An Economic Pessimist’s Nod to Karl Marx

Watching the  interview below with Nouriel Roubini is a worthwhile effort . Roubini is a mainstream economist from New York University’s business school, and well-known for his pessimism prior to the latest economic implosion. Much of his analysis is fairly mainstream, but he does emphasize the volatile role of commodities (especially oil and food) at least as much as the volatility of real estate securitization. in addition, Roubini understands that inequality is at the core of our current problems. Also interesting is his reference to Karl Marx, whose analysis of the self-destructive contradictions within capitalism are now being taken seriously – even by the the Wall Street Journal journalist conducting the interview. Funny what an economic slump and some riots will do to resurrect the reputation of an old communist!

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