Thursday, August 18, 2011

Roubini: Marx Was Right - Capitalism Can Destroy Itself


LAST WORD
Mainstream Economist: Marx Was Right. Capitalism May Be Destroying Itself (AlterNet) Wall Street Journal interview with Nouriel Roubini is a mainstream economist who teaches at New York University and may be best known as one of the early predictors of the '08 crash.  "Karl Marx had it right.  At some point, Capitalism can destroy itself.  You cannot keep on shifting income from labor to Capital without having an excess capacity and a lack of aggregate demand.  That's what has happened."

2 comments:

Robert B. Winn said...

I don't really get all that choked up when Warren Buffet says he wants to pay more taxes. Rich people do not pay taxes. Any time their taxes are increased, they pass the cost on to the consumer. People who work for a living pay all taxes.In any event I am running for President as an independent candidate.
I went to the office of the Secretary of State to declare my candidacy. You have to get more than 23,000 signatures, they said. No, I don't, I said. Political party candidates do not have to get 23,000 signatures. They only have to get 4,000.
Well, you have to get 23,000.
No, I don't have to get any. I can be a write-in candidate. Register me as a write-in candidate.
No, we will not do that. You can only register as a write-in candidate just before the election.
Well, then give me all of the forms I will need to have in order to do that.
I am the only candidate with a plan to pay the national debt. The incumbent wants to borrow the country into prosperity. His opposing party rivals want to slow the rate at which money is borrowed. I am the only candidate with a plan to pay the national debt. It can be done.
I have written a book on the origins and effect of independent voters on government thus far. It is available from Amazon books and is entitled, A House Divided: Political Parties and Independence.

Robert B. Winn

Nancy Hanks said...

Thanks Robert -- yes, the economy is a mess, and so is our democracy. I am sure there are a ton of ideas out there to help improve each. Will check into your book!