Obama Economic Adviser Says Karl Marx Was Right

Nouriel Roubini, an economic adviser to President Barack Obama, was interviewed by The Wall Street Journal’s “The Big Interview,” a few days ago and made some pretty startling claims:

Nouriel Roubini: “Karl Marx said it right, at some point Capitalism can self-destroy itself because it cannot keep on shifting income from labor to capital without not having excess capacity and a lack of aggregate demand, and that’s what’s happening. We thought that markets work, they’re not working, and what’s individually rational, every firm wants to survive and thrive and thus slashing labor costs even more, my labor costs are somebody else’s labor income and consumption. That’s why it’s a self-destructive process.”

Click here to watch the whole clip for yourself.