Why Marx is man of the moment (Soros praises Marxism, scorns 'market fundamentalism')

The Observer ^ | July 17, 2005 | Francis Wheen

[Sam Cree]

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[ClaireSolt]

I agree with you. This is a big stretch. It does not deal with the main big ideas of Marx, but it cites some tiny similarities.

[Just mythoughts]

"The billionaire speculator George Soros now warns that the herd instinct of capital-owners such as himself must be controlled before they trample everyone else underfoot. 'Marx and Engels gave a very good analysis of the capitalist system 150 years ago, better in some ways, I must say, than the equilibrium theory of classical economics,' he writes. 'The main reason why their dire predictions did not come true was because of countervailing political interventions in democratic countries. Unfortunately we are once again in danger of drawing the wrong conclusions from the lessons of history. This time the danger comes not from communism but from market fundamentalism.'"


Why it was JFKerry that Soros selected to tried and purchase the most important position in the whole world.

Got to wonder if he can buy it all for Hillry????

[cynicom]

Karl Marx was one of the more strident supporters of Abraham Lincoln. Even at that time he had spies in Lincolns military.

He supported Lincoln because of his ruthlessness in putting down any dissent from the North. Most estimates are that Lincoln jailed 15,000 with little or no legal cause.

[sure_fine]

alot like Joe Kennedy helped close the "insider trading" in the stock market.... after he made himself independantly wealthy

[WillMalven]

The sad part is they may eventually win.

Remember what Alexander Tytler said 200 years ago:

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, followed always by a dictatorship. The average age of the world's greatest civilizations has been 200 years."

Juvenal said it a little more succinctly:

"The people who once bestowed commands, consulships, legions, and all else, now concerns itself no more, and longs eagerly for just two things - bread and circuses!"

This is why we conservatives cannot afford to rest one minute.

[SteveMcKing]

See Sirens? Movie about a small group of Bohemian elites convincing themselves how liberated they are, while the working class lacks imagination. (My poor farmgirl grandmother was the most dreamy person I ever knew. She'd be quite insulted.)

[Captain Peter Blood]

If this guy really embraces Marx then why doesn't he give away all of his money and live in modesty?????????????

[GarySpFc]

I can see Tailgunner Joe praying the article is true, however, this is total nonsense. The Russian economy is smoking better than it has ever been, and is better than our own. The last time I was there I was so amazed at the growth I invested in a mutual fund that focuses on Russia, and I have not been disappointed. Below is some information obtained from Morningstar. If you want to read the complete article go to:
http://news.morningstar.com/news/PR/M07/D12/1121187661097.html

Third Millenium Russia Fund Ranked On Top 10 International Stock Funds List by Morningstar

07-12-05 01:12 PM EST |

- As Russia's Growth Continues, So Does the Fund's Performance -

NEW YORK, July 12 /PRNewswire-FirstCall/ -- Third Millennium Russia Fund (the "Fund") (OTC: TMRFX) recently ranked fourth on the Morningstar Top 10 International Stock Funds list for the Five Year Period, ended June 30, 2005.
(New York Times "Mutual Funds Report," Business section part 2, page 32, July 10, 2005). During this five-year period, the Fund had an average annual compound rate of 24.26%.

John T. Connor, Jr., Portfolio Manager, further noted that of the ten funds listed on the Morningstar five-year list, Third Millennium Russia Fund ranks third for the last one-year period, with a 22% return. The Fund is up 17% year-to-date.

"During this past year, Russia's GDP growth has remained strong, averaging above 5%, as has the country's ever growing foreign exchange reserves. Furthermore, Russia's general macro-economic picture continues to be positive, causing us to believe that the fundamental performances of the companies in our Fund are indicative of the investment opportunity in the country going forward," opined Mr. Connor.

[Sonny M]

Maybe now someone will realize that Soros has lost it.

I've been saying for the longest time that he is no longer in control of his mental faculties and that his mental health was deteriorating.

If this isn't proof, then nothing is.

Keep in mind I've followed Soros career, life and writings since the 90's and during a class trip to europe last year, met faculty at a school he founded who all knew him pretty well.

[FairOpinion]

I think Russia and Eastern Europe have rejected Marxism, they know where it leads. These days it's the West, as in Western Europe and liberals in the US who think socialism and communism are great ideas.

Russia's economy is growing strong.

That looks like a great mutual fund. But a general word of caution to everyone, DIVERSIFY. This looks like a good possibility for the riskier part of your portfolio.

[marron]

You're not suggesting that Russia's economic performance is due to Marx, are you?

Or is it smoking because they have abandoned Marx?

[Farmer Dean]

The most endearing thing about Soros is that he is old and not too long for this world.I wish him good luck in the next-

[Tailgunner Joe]

Russian economy loses steam amid falling oil output - Russia's economy grew 5.2 per cent in the first quarter - the slowest rate in almost three years

Russian Growth Slows, Threatening Putin's Goals

PM bemoans slow GDP growth - Fradkov said Russia’s economic growth was not enough to double the GDP by 2010 – a target set by president Putin.

Analysis: End of Russia's economic boom? - A rigid tax regime aimed to capture a lion share of oil profits and the attack and destruction of the country's largest private oil company Yukos saw investment in the oil sector plummet and production drop to levels not seen since before the 1998 financial crisis

Russia's eternal inflation

[GarySpFc]

Or is it smoking because they have abandoned Marx?

The Russian economy is smoking because they have abandoned communism, but more so due to the fact they have embraced capitalism. Tailgunner Joe hates Russia and always tries to connect it to communism.

[A. Pole]

Interesting find. Thanx.

[ladyinred]

Any friend of the Clintons and I bet he is would have to admire Marx.

[GarySpFc]

From your eternal inflation article:

Russian macroeconomic performance has greatly improved since the 1998 financial crisis, and this success can be attributed in part to improved monetary policy. But the RCB's lack of resolve in adopting a framework where low inflation is clearly stated as the priority now threatens to undermine what has been achieved.


As a starting point, the RCB should be charged with projecting inflation, formulate policies to stabilise prices, and either implement those polices or explain why it cannot and who could do so. The correct answer to the latter question as the IMF suggests may be the Ministry of Finance: the only sure way for Russia to reduce inflation and sustain growth is to maintain a sound fiscal policy.

The reality is the opposite. Rather than using the oil windfall to pay for long-overdue reforms in health care, education, and utilities and thus helping to ensure the macroeconomic stability needed to sustain rapid long-term growth President Vladimir Putin has chosen large spending increases for public wages and pensions. As a result, Putin's Russia appears headed for the Latin American model of self-inflicted stagflation.

Russia is using the monies it has earned to pay off its debts and reform areas the articles says they are not.

[chilepepper]

the hole in the logic of this article is that even if Marx was prescient about all the ills and foibles of modern capitalism, criticizing something doesn't mean you can do it better yourself. i'd say history has proven that Marxism is not up to the task of replacing capitalism well beyond a reasonable doubt over the past 150 years...

the BBC in particular is COMPLETELY overrun by communists/marxists. quite sad - these folks live in a hermetically sealed world as closed as that of the worst kind of islamic or christian fundamentalist who blindly believes the only reality that exists issues from a "holy" book

[Tailgunner Joe]

"Gref and others have argued the stabilization fund should be used to pay off Russia foreign debt of over $100 billion and be held in reserve for an unexpected economic shock. ...Fiddling with the stabilization fund will pump an additional $10 billion into social spending. To date, non-monetary factors such as state-control tariffs for national gas and electricity have fueled inflation, now government spending is set to add to this."