Roubini diz que Marx tinha razão
There is a paradox and a Catch22. If you're not hiring workers, there is not enough labour income, there is no consumer confidence, there is not enough consumption, there is not enought final demand. In the last years we've had it even worse. We've had massive redistribution from labour to capital, from wages to profits, the inequality of income and wealth has increased. This redistribution makes excess capacity and the lack of agregate demand even worse. Karl Marx had it right, at some point capitalism can self-destroy itself, because you cannot keep on shifting income from labour to capital without not having an excesse capacity and a lack of agregate demand. And that's what happening. We thought that markets work, and they are not working. What is individually rational, every firm has to survive and thrive in slashing labour costs even more, ignores that my labour costs are someone else income and consumption. That's why it's a self-destructive process. You cannot resolve this problem with liquidity. When there is too much debt, either you grow out of it or you save out of it. But If everyone spends less and saves more in the private and public sector you have the Keynesian paradox of thrift. And you can have a depression.
Nouriel Roubini, nesta entrevista
