The Marxist At UBS And His Confusion

George Magnus, Senior Economic Adviser at UBS is a Marxist. FT has given him space to write an article which includes such gems as:

Marx analysed and explained insightfully how and why capitalism would succumb to recurrent crises, and especially big ones after a credit bust.

Let's be clear about a few things. The current financial crisis was caused by the on again, off again, money printing by central banks, such as the Federal Reserve.

Austrian business cycle theory fully explains the crises. Indeed, if one understood ABCT, you could have seen the current crisis coming in real time. (See here, here, here, here, here, here, here and here.)

Marx theories were a combination of bad economics, mixed with bad political theory, all wrapped with a Hollywood happy ending:
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