Thursday, 29 January 2009

Telegraph City Diary falls for Socialist Propoganda

I read the business section of the Telegraph on the way in to work this morning, the only part of the paper still with good quality, and came across this piece, by Karl Marx in the City Diary:

"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 nationalised, and State will have to take the road which will eventually lead to communism."

Apparently completed in 1867? The working class to buy more technology. i am don't think that was a word in 1867, neither was credit I doubt. This email has been going around this City for well over a week and was dismissed as a fraud by the end of last. Nice to see the city diaries so on top of things...

10 comments:

Anonymous said...

The quote's bogus. It's been doing the rounds on the blogosphere for a few months now and has been picked up by Tory wankers for some reason.

Anonymous said...

Not only is it bogus, it is obviously bogus to anyone who has read Marx. It's not a sin (well not much) to be grossly ignorant about Marx. But it is, surely, a sin to pretend that you're not.

Anonymous said...

However Karl Marx was well ahead of his time. He seems to have predicted a lot of the things that is happening right now. It might be a good idea to have another look at his teachings again.

AntiCitizenOne said...

More annoyingly it was the government who created the debt bubble via regulation, not the "owners of capital".

Ed said...

Indeed, the "owners of capital" would probably have charged more for it if so much wasn't being printed by the state, and therefore the poor, oppressed Labour voters in the North-East wouldn't have been able to buy so many houses on 125% mortgages or fill their bags up in Top Shop.

Bill Quango MP said...

All property is theft.

{however under PFI its a kind of leasing arrangement..which is fine}

Anonymous said...

"He seems to have predicted a lot of the things that is happening right now."

Not difficult, since we have been having finanical crisis of just this kind since the middle ages. Adam Smith was the first to apply some intelligence to the workings of the free market and why boom and bust happens.

Anonymous said...

The quote may well be of dubious origin, but not for the use of the word 'technology' - that's first used in 1615 or 1859 depending on which of the OED's definitions you prefer (the former being "the scientific study of the practical or industrial arts" and the latter "Practical arts collectively").

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