All of these forms of looting--the exchange of non-equivalents with petty producers, raw materials and the environment outside the closed system, and with wage-laborers, plant and infrastructure within the closed system--, increase the total surplus value available to prop up capitalists' paper titles to wealth above and beyond the surplus value produced in the closed system through the exchange of equivalents (the assumption of vols. I and II of Capital). These titles to profit, interest and ground rent can continue their valorization process (M-C-M') as long as sufficient surplus value is produced within the closed system, and outside it, to support them. Capital as a whole can expand, for a time, while social reproduction contracts, just as a living organism can go on living, for a while, while it is consumed by cancer. When the total surplus value available on a world scale can no longer adequately sustain the total profit, interest and ground rent claims on it, there is a direct deflationary collapse, such as the one we may be witnessing today (summer 2003). <snip>
We see this looting today in the trillions in debt crushing the economies of the Third World, and such countries being obliged to ravage their resources to merely service the interest on this debt; we see it in massive environmental destruction. We see it in the global warming occasioned by fossil fuel emissions, emissions from technologies and fuels that a healthy society would have long ago scrapped and superceded. We see it in the flood of immigrants from the bankrupted regions of the world ruined by decades of debt service. We see it in the proliferation of U.S. type workfare programs and of the working poor, where millions are employed at starvation wages performing infrastructural work previous done by blue-collar workers paid at reproductive levels.