Thursday, February 18, 2010
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Thursday, July 23, 2009
Sunday, May 17, 2009
"Ironically, one of the most radical proposals making the rounds today has come from an economist at the London School of Economics, Willem Buiter, a former member of the Bank of England's Monetary Policy Committee and certainly no Marxist. Buiter has proposed that the whole financial sector be turned into a public utility. Because banks in the contemporary world cannot exist without public deposit insurance and public central banks that act as lenders of last resort, there is no case, he argues, for their continuing existence as privately owned, profit-seeking institutions."
"Instead they should be publicly owned and run as public services. This proposal echoes the demand for "centralization of credit in the banks of the state" that Marx himself made in the Manifesto. To him, a financial-system overhaul would reinforce the importance of the working classes' winning "the battle of democracy" to radically change the state from an organ imposed upon society to one that responds to it."
Tuesday, May 05, 2009
Murray Hausknecht from Dissent Magazine offers us a portrait of Karl Marx the blogger.
"IF KARL Marx was still with us today he would be posting acid comments on his blog—www.loseyourchains.com—about the current mess with subtexts of “I told you so” and “It’s the system, stupid.”
Thursday, April 23, 2009
“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.”
-Karl Marx, Das Kapital, 1867
The Last Exit Magazine and James Ledbetter discuss how the quote is in fact NOT Karl Marx's:
Last Exit Magazine « Prophet of Profit