‘The monetary system is essentially a Catholic institution. the credit system essentially Protestant. “The Scotch hate gold.” In the form of paper the monetary existence of commodities is only a social one. It is Faith that brings salvation. Faith in money-value as the immanent spirit of commodities, faith in the mode of production and its predestined order, faith in the individual agents of production as mere personifications of self-expanding capital. But the credit system does not emancipate itself from the basis of the monetary system any more than Protestantism has emancipated itself from the foundations of Catholicism’
The following is a quote from Marx’s Capital Vol. III
He’s saying paper money [=credit] is intrinsically worthless, but only works cause people have confidence in the country printing it. However ultimately paper money relies on real solid gold. he doesn’t explain why.
The religious mumbo jumbo is just a poetic image that doesnt mean anything
So I suppose he’s suggesting all monetary exchange should be in actual commodities and not money. And if he’s against that to, then we’re relying on double-conincidence barter. But then again, there is no barter since there is no provate property.
This appears to be just another capitalism = religion Marx quote. Much like postponing purchases, savings, and enduring exploitation is supposed to bring prosperity under capitalism, suffering through life brings salvation in the afterlife.
In short, for Marx, capitalism is the secular equivalent of religion.
Odd, if I read this correctly, he compared the monetary system to something based off of faith, and then compared it to Catholocism. If that is the case, “faith alone” (sola fide) is a Protestant doctrine not a Catholic one. So he may have made an error, unless I read it wrong.
Bungabunga, foursquare meals a day bring your own unicorn. jiggabong. Hark! I’m sorry Dave, I can’t let you do that. 10001001110101, x1314ftyyhfh, said the maple to the airhostess.
I’ve been reading Marxism Unmasked by Ludwig von Mises and it is rather good [ though disorganized because it is from a series of lectures ] but one of his chapters ended with this quote by Marx and Mises justly declared it nonsensical. I just wanted to see what others thought of it.
