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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

11 Mar 2009

Marx was right!!

Hard to believe that this was written one hundred and forty two years ago:
Owners of capital will stimulate the working class to buy more and more 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 nationalized and the State will have to take the road which will eventually lead to Communism.

Karl Marx, Das Kapital 1867

Whilst I would not be overly eager to be associated with communism in any form, I recognise that we are currently pursuing a road which if left unchecked will take us straight to communism central... Whatever you may think about Marx, you have to admit that the above is a pretty astute summary of the current crisis.

Now the question remains, if Karl Marx had worked this out nearly 150 years ago, how did we end up in this mess. Assuming that someone in the UK labour party (a nominally socialist organisation) has read Marx at some point, either they didn't believe him, or they actually thought that this would be a good outcome..

(Thanks to Tim for the quote)

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