Re: [OPE] Another MarxMyth Exposed in the Bud: Marx on the financial crisis of 1857

From: Gerald Levy <>
Date: Thu Oct 16 2008 - 06:09:04 EDT

> Booklovers turn to Karl Marx as financial crisis bites in Germany
> Kate Connolly in Berlin
> Wednesday October 15 2008
> But for those not quite ready to immerse themselves in Marxist theory,
> Marx's correspondence to Friedrich Engels at the time of an earlier US
> economic crisis makes more entertaining reading. "The American Crash is a
> delight to behold and it's far from over," he wrote in 1857, confidently
> predicting the imminent and complete collapse of Wall Street.
> Copyright Guardian Newspapers Limited 2008

Does anyone check sources at "The Guardian"?

To begin with, the quotation is: "The *American crash* is superb and not yet
over by a long chalk". It was written by ENGELS, not Marx (Engels
to Marx, October 29, 1857).

And Engels did NOT predict the "imminent and complete collapse of
Wall Street": his prediction was FAR more limited. He wrote:

"We still have to see the collapse of the better part of the import houses;
so far only one here or there would appear to have crashed. The
repercussion in England would seem to have begun with the Liverpool
Borough Bank. *Tant mieux* that means that for the next 3 or 4
years, commerce will be again in a bad way. *Nous avons maintenant
de la chance*".

If Connolly's claim was correct then Marx's prediction about the 1857
crisis would have been manifestly proven by history to be laughably false.
Instead, we see that the reference was to a letter by Engels in which he
did NOT make this prediction. I guess this is on par for the standard which
we have come to expect from journalists when referring to Marx.

In solidarity, Jerry

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Received on Thu Oct 16 06:15:29 2008

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