He said that the drive for profits would lead companies to mechanize their workplaces, producing more and more goods while squeezing workers’ wages until they could no longer purchase the products they created.
And it will burrow into every corner of the world. The need for a constantly expanding market to continue making profits is globalism, He wrote, “It must nestle everywhere, settle everywhere, establish connections everywhere.”
Marx termed “fictitious capital” – financial instruments like stocks and credit-default swaps. We produce and produce until there is simply no one left to purchase goods, no new markets, no new debts. The cycle is still playing out. Eventually there will be a market crash. Decades of deepening inequality, reduced incomes, imaginary capital and fewer jobs, will cause the whole facade to fall apart, just as Marx knew it would. And it will be a bigger crash than in 2008.
What happens after the crash is unknown. During the last crash, governments bailed out the uber rich with our tax dollars and let everyone else suffer. We got austerity and belt tightening and the rich bankers who caused the crash with their fictitious capital got saved from their own avarice.
I converted my small property into a farm to survive. People will find ways to survive. But it will be harder this time around because the middle class is no longer the largest class in America. The poor are now the largest class in America. We ate a lot of the middle class to feed the rich. I guess they finish eating the middle class this time around and start making slaves out of the poor. Or the people finally say they have had enough and rise up and take over.
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