That was the word from soon to be Fed Chief, Janet Yellen, who promised MORE FREE MONEY for as far as the eye can see. To punctuate Yellen's concerns, we had a whopping -$41.8Bn Trade Deficit, Productivity declining from 2.3% to 1.8% while Unit Labor Costs fell twice as fast as expected (0.6%) indicating, once again, that no one is getting paid in America except the Capitalists, who own the means of production.
As Marx teaches us, what a worker produces always has two sorts of value in it. The first sort is the value in the tools, equipment, and raw materials used up in production of the output. That value passes over into the value of the output much as the physical components of those used up materials do. For example, 100 units of value in hammers, nails, wood, and glue pass over as 100 units of value in the output of chairs made with those inputs.
The second sort of value in the output – chairs in this example – is the value added by the labor of the worker, lets say 100 units as well. The chairs are then worth 200 units of value. The worker might typically be paid, say, 50 units of value as his/her wage. This means that the Capitalist, once the chairs have been sold at their value of 200, keeps for himself 150 units of value while paying the worker wages of 50 units.
Exploitation is what transforms means of production – made by workers – into the property of Capitalists. To then reward Capitalists for what "they contribute" to production nicely hides the…
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