this is too funny. But it is the exact nonsense that the mainstream economists maintain is true & practical and subsequently use to justify dangerously inflationary centrally-planned economies:
As I said yesterday, Karl Marx wouldn’t touch these Keynesian economic theories with a ten foot pole, because he knew that rigged capitalism was no capitalism at all, and was very subject to the caprice of men:
The entire artificial system of forced expansion of the reproduction process cannot, of course, be remedied by having some bank, like the Bank of England, give to all it’s swindlers the deficient capital by means of paper and having it buy all the depreciated commodities at their old nominal values.
Thanks KC for the quote. Of course, the man still was pro-central bank. In fact, the Communist Manifesto‘s Ten Planks are being integrated into our system more and more by the day, it seems:
1. Abolition of private property and the application of all rent to public purpose.
2. A heavy progressive or graduated income tax.
3. Abolition of all rights of inheritance.
4. Confiscation of the property of all emigrants and rebels.
5. Centralization of credit in the hands of the State, by means of a national bank with state capital and an exclusive monopoly.
6. Centralization of the means of communication and transportation in the hands of the State.
7. Extension of factories and instruments of production owned by the State, the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to labor. Establishment of Industrial armies, especially for agriculture.
9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country by a more equable distribution of the population over the country.
10. Free education for all children in government schools. Abolition of children’s factory labor in its present form. Combination of education with industrial production, etc. etc.
I think we have beginnings at least of each of the Planks… And they call it capitalism. HA!