The lunatic of the day award goes to Jason Barker, associate professor of philosophy at Kyung Hee University in South Korea.

Barker writes Happy Birthday, Karl Marx. You Were Right!

Forgive me for spreading such idiocy, but then again, it's quite possible the New York Times actually believes this author.

Here's an interesting clip: "Even liberal economists such as Nouriel Roubini agree that Marx’s conviction that capitalism has an inbuilt tendency to destroy itself remains as prescient as ever."

I will have to let Roubini defend himself if that's true.

Simple Questions

  • If capitalism is so bad, why has it outlasted everything else?
  • What is the success rate of Cuba? Venezuela?
  • What is the economic progress of France vs the US?
  • How did Russia do under repetitive 10-year plans until it embraced some capitalistic ideas?
  • How did China do under repetitive 5-year plans until it embraced some capitalistic ideas?

Amazing Irony

The fact of the matter is we do not have enough capitalism.

The irony in the discussion is that problems attributed to capitalism are problems that should be attributed to deviations from capitalism.

Mike "Mish" Shedlock