Roubini Not A Communist

Part of any good intellectual debate includes a critique and analysis of opposing points of view. This is what Roubini was doing in his latest interview, referenced in the link below. He was not stating his approval or support of Communism.

http://www.cnbc.com/id/44147922/

Roubini is being labeled a communist for correctly pointing out that Capitalism appears to be collapsing under its own weight, just as Marx said it would.

Capitalism does appear to be collapsing, if you think what we have now is Capitalism. I don't.

As I have said in the past, ever since 1914, with the establishment of the Federal Reserve, we have not been living in a truly Capitalist society.

You can not, and do not have a free enterprise system when money, the very foundation of an economy, is controlled by central government planners.

The only way around this is to either return to the gold standard, or pass a constitutional amendment that requires central banks to adhere to a set of principles designed to mimic the gold standard. (which is more practical)

In a true Capitalistic society, government would not be allowed to subsidize ANY industry. Government would run only national security, basic infrastructure, and social and health services for the very poor, mentally unstable, orphaned and disabled; those who were unable, through no fault of their own, to care for themselves. The playing field would not be rigged by a group of lobbyists supporting men and women business people who would not make it in business without government support.

We do not have a free market, and have not, for a VERY long time. Even the Wall Street bankers and traders who claim to be Capitalists are not true Capitalists. They are speculators on government provided steroids who attribute their wealth and success to themselves, when in truth, they would be penniless (and their places taken by real, moral, value creating Capitalists) if Bernanke hadn't saved their asses by expropriating wealth from the taxpayer.

So, Roubini is right that the current system we are living under is on the verge of collapse, but he is wrong to say that it is Capitalism that is collapsing. What is collapsing is a debt hungry, leverage driven, drugged up, pseudo-capitalist-socialist-fascist hybrid monster; I can't even think of a good word to describe it.

And, no, he is not a Communist.