"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 nationalized, and the State will have to take the road which will eventually lead to communism" Karl Marx, Das Kapital, 1867
No doubt that communism is not the path one should pursue... but capitalism does extrapolate the extent of greed and selfishness among humankind.. exemplified by the notorious 18bn wall street bonus payments. I wonder what will happen to US next? It is doubtful that obama stimulus package will give immediate resolution to the economic crisis, looking at the daily headlines of enormous job cuts among US companies, it is obvious that unemployment rate can shoot up to 10%. The proposed infrastructure projects will not be starting in the next 18 months; the tax cuts and subsidies to the unemployed will likely make them more unwilling to work.. what we see is sagging global demand is weighing down all industries and different from China whose government is still relatively wealthy US is now like a fallen angle with broken credits and depreciating dollar.. I wonder how they come up with the 800bn, and I wonder whether their investment will yield more than their interests in debt, and I wonder whether the confluence of all the political and economic issues will shake up social unrest... we don't need to go through the physical act of war for the definition of world war, the consequence of financial crisis is creating more damage, stemming from the ridiculous reasons of reckless spending and capitalism.
Friday, January 30, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment