I hope this is not classified as a political post, as it is not meant to be so. This is a quote from the front page of the Financial Times in the Uk today, the UK equivalent to the WSJ, and a view of where the US and other anglo saxon economies are going:
"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 nationalized, and the
State will have to take the road which will eventually lead to communism"
Karl Marx, Das Kapital, 1867
Communist America
Started by
Tor
, Feb 11 2009 08:19 AM
15 replies to this topic
#1
Tor
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Posted 11 February 2009 - 08:19 AM
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#2
youmast
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Posted 11 February 2009 - 08:59 AM
I have mentioned the same quote a few weeks ago. Das Kapital isn't a political book. It is a pretty detailed economic research. Unfortunatelly some Russian idiots made it a political icon in early XX century. I guess they never opened this book then.
#3
norton
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Posted 11 February 2009 - 09:12 AM
Tor, nope, because it is not current day posters opinion of a political person, party, or policy, it is not political.
Old Karl Marx sure seemed to hit the nail on the head with his prediction !
Please, help stamp out vibration.
#4
Russ
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Posted 11 February 2009 - 09:42 AM
Martin Armstrong called Karl Marx the most influentual economist of our time, as western governments have been influenced into implementing socialistic programs over the past decades. Armstrong wrote on www.contrahour.com that what is happening now is the death of socialism, where the idea that you can trust politicians to provide something for nothing is in its final days. Communism died and now its little brother socialism is also going to die in his view.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#5
colours
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Posted 11 February 2009 - 09:45 AM
Do you really think Karl Marx used the word "technology" in 1867 in his famous tome Das Kapital .
?
#6
humble1
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Posted 11 February 2009 - 09:46 AM
i hope this means we will all get free vodka. i prefer the stolichnaya elite. i like mine well chilled, served by a peasant, in a silver russian toasting cup.
Edited by humble1, 11 February 2009 - 09:47 AM.
#7
youmast
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Posted 11 February 2009 - 11:03 AM
Do you really think Karl Marx used the word "technology" in 1867 in his famous tome Das Kapital .
?
Which way, for good or for bad, the technology change the world? Do businesses get less greedy, or consumers get less risky? Let's see...
30yrs ago... You go to the bank where morgage officer knows you and your family. You get a loan the bank is willing to hold till maturity. They must be sure it will be paid in full. No tricks, everything is a fair business between you and your bank.
Today... You apply online with a motgage broker, sign paper and send it via FedEx to the other coast. The brokers pack and sell your loan to the investment bankers who insure it, hedge it with with puts on the pork bellies futures, and sell it to the Israel pension fund as AAA rated investment vehicle. They buy it not because they like your house, but because they don't eat pork. Everybody gets a comission, and nobody cares about you, or your business.
No, the financial world got much worse with technology...
#8
dasein
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Posted 11 February 2009 - 11:05 AM
I read that quote elsewhere, and it was debunked as not authentic -
the NYT had fact checkers in the old days, but guess they couldnt afford them anymore - since they had a high profile plagarist on board...
it is pretty sad that the FT didnt check this out - I guess Schumpeter, Marx, Kondratieff are all just silly names in these heady days of crony socialism, post-capitalist greed, and the yungins have no idea. What remains very important is that the sheeple believe that world leaders are really are trying to do something to "save the capitalist system" instead, that they destroy the last vestiges of it, stuffing as much of the proceeds in their pockets as they flee the burning edifice. Whoever said TG has a job at GS, they are right, but it depends on him pulling off the job first.
klh
Edited by dasein, 11 February 2009 - 11:08 AM.
best,
klh
klh
#9
stocks
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Posted 11 February 2009 - 11:35 AM
-- -
Defenders of the status quo are always stronger than reformers seeking change,
UNTIL the status quo self-destructs from its own corruption, and the reformers are free to build on its ashes.
Defenders of the status quo are always stronger than reformers seeking change,
UNTIL the status quo self-destructs from its own corruption, and the reformers are free to build on its ashes.
#10
salsabob
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Posted 11 February 2009 - 11:53 AM
I hope this is not classified as a political post, as it is not meant to be so. This is a quote from the front page of the Financial Times in the Uk today, the UK equivalent to the WSJ, and a view of where the US and other anglo saxon economies are going:
"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 nationalized, and the
State will have to take the road which will eventually lead to communism"
Karl Marx, Das Kapital, 1867
Karl was good at identifying the problem; however, his solution completely and utterly sucked.
John Galt shrugged, outsourced to Red China and opened a hedge fund for unregulated securitized credit derivatives.
If the world didn't suck, wouldn't we all just fly off?
If the world didn't suck, wouldn't we all just fly off?
