Recession: Marx was right?

The comment by jimmyburton1984 below made me laugh my arse off!

It would have been eerily prophetic if it was true, but it's pretty much a dead-cert hoax (see http://www.hoax-slayer.com/karl-marx-quote.shtml and loads more... just google for it) - I can't find any sites confirming outright that it is fake, but there are loads of reasonably credible-looking sources saying they've searched Marx's works and can't find anything even vaguely like that in them.

However, even if it is a hoax, that itself provides an insight into the state of things. A lot of radical free-market advocates, particularly in the US, are deadly opposed to the nationalisation of the banks and see it as the first step towards... *flash of lightning, loud peal of thunder* COMMUNISM!!!!! *dramatic chord*

That being the case, it's no surprise that a lot of people would readily accept this as 'proof' (what better source than the granpappy of communism himself?) that nationalisation of the banks is a terrible idea and will lead to the dreaded demon of communism getting a foothold. So assuming it's fake, it's still an interesting bit of McCarthy-esque scaremongering that says a lot about the fears being brought to the fore by the current financial crisis.

Watch out for those Reds under the bed... they'll get ya.

PS Oh yeah, and as previous posters have said - if you're applying for a senior job in a bank, I wouldn't have thought quoting Marx (or something attributed to him at least) would be the best way to endear yourself to your interviewer. Unless (s)he's secretly planning to overthrow the system from within.

Marx said more than just this, he even said that in capitalism people would think up more and more contrived instruments/ways to increase more fake wealth = our present economy.

I think Marx never said this. Plz follow: http://www.iht.com/articles/2009/02/25/business/col26.1-437515.php

I think it's a very partisan statement to make, particularly the fact that the decline of Capitalism logically entails taking up Communism as a form of government. Of course, you'd expect nothing less of Das Kapital, but I would suggest that what he has explained is merely "boom and bust"; it's not a flaw of Capitalism -- it is in fact a characteristic. To suggest any other way of tweaking the system would mean the sum of all resulting "tweaks" would make it so far removed from its initial state, that you just couldn't call it Capitalism anymore. My previous statement involved a lot of hand waving, but I hope you can see my point.

Just my 2 pence.

HTale.

Yeh he was right although your interviewer might be some crazy market fundamentalist so its best not to bring it up!

Depends if they're pre or post-nationalisation!

Somehow, I don't think that would be quite a good piece of info to bring up if you were applying to an IB, or any commercial business for that matter!