I reach this conclusion not via Marx himself but via economist Joseph Schumpeter and his book "Capitalism, Socialism and Democracy" which begins with an excoriating yet sadly unconvincing review of Marxism. By Schumpeter's own interpretation of Marxism (and refuted by himself, Schumpeter), what we are witnessing today is exactly what Marx had predicted:
"Is it not the most natural thing in the world to conclude that crises or depressions are due to the fact that the exploited masses cannot buy what that ever-expanding apparatus of production turns out or stands ready to turn out, and that for this and also other reasons which we need not repeat the rate of profits drops to bankruptcy level?"
[Schumpeter, Joseph. Capitalism, Socialism, and Democracy]
Indeed. (Did I mention that he was unconvincing?)
"Is it not the most natural thing in the world to conclude that crises or depressions are due to the fact that the exploited masses cannot buy what that ever-expanding apparatus of production turns out or stands ready to turn out, and that for this and also other reasons which we need not repeat the rate of profits drops to bankruptcy level?"
[Schumpeter, Joseph. Capitalism, Socialism, and Democracy]
Indeed. (Did I mention that he was unconvincing?)
According to Marx, the concentration of wealth (capital) commodifies labour, deflates wages, generates a colossal output gap, all of which leads to economic depression. Capitalists first feed on the labour pool but then feed on each other, causing profits to collapse, leading to corporate bankruptcy.
All of which leads to political revolution.
The first part is done, the second part with respect to profit collapse is solely a matter of Ponzi debt collapse. And the third part regarding revolution is TBD.
Unfortunately, 35 years of FULL RETARD trade deficits have created the exact conditions that make collapse wholly unavoidable. Econ 101 (and 3rd grade math) asserts that no country can run secular trade deficits without incurring inexorable debt.
The world Marx is describing is Globalization -
The output gap, commodification of labour, mass real unemployment, imported poverty, and now secular non-stop asinine abuse of "Keynesian" Monetary and Fiscal policy as a means to paper over the damage wrought by all of the above.
The world Marx is describing is Globalization -
The output gap, commodification of labour, mass real unemployment, imported poverty, and now secular non-stop asinine abuse of "Keynesian" Monetary and Fiscal policy as a means to paper over the damage wrought by all of the above.
All of which has led to 0% interest rates and the abject failure of Monetary policy as predicted by the liquidity trap. Culminating in today's CasinoNomics by which Central Banks lure fucktards into the stock market to enjoy their moment of pre-bankruptcy wealth, while billionaire government stooges shower foodstamps on the monetized masses.
None of which is an affirmation of Marxist economic policy in the positive. However, it serves to highlight the extent to which today's Ponzi Schemers are in denial as to the magnitude of the monster they've created much less face the root cause of the problem. They are ALL still fixated on over-using Monetary and Fiscal policy which are no longer working in any direction - abject morons wondering why 35 years of non-stop antibiotics, have inexplicably stopped working.
So until these Lost Boys come to terms with the monster they've created, the vector will be down.
Unlike Marx, I don't believe that it had to be this way. But it surely is.
None of which is an affirmation of Marxist economic policy in the positive. However, it serves to highlight the extent to which today's Ponzi Schemers are in denial as to the magnitude of the monster they've created much less face the root cause of the problem. They are ALL still fixated on over-using Monetary and Fiscal policy which are no longer working in any direction - abject morons wondering why 35 years of non-stop antibiotics, have inexplicably stopped working.
So until these Lost Boys come to terms with the monster they've created, the vector will be down.
Unlike Marx, I don't believe that it had to be this way. But it surely is.
In historical terms, all economic systems are measured in terms of how well they protected children from abject poverty and otherwise prevented societal meltdown.
In that regard, this current ponzi scheme has been a colossal fucking failure, the full extent of which has yet to be realized.
