Re: Re: Re: Marx and financial crises

[Christian A. Gregory]

>
> Doesn't that create a problem for your--and Michael's--argument that the
> only way out of a crisis (e.g., in Japan right now) is to liquidate real
> estate, liquidate labor, etc., as Andrew Mellon used to say?
>
> Edwin (Tom) Dickens
>
I'm not Doug, but I thought the point was that Marx was wrong, but not for
all places and all times. One could argue that Japan's crisis will require
the liquidation of real estate especially, because the state has lent no
small backing to its continued overvaluation--property taxes are much lower
than sales or cap gains taxes

All best
Christian