Thursday, 2 April 2009

KARL MARX DIXIT (SUPPOSEDLY...)

"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

This message claims to contain an amazingly prescient quote from Karl Marx, supposedly written in 1867, in which he predicts the causes and ramifications of the current world economic crisis. The quote warns that "owners of capital" will offer more and more credit to the working class until the amount of debt becomes unbearable and leads to the bankruptcy and the subsequent nationalisation of banks. The quote has been bandied around Wall Street, circulates via email and has also been posted to numerous online discussion boards and blogs. Marx's supposed words have even been included in some financial news reports.



However, the quote is almost certainly not from Karl Marx at all. According to the message, the words were included in Marx's influential political treatise "Das Kapital", which he wrote in 1867. However, extensive searches of online versions of Das Kapital have failed to reveal any such quote. Even searches on Marx and Engels collected works do not come up with the quote or anything similar.

Keep reading here...
"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

This message claims to contain an amazingly prescient quote from Karl Marx, supposedly written in 1867, in which he predicts the causes and ramifications of the current world economic crisis. The quote warns that "owners of capital" will offer more and more credit to the working class until the amount of debt becomes unbearable and leads to the bankruptcy and the subsequent nationalisation of banks. The quote has been bandied around Wall Street, circulates via email and has also been posted to numerous online discussion boards and blogs. Marx's supposed words have even been included in some financial news reports.



However, the quote is almost certainly not from Karl Marx at all. According to the message, the words were included in Marx's influential political treatise "Das Kapital", which he wrote in 1867. However, extensive searches of online versions of Das Kapital have failed to reveal any such quote. Even searches on Marx and Engels collected works do not come up with the quote or anything similar.

Keep reading here...

1 comment:

Ormand said...

I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.


Elaina

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