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Did anyone see this quote attributed to Karl Marx during the 2008 banking crisis?

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banned from Kos Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:16 PM
Original message
Did anyone see this quote attributed to Karl Marx during the 2008 banking crisis?
Owners of capital will stimulate 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 State will have to take the road which will eventually lead to communism.


Its a hell of a quote, isn't it? Apparently, Marx never said it.

http://www.clockbackward.com/2009/02/04/did-karl-marx-predict-financial-collapse/
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orpupilofnature57 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:22 PM
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1. Self Delete
Edited on Sat Nov-12-11 04:24 PM by orpupilofnature57
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:29 PM
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2. Yeah, talked about here at the time:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5043764

As someone said, to talk about the working class buying 'technology' was anachronistic (the word was in existence while Marx was alive, but it meant the knowledge or application of knowledde of manufacturing; it was only used to refer to the products themselves from 1898). Also, Marx would have talked about the petite bourgeoisie buying houses on credit, not the working class.
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banned from Kos Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:40 PM
Response to Reply #2
4. thanks - you are a better historian than I
thanks to rug below - I had not seen that Marx quote. My philosophy/econ classes in college pretty much ignored Marx.
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rug Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:34 PM
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3. He doesn't need paraphrasing.
Modern bourgeois society, with its relations of production, of exchange and of property, a society that has conjured up such gigantic means of production and of exchange, is like the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells. For many a decade past the history of industry and commerce is but the history of the revolt of modern productive forces against modern conditions of production, against the property relations that are the conditions for the existence of the bourgeois and of its rule. It is enough to mention the commercial crises that by their periodical return put the existence of the entire bourgeois society on its trial, each time more threateningly. In these crises, a great part not only of the existing products, but also of the previously created productive forces, are periodically destroyed. In these crises, there breaks out an epidemic that, in all earlier epochs, would have seemed an absurdity the epidemic of over-production. Society suddenly finds itself put back into a state of momentary barbarism; it appears as if a famine, a universal war of devastation, had cut off the supply of every means of subsistence; industry and commerce seem to be destroyed; and why? Because there is too much civilisation, too much means of subsistence, too much industry, too much commerce. The productive forces at the disposal of society no longer tend to further the development of the conditions of bourgeois property; on the contrary, they have become too powerful for these conditions, by which they are fettered, and so soon as they overcome these fetters, they bring disorder into the whole of bourgeois society, endanger the existence of bourgeois property. The conditions of bourgeois society are too narrow to comprise the wealth created by them. And how does the bourgeoisie get over these crises? On the one hand by enforced destruction of a mass of productive forces; on the other, by the conquest of new markets, and by the more thorough exploitation of the old ones. That is to say, by paving the way for more extensive and more destructive crises, and by diminishing the means whereby crises are prevented. The Communist Manifesto, chapter 1,

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alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-12-11 04:41 PM
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5. Anyone who thought karl Marx said that hasn't read much Marx
Just sayin'...
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