Karl Marx: A Banker’s Best Friend

Posted on 24. Mar, 2008 by Daniel Taylor in Crime, Lifestyle, Paid, Politics

Interesting article from the Sunday Herald about the massive debt write-downs and ensuing goverment bailouts of private banks currently happening throughout Europe and the US, a scenario predicted rather aptly by our old friend Karl Marx:
The quaint idea that loss-making companies should fail, to ensure the health and vitality of the capitalist system, has quietly been discarded. The banks, we are told, are “too big to fail”, which means that they have to be taken into public ownership – like Northern Rock – or have their debts underwritten by government, [...]