The stimulus package has been passed. The slow nationalization of the banks continues to develop. While I agree that the quickest way out of this mess is the nationalization of the banks, I often worry that Marx and others could be correct in their predictions.
Scary thought:
“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
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Don’t worry, history has thoroughly proven Karl Marx and Communism to be a joke. Today, invoking Communism has about the same relevance as saying that Hippies are destroying our moral fabric.
You make a good point. It should not be Communism that I should be worry about, but rather extreme Socialism.
That Marx quote is a HOAX. It has been repeatedly debunked on the web. Marx never said anything close to that in Capital, or anywhere else. Tip off – there was no such thing as consumer “technology” in 1867. The scenario imagined in this quote has nothing to do with Marx’s thoughts on the transition from capitalism to socialism, it is a fabricated quote designed to scare people.
Thank you, Anthony. Extremely helpful to know. I will leave this post up as a warning to others!