Thursday, February 12, 2009

Marx Predicted Our Crisis!!! (Or Did He?)

Fascinating buzz in on the blogosphere about a phony quote from Karl Marx that's making its rounds on Wall Street. In Nostradamus fashion, the ghost of communism portends an inevitable future:

"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 communism (Das Kapital, 1867)"

What's causing such a hissy? Some left-leaning bloggers think greedy capitalist bankers are using this as a rally cry against government regulation of their industry. Here are a couple posts if you're interested. You be the judge:

Faux Marx
By Meagan McArdle, The Atlantic

Did Marx predict the current economic crisis?
By Bryce Edwards, liberation

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