Industrial Insight

capitalism… | October 28, 2011

October 28, 2011

Marx, Keynes and the Last Economic Mile

By Jeffrey Snider

The Federal Reserve has done more to discredit capitalism than Karl Marx himself could have done. Yet it has never really represented a true capitalist system (especially in the decades after 1965) since it places no distinction on how it moves money throughout the system. Instead, the modern central banking system blindly creates money from nothing and then spends valuable time and effort trying to force it to circulate in any and all ways, just as long as it circulates. A “clean” capitalist system, rather, does make the conscious distinction of money from productive enterprise, valuing productive capabilities as the true standard of wealth. All the rest is just paper.


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About author

I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.







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