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Marx said it first!

By Socialist Appeal

Wednesday, 28 September 2011

It has often been said that the "experts" of the ruling class will in many cases come to the same conclusions as the Marxists but from opposite ends of the class struggle.

Here is a comment from George Magnus, senior economic adviser of UBS (before the rogue trader scandal broke) as quoted in the FT on Sept 12 2011:

"It is a crisis of capitalism - our economic model and policy settings cannot produce sustainable growth, adequate income formation or employment creation... the capacity to produce and sell goods has outstripped that of consumers to borrow and spend."

Now read what Marx and Engels said over 150 years ago:

"In these crises there breaks out an epedemic that, in all epochs would have seemed an absurdity - the epidemic of over-production... The productive forces at the disposal of society no longer tend to further the development of the conditions of bourgeois property; on the contrary, they have become too powerful for these conditions, by which they are fettered."

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