Thursday, November 13, 2008

From Marx's Playbook

Via Doug French:

The TV pragmatists probably forget that Karl Marx and Friedrich Engels wrote in The Communist Manifesto that creating "a centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly" should be near the top of any communist's agenda.

Is it any wonder that Treasury Secretary Henry Paulson's plan has morphed into the federal government taking equity stakes in banks, mortgage companies, and at least one insurance company? As Oscar B. Johannsen wrote, "A socialized banking system is the precursor of socialism in all business." (By the time you read this, airlines and car manufacturers may be partially owned by the government.)

1 comment:

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