Jeremy Grantham, co-founder of $97 billion investment firm, GMO LLC, put out one heck of a quarterly shareholder’s letter, questioning whether our capitalist economic system is proving Karl Marx was right.
Marx predicted capitalists would be hung with rope purchased from their own factories, once workers finally united against them.
Capitalists are indeed overreaching, saddling the world with dangerous amounts of debt, as Marx forsaw. But Grantham sees a problem with Marx’ prediction: The way things are going there might not be any workers left.
Click here to read my column on Marketwatch. And click here to read Grantham’s letter.
