OT: Did Karl Marx Predict The Recession?
Thanks to Clive for sending me this little gem of a snippet.
How prescient was [is?] this…
“Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable.
The unpaid debt will lead to bankruptcy of banks, which will have to be nationalised, and the State will have to take the road which will eventually lead to communismâ€
Karl Marx, Das Kapital, 1867
Tags: Karl Marx
Seems to be a hoax!? – http://meganmcardle.theatlantic.com/archives/2009/01/faux_marx.php
It does look that way, although the final comment on that site here: http://meganmcardle.theatlantic.com/archives/2009/01/faux_marx.php#comment-1264109 suggests that he said something quite similar, but in separate places of his book and not in such a succinct fashion.
I have never read Marx but thought it an interesting titbit. At least I did use a question mark in the title 😉
We have a “recession”? Geez, I thought it was a depression…
Here’s a good mashup for you…
http://uk.youtube.com/watch?v=9ZnmfgUdOEc&feature=related
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