One of the most persistent ideas in the politics of the West, whether we’re talking about Europe or the United States, is that government debt is best attacked through reducing government spending. Mark Blyth, warns though, that “austerity,” as such plans are known, is a historically dangerous idea.
Friday, October 5, 2018
Mark Blyth on "Story in the Public Square"
Mark Blyth gets MMT (although he doesn't mention it) and at the end of the interview he makes a powerful statement about why welfare is an investment.
One of the most persistent ideas in the politics of the West, whether we’re talking about Europe or the United States, is that government debt is best attacked through reducing government spending. Mark Blyth, warns though, that “austerity,” as such plans are known, is a historically dangerous idea.
One of the most persistent ideas in the politics of the West, whether we’re talking about Europe or the United States, is that government debt is best attacked through reducing government spending. Mark Blyth, warns though, that “austerity,” as such plans are known, is a historically dangerous idea.
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“One of the most persistent ideas in the politics of the West, whether we’re talking about Europe or the United States, is that government debt is best attacked through reducing government spending. Mark Blyth, warns though, that ‘austerity,’ as such plans are known, is a historically dangerous idea.”
Austerity is unavoidable for nations that [a] have trade deficits and [b] have surrendered their monetary sovereignty to bankers. (Example: Greece)
Austerity is also unavoidable for nations that have [a] trade deficits and [b] have currencies that cannot be spent outside the nations’ borders. (Example: Argentina)
The Greek government is forced to borrow all its spending money. The result is ever-increasing austerity and debt.
The Argentine government is forced to borrow foreign currency with which to buy imports. The result is ever-increasing austerity and (foreign) debt.
Meanwhile the US, UK, Canadian and Australian governments do not borrow any of their spending money. All four nations have huge trade deficits, but their currencies are created out of thin air, and are widely used by foreigners. Hence austerity for these nations is 100% gratuitous.
By the way, austerity is only for the poor. When central governments talk about reducing their spending, they only mean spending on programs that help average people. Meanwhile spending on the military, and on military contractors, sets new records every year (including in Greece).
"In the November elections, I do not expect the Democrats to do as well as they think they're going to do." ~ Mark Blyth
Agreed.
The reason is that the Democratic party is led by neoliberals who work for the same oligarchs as Republicans do.
Democrat leaders (all neoliberals) distract the masses from this reality by constantly pushing identity politics, which most Americans are sick of.
Consider the Brett Kavanaugh circus. Kavanaugh is a neoliberal, and is pro-corporation. Therefore Republicans and neoliberal Democrats want Kavanaugh on the US Supreme court. However neoliberal Democrats do not want to seem too obvious about this. So they pretend to oppose Kavanaugh by presenting a series of females that make baseless accusations of sexual assault. When the US Senate confirms Kavanaugh, the neoliberal Democrats will say, “See?? The USA is sexist!”
As women blame men for everything, and all the peasants become poorer, the neoliberal Democrats will continue to serve Wall Street like always. Kavanaugh will be on the US Supreme Court, which is what neoliberal Democrats wanted all along (but pretended not to want).
“So they pretend to oppose Kavanaugh”
Now you’re a mind reader....
No need to be a mind reader to see the obvious. Neoliberal Democrats are loyal to neoliberalism before anything else -- but they don't want to seem that way. They don't want to seem identical to Republicans. Kavanaugh is a neoliberal. Therefore neoliberal Democrats want Kavanaugh confirmed, and they know he will be confirmed, but they pretend to oppose him via trivial crap that no one cares about.
Republicans and neoliberal Democrats serve the rich at the expense of the rest. Neoliberal Democrats use identity politics in order to pose as being "different" from Republicans, which they are not.
This Democrat pretense has been going on since Bill Clinton.
Meanwhile I will save you the effort of writing...
Art major!
Art major!
Art major!
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