Theoretically, what would Marx say about the Federal Reserve?

[B0LSHEVIK]

If Marx were our contemporary, what would he say about it?

Any insight would be appreciated!

[Broletariat]

Die Federal Reserve ist nur ein Werkzeug der Bourgeoisie benutzt, um die Widersprüche im Kapitalismus zu bewegen. Es wird versucht, Probleme zu lösen, sondern nur verdrängt sie.

The Federal Reserve is simply a tool used by the bourgeoisie to move the inherent contradictions in Capitalism around. It attempts to solve problems, but merely displaces them.

[B0LSHEVIK]

Die Federal Reserve ist nur ein Werkzeug der Bourgeoisie benutzt, um die Widersprüche im Kapitalismus zu bewegen. Es wird versucht, Probleme zu lösen, sondern nur verdrängt sie.

The Federal Reserve is simply a tool used by the bourgeoisie to move the inherent contradictions in Capitalism around. It attempts to solve problems, but merely displaces them.

Huh?

[B0LSHEVIK]

Well put, thanks

[Durutii Column]

Basically a way of the state managing market inefficiencies.

[Marxaveli]

Interestingly, Marx calls for a central bank in The Manifesto. Probably one of the few points I disagree with him on. Any institution that has the ability to manipulate currency and thus have an effect on the economy is a dangerous thing. Why would such a system be needed, much less desired, in a Communist society?

[Sinister Cultural Marxist]

Interestingly, Marx calls for a central bank in The Manifesto. Probably one of the few points I disagree with him on. Any institution that has the ability to manipulate currency and thus have an effect on the economy is a dangerous thing. Why would such a system be needed, much less desired, in a Communist society?

Because Rome wasn't built in a day. You won't be able to conjure a Communist economy, you need to negate the material conditions that make banks necessary before you get rid of them altogether.

Anyway, a national revolutionary bank is a convenient way to nationalize every major business, seeing as how most businesses are owned to a large part by financial investors.

[Danielle Ni Dhighe]

Interestingly, Marx calls for a central bank in The Manifesto. Probably one of the few points I disagree with him on. Any institution that has the ability to manipulate currency and thus have an effect on the economy is a dangerous thing. Why would such a system be needed, much less desired, in a Communist society?
As that was among the Manifesto's short-term demands as a precursor to communism, reflecting Marx's analysis at the time, it's not something I'd consider essential today.

[Die Neue Zeit]

^^^ Did you read the text a second time?


Interestingly, Marx calls for a central bank in The Manifesto. Probably one of the few points I disagree with him on. Any institution that has the ability to manipulate currency and thus have an effect on the economy is a dangerous thing. Why would such a system be needed, much less desired, in a Communist society?

Marx and Engels didn't call for "just" a central bank. They called for a public monopoly on financial services, from the Principles of Communism to the Demands of the Communist Party in Germany.

[Marxaveli]

As that was among the Manifesto's short-term demands as a precursor to communism, reflecting Marx's analysis at the time, it's not something I'd consider essential today.

That was kind of what I was thinking when I asked the question in my previous post, which leads me to concur that a central bank today wouldn't be very necessary if we transferred to a Communist society. The world is much more industrialized today than it was in 1850, technology MUCH more advanced, and there are far more resources in general. I guess a better question to ask is, is a central bank like The Fed needed today as Marx thought? I agree with you, and I do not think so. I would be interested to hear from those who disagree.

[∞]

End the fed!