Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Believe it or not, Noriel Rounini said this in an interview to WSJ:

Karl Marx had it right. At some point, Capitalism can destroy itself. You cannot keep on shifting income from labor to Capital without having an excess capacity and a lack of aggregate demand. That's what has happened. We thought that markets worked. They're not working. The individual can be rational. The firm, to survive and thrive, can push labor costs more and more down, but labor costs are someone else's income and consumption. That's why it's a self-destructive process.
by das monde on Wed Aug 17th, 2011 at 01:11:11 AM EST

Others have rated this comment as follows:

Display:

Occasional Series