Arguments 2.

 The production process creates value by the
simultanious action of past labour and present labour.
Past labour in the form of commodities which can
either transmit their value or acquire more value. And
present labour acting on those commodities. In the
production process, the value of present labour is
continually being added to the value of past labour.
And the sum of these values is the value of those
commodities which can neither transmit their value nor
acquire more value.
 At each stage of the production process, the value of
present labour is added to the value of past labour.
And the resulting commodities are exchanged for
currency. This constant measuring of the value
accumulated in commodities, allows it to be divided
into parts. The value of past labour is seperated from
that of present labour. The part-value of past labour
renews the demand for those commodities(1) which can
either transmit their value, or acquire more value.
The part-value of present labour renews demand for
those commodities(2) which can neither transmit their
value, nor acquire more value.
 The commodities of the second category are the
terminal result of the production process and their
value is the sum of all the added values. A production
process which is made up of stages. And, at any moment
in time, present labour is adding value at all these
stages. Over a period of time, the value added by
present labour and exchanged for currency, all down
the line to the extracting of elements from land, sea
and air, equals the value of the end result
(commodities 2), for that same period.
 The part-value added by present labour should renew
demand for commodities(2). But, before this can take
place, the mesured value is divided again into more
parts. A part goes to labour, a part to taxes and the
last part to company profit. And, for various resons,
all three parts deviate from their supposed course.
Wages may be saved as cash, or on the stock market.
Taxes can be used to refund failing banks and to cover
bad debts. Profits are often spent on development.
 Part of the value added by present labour and
exchanged for currency does not renew demand for
commodities(2). Some of this value is destroyed, some
is "unspent" and some increases demand for
commodities(1).
 The circulation of value by exchange with currency is
such, that demand for commodities(1) tends to
increase. While demand for commodities(2) is always
insufficient.
 The sum of the values added by labour and exchanged
for currency is always in excess of demand for
commodities(2). This unbalanced situation is resolved
by borrowing and by a constant reduction in the value
of commodities. A reduction in value obtained by less
labour and by cheaper labour, by greater productivity
and by 3rd world wages.
   Regards, Kenneth  

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