By Aaron Task at Daily Ticker Yahoo Finance
Chris Whalen: Roubini Is WRONG About Karl Marx Being Right
With Europe on the verge of imploding and the U.S. searching for yet more government answers to our economic ills, it’s time to ask: Was Karl Marx right about capitalism being self-destructive?
NYU Professor Nouriel Roubini seems to think so, suggesting Marx "said it right," in a recent interview with The WSJ. "We thought that markets work. They’re not working."
Roubini’s comments generated a firestorm on the Web, including a retort from Institutional Risk Analytics co-founder Christopher Whalen.
"Those who laud Marx disparage all things American," Whalen writes in his Reuters column.
As you’ll see in the accompanying video, Whalen’s beef isn’t with Roubini as much as with Marx and Marxist theory.
"Marx created the term ‘capitalism’. It’s a pejorative, insulting description that says all economic activity is a matter of greed," Whalen explains. "If you’re any sort of libertarian. If you believe in American principles of democracy and free enterprise, just the fact we use the term ‘capitalism’ should insult you. We need new labels."
