Monday, October 17, 2011

Roubini, as Marxist, Is a Hero at 'Occupy Wall Street'

Charlie Gasparino headed down to Zucotti Park and reports:

It’s not an overstatement to describe Zuccotti Park as New York’s Marxist epicenter. Flags with the iconic face of the Marxist revolutionary Che Guevara are everywhere; the only American flag I saw was hanging upside down. The “occupiers” openly refer to each other as “comrade,” and just about every piece of literature on offer (free or for sale) advocated socialism in the Marxist tradition as a cure-all for the inequalities of the American economic system.

Don’t try to explain to any of these protesters how those who sought to create a Marxist utopian dream of revolution also gave us the Stalinist purges, Mao’s bloody Cultural Revolution and many other efforts to collectivize thought in the name of economic “justice.”

One woman was holding a “Nationalize the Federal Reserve” sign; I tried to explain that the Fed is already nationalized, because it’s part of government, and she told me to “go check my f--king facts -- it’s privately owned.”...

Maybe the worse-spent dollar I have ever spent in my life was on a propaganda broadsheet titled “Justice,” which advocates “Struggle, Solidarity, Socialism.” On the front page of the newspaper-like document, beneath the headline “Capitalism: System Failure,” was a tease for a story on the economy and how “influential business economist Nouriel Roubini” recently said how “Karl Marx had it right. At some point, capitalism can destroy itself.”

Yes, the left-leaning Roubini made that fatuous statement, and many similar ones -- so many, in fact, that he has lost much of his credibility in financial circles, though that didn’t quite make it into the “Marx Was Right!” story.

Also absent was any notice of how the much-hated banks benefited not from free-market capitalism, which would have let them fail in 2008, but from crony capitalism that bailed them out. The similar cronyism practiced by Trumka and the Obama administration -- massive spending on useless but politically connected businesses like Solyndra, paired with class-warfare rhetoric -- likewise has very little to do with free markets.


  1. The single biggest and most important point to teach the fence riders of this movement (not the actual socialists or marxists obviously) is that the system we have in America is not true free market capitalism, but rather crony capitalism. That's it.

  2. She was right though wasn't she. It is privately owned, even though we know it is a political tool

  3. Privately owned in the same way that many German firms in Nazi Germany were. She's right, but the Fed is in so many ways an outright political entity that she may as well be 300% wrong.

  4. Austro-Contrarian Capitalist is exactly right but to make clear:

    3) borrow money on the credit of the U.S.

    Should be:

    3) print bogus money out of thin air with it's value based on how much productive output they can violently steal from the dumb tax cattle population.

  5. Roubini?
    How about this guy