Town Hall Meeting

16 Aug 2011

“Karl Marx Was Right”

Filed under: — Al @ 1:23 pm

Nouriel Roubini has been explaining basic economics for years now, and gained national prominence in 2008 when he analyzed correctly the housing sector and predicted the housing price drops. People at the time of course called him crazy when he said house prices could fall 35%. Here he explains how capitalism can kill itself: if corporations cut labor and reduce wages, it then reduces demand because people don’t have money to spend, which then leads to more cuts. The downward spiral is reinforced until everyone loses.

You can watch the entire 22 minute interview here.

One Response to ““Karl Marx Was Right””

  1. Anonymous Says:

    How can Americans compete with Chinese labor pratctices. The average Chinese worker makes about $1600.00 a year. As companys move to China their competition has no choice but to follow suit. Mexico and India are no exception. The correct action to take is to put a 10,000% terriff on American made goods made in forein countrys and imported back to the United States. Since we are the largest consumer in the world, these companies would have no choice but to move those jobs back to the USA. As more jobs come back, wages would rise and unemployment would drop. We could buy back the companies we sold to forein interests and the dollar would become the gold standard again.

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