Is capitalism destroying itself – is that what we’re seeing right now? That was the chatter on the floor after the widely followed strategist Nouriel Roubini told the WSJ "Karl Marx was right, at some point capitalism can destroy itself.”
In case you’re not a student of Marx, in a nutshell he believed that capitalism created two classes: the bourgeois upper class and the proletariat lower class – and that over time the have-nots would rise up against its affluent.
Without speaking to Dr. Roubini about this commentary, Gina Sanchez of Roubini Global Economics tells us she doesn’t think Roubini was trying to be literal. Instead she thinks Roubini was trying to express his frustrations with lawmakers and politicians who have thrown a lot of money at the global economic problem, but haven’t made good use of the capital.
”We need to get jobs going and we need to get people back to work to create demand in the future,” she says. “We managed to shift capital away from labor and away from households and into corporations and they don’t spend as much.”…
Read more at http://www.cnbc.com/id/44111265
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