Good actions need rewards... He really hits it... We have now Krugman, Pearlstein, Wolf , Stiglitz, De Long,....
all the economists I know that know economics think the same thing. The masters of the universe think otherwise....
This is a power grab.. this is not about reducing deficits but about reducing wage purchasing power in front of financial rents.. adn if they destroy the economy .. so be it.. they can do it again after all..
Unless they are wrong.. and recession is again around the corner... then , those same financial assets would be even more useless that goods and services. The first voices about nationalizing credit will be heard... and more importantly, tehre is no way China will privatize credit, their days in power are numbered.
A pleasure I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude
The masters of the universe think otherwise....
It is amazing how they do not understand that a feudal system is just not possible.. high unequality is possible if you accept not to become mega-uber rich (Brazil and mexican uber rich are not that rich).. but a full feudal system collapses. A system with very low equality can even collapse (Minsky logic or Lehman logic) but a feudal system has no equilbrium point with high technology and a service economy. I think DeLong clearly showed that this is the case... but never mind... they would never read DeLong.. he is an historian or historicist or whatever.. who cares, he is certainly someone not to be trusted..even if once upon a time he was a rational republican.
on these claims and ask for a diary.... By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
