Tuesday, 16 August 2011

it's never too late for an academic to change his spots

Rubini has been accused by the French of being an apologist for Wall Street.
However, he now seems to be making heads spin by citing Karl Marx.
Naturally, the dense writers at CNBC jump up and shout, "commie",
when Marx had nothing to do with the manifestation of communism
in the Soviet Union. BUTT, it makes a nice title, innit?

Of course, it's been 2 years since I brought Marx back from the dead to
triumphantly claim that the fall of communism has allowed capitalism to eat itself.
That's what Rubini said of Marx, too.
If there's no regulation, hording of cash by the rich will lead to
a crash. So, share! you greedy halfwits.

Is Nouriel Roubini a Communist?
Published: Monday, 15 Aug 2011 | 3:30 PM ET
By: Jeff Cox
CNBC.com Staff Writer
Nouriel Roubini & Karl Marx
Karl Marx, meet your 21st century acolyte: Nouriel Roubini.
Nouriel Roubini a communist? It sure sounded like it, when the head of Roubini Global Economics, reputed Dr. Doom and forecaster of the financial crisis indicated sympathy with the Das Kapital author.
In an interview with the Wall Street Journal, Roubini delivered a fresh prophecy of disaster for the US economy, but amped it up a bit by agreeing with Marx that capitalism ultimately will collapse under its own weight.
“Karl Marx said it right. At some point capitalism can self-destruct itself because you cannot keep on shifting income from labor to capital without having excess capacity and a lack of aggregate demand,” Roubini said. “That’s what’s happening. We thought the markets work. They’re not working.”
Marx predicted that capitalism would fail because people would act for their own self interest and ultimately doom society as a whole.
For that reason and others he said capitalism was inherently immoral.