Grave Advice

October 15, 2008
By

It appears the current financial turmoil has some Germans looking for answers from the past. About 150 years worth of past to be exact. According to Kate Connolly with the Guardian.co.uk, demand for the works of Karl Marx are up by as much 300% in his mother country.

http://www.guardian.co.uk/books/2008/oct/15/marx-germany-popularity-financial-crisis

In times of uncertainty it is human nature to search for answers in any place they can be found. As pension and savings funds take devastating hits, it’s not surprising to see people explore other economic models.

We all know that captitalism is cyclical by nature and it is the nature of things that all that goes up must eventually come down. Especially when that “up” was from floating on a bubble. What I did not know is that a similar situation occured during Marx lifetime and a quote from a letter he wrote to his contemporary Friedrich Engels is eerily on target for today: “The American crash is a delight to behold and it’s far from over”. Written during the panic of 1857 Marx correctly predicted the impending fall of Wall Street at that time. A panic that has suprising similarities to our current financial mess. An overview may be found at:

http://en.wikipedia.org/wiki/Panic_of_1857

To follow Marx because of this down would be grave indeed (pun intended lol), but he most certainly is laughing in his as the titans of Wall Street now beg at the Federal gate.

And while America is not going to embrace communism anytime soon, the current bailout and intervention in the banking system does assure that we are going to have government involved in our lives for many, many years to come. Something Mr. Marx would be quite happy with and something the rest of us should be quite wary of.

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