An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Galbraith gives us nothing new here. Everyone knows that austerity is a bust, so what?
What he misses is that the very wealthy and large corporate interests are benefiting enormously. They also control the political system, law enforcement, the judicial system, the military, etc.
Change cannot come under these circumstances no matter how much the disaffected masses plead.
I've been wondering why President Obama has not proposed a FICA tax cut for the working poor and then dared the House to vote against it. Then, it hit me: he doesn't give a shit about the poor. He's a servant of the 0.1 percent and a failed president.
But I'm sure he has some concern for those made poor among us...
Mike and Dan have been making the point for a long time here that Pres Obama wants to be seen as a "fiscally responsible" President in his legacy...
he literally thinks "We are out of money", tonight will be the 4th anniversary of the first time I recall him saying these exact words at the 2009 MLB AllStar game during his visit to the broadcast booth: I quote: "We're out of money!"...
He literally thinks 'we are out of money'... if he could ever get past this falsehood, I think he would advocate/propose more just/righteous policies...
But for now he remains in the dark (and lets not single him out he is not the only high official who is being made a moron like this...) ... too bad for him and the rest of us...
I like his ending, where he suggests using a positive political outcome for the Eurozone to motivate modern approach to economics. The normal presentation we have usually outlined by showing why currency union is doomed ensures that Euro politicians scorn the ideas as unrealistic and politically unpalatable. Perhaps this at least gives people a reason to take a second look and a few constructive policy solutions that create 'automatic stabilizers' to fix the basic flaw in the currency union itself. I think it remains unrealistic in the face of German nationalism, ideology and the implicit, unchallenged assumptions that the other peripheral nations entire political and social systems are inferior to the German model.
4 comments:
Galbraith gives us nothing new here. Everyone knows that austerity is a bust, so what?
What he misses is that the very wealthy and large corporate interests are benefiting enormously. They also control the political system, law enforcement, the judicial system, the military, etc.
Change cannot come under these circumstances no matter how much the disaffected masses plead.
I've been wondering why President Obama has not proposed a FICA tax cut for the working poor and then dared the House to vote against it. Then, it hit me: he doesn't give a shit about the poor. He's a servant of the 0.1 percent and a failed president.
Tyler,
"he doesn't give a shit about the poor."
I think this is being a bit harsh...
(FD: I never voted for "O"...)
But I'm sure he has some concern for those made poor among us...
Mike and Dan have been making the point for a long time here that Pres Obama wants to be seen as a "fiscally responsible" President in his legacy...
he literally thinks "We are out of money", tonight will be the 4th anniversary of the first time I recall him saying these exact words at the 2009 MLB AllStar game during his visit to the broadcast booth: I quote: "We're out of money!"...
He literally thinks 'we are out of money'... if he could ever get past this falsehood, I think he would advocate/propose more just/righteous policies...
But for now he remains in the dark (and lets not single him out he is not the only high official who is being made a moron like this...) ... too bad for him and the rest of us...
rsp,
I like his ending, where he suggests using a positive political outcome for the Eurozone to motivate modern approach to economics.
The normal presentation we have usually outlined by showing why currency union is doomed ensures that Euro politicians scorn the ideas as unrealistic and politically unpalatable. Perhaps this at least gives people a reason to take a second look and a few constructive policy solutions that create 'automatic stabilizers' to fix the basic flaw in the currency union itself. I think it remains unrealistic in the face of German nationalism, ideology and the implicit, unchallenged assumptions that the other peripheral nations entire political and social systems are inferior to the German model.
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