Sunday, July 03, 2011

The Debt Hammer

I thought these words about austerity economics and the Greek economy were powerful enough to stand on their own.

Socrates said that ignorance must be the root of all evil, because no one deliberately sets out to be bad.

But the economic “medicine” of driving debtors into poverty and forcing the selloff of their public domain has become socially accepted wisdom taught in today’s business schools. One would think that after fifty years of austerity programs and privatization selloffs to pay bad debts, the world has learned enough about causes and consequences.

The banking profession chooses deliberately to be ignorant. “Good accepted practice” is bolstered by Nobel Economics Prizes to provide a cloak of plausible deniability when markets “unexpectedly” are hollowed out and new investment slows as a result of financially bleeding economies, medieval-style while wealth is siphoned up to the top of the economic pyramid.


Greece: No Deal without a National Referendum by Michael Hudson, Global Economic Intersect
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