a revolution have which calls
into question the basis of bourgeois production, the economic slavery of
the proletariat, and which sets up in opposition to the Bourse the sphinx of
the Luxembourg Commission? The revolt of the proletariat is the abolition
of bourgeois credit, for it signifies the abolition of bourgeois production
and its social order. Public and private credit are the thermometers by
which the intensity of a revolution can be measured. They fall, the more
the passion and potency of the revolution rises.
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The tail that wags the dog?
The accumulation of ‘actual’ capital is counted in backward-looking labour time, while the confidence of the accumulators relies on the forward-looking ‘fiction’ of credit (or the other way around). Adhering to this house of mirrors keep Marxists stuck in no-man’s land….
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