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Day September 9, 2011

Nouriel ‘Dr. Doom’ Roubini: ‘Karl Marx Was Right’

Nouriel ‘Dr. Doom’ Roubini: ‘Karl Marx Was Right’

There’s an old axiom that goes, “wise is the person who appreciates candor almost as much as good news.” With that as a guide, place the forthcoming decidedly in the category of candor.

Economist Nouriel “Dr. Doom” Roubini, the New York University professor who four years ago accurately predicted the global financial crisis, said one of economist Karl Marx’s critiques of capitalism is playing itself out in the current global financial crisis.

Marx, among other theories, argued that capitalism had an internal contradiction that would cyclically lead to crises, and that, at minimum, would place pressure on the economic system.

Companies, Roubini said, are motivated to minimize costs, to save and stockpile cash, but this leads to less money in the hands of employees, which means they have less money to spend and flow back to companies.

Now, in the current financial crisis, consumers, in addition to having less money to spend due to the above, are also motivated to minimize costs, to save and stockpile cash, magnifying the effect of less money flowing back to companies.

“Karl Marx had it right,” Roubini said in an interview with wsj.com. “At some point capitalism can self-destroy itself. That’s because you can not keep on shifting income from labor to capital without not having an excess capacity and a lack of aggregate demand. We thought that markets work. They are not working. What’s individually rational … is a self-destructive process.”…


 

 

 

Cultural History of German Law Since the Renaissance

Cultural History of German Law Since the Renaissance

History 230A/B Tuesday: 4:00-7:00
Winter/Spring 1995
Haines 82
Mr. Sabean

This research seminar is an introduction to the history of German legal culture and practice. During the winter quarter, students will read widely in the secondary literature and report on various themes. Each session will be composed of three parts: 1) discussion of a book assigned to all participants; 2) a report by one of the participants on a particular issue; 3) the close reading of a short text. The Spring quarter will be devoted to discussion of research papers presented by students…


Artemio – Mandala, 13, 2010

Palestinians to present statehood bid to UN general assembly

Palestinians to present statehood bid to UN general assembly

Palestinian leaders have said that they will formally request recognition of their state and full membership of the UN next month, despite strong US opposition amid warnings that such a move would jeopardise future peace talks.

Mahmoud Abbas, the Palestinian president, will personally present the application to the UN secretary-general, Ban Ki-moon, before the UN general assembly opens on 20 September.

The UN has the moral, legal, political and historical responsibility to recognise Palestine and “to put an end to the Israeli occupation”, said Ryad Malki, the Palestinian foreign minister.

Abbas is to travel to Lebanon on Tuesday to discuss the plan. Lebanon will hold the rotating presidency of the UN security council next month and is expected to be sympathetic to the Palestinian campaign…