Something that Republicans agree with Marx about

[eridani]

It was in one of my city councillor's email bulletins.

DEEP THOUGHT:

"Owners of capital will stimulate working classes to buy more and more expensive goods, houses and technology, pushing them to take more and more expensive credit, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism."

[fasttense]

1. Seems the ancients had some sophisticated financial equations.

They calculated that debt would eventually accumulate (about every 7 years) to the point of no return.

That is people would take on more and more debt each year, especially if they are encouraged to do so by their rulers. Eventually the people would accumulate so much debt that the economy would crash, leaving the society vulnerable to outside attack. Usually, the rulers would then cancel all debt in order to keep the economy going and prevent a conquering force from taking over. Of course back then the debt was usually owed to the ruler so it was easier for the ruler to cancel the debt.

We don't need banks to start lending again. We need high paying jobs to pay off the debt.

[woodwrite]

2. Wonder why the rulers cancelled those debts?

Maybe it's because debt can be settled with gold, or it can be settled with lead.

[TexasProgresive]

3. I am not a student of Marx

However I had the impression that communism was to be born out of a decaying capitalism. So the communist revolutions in Russia and China which had not evolved from serfdom to capitalism were not proper venues.

It looks that we may find out if Marx was correct.