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OECD is Latest Economic Bigwig to Question Austerity's "Loop of Doom"


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President of the European Council Donald Tusk slams the EU for its "utopian illusions" while ignoring the present realities in Europe.


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Deirdre Fulton seems to think political will is building to push back against the bankers. Bankers loot nations with poor economic controls. Call it "austerity" or call it something else. The same bankers will also work to weaken economic controls by a process SCOTUS calls "free speech." It's been going on for centuries; only the terminology has changed.


#6

Remember the Reinhart-Rogoff economics paper used to justify austerity as the solution to a problem that did not exist - high debt to GDP ratio? The research paper debunked by a couple of graduate students attempting to recreate its results?

Just like "trickle down economics" or "supply side economics" it was just one more of the Elites' paper thin justifications for squeezing even more from the rest of us.


#7

Interesting, Mountainman, that the European Council honcho's name is Donald Tusk and one of Francis Underwood's primary corporate advisers and financiers in House of Cards is named Raymond Tusk.

In addition to Reinhart-Rogoff, Obama's Simpson-Bowles Commission (commonly called the catfood commission) bolstered the trickle down campaign championed corporate tax cuts and cuts to earned benefits like Social Security and Medicare..

Joe Lieberman and Jon Huntsman have revived the Simpson-Bowles effort calling their "bipartisan" crusade NO LABELS.

You can bet your last nickle that Clinton will throw NO LABELS in our face during her first hundred days if she is elected..


#8

It doesn't take a degree or a genius to realize immediately that the neocon austerity was and is a ruse, a ploy, a trap. I cannot figure out why so many people in America and Europe bought into it. It took too long for we the people to realize they were screwing us and that there was absolutely no reason to reduce government spending and every reason to do the exact opposite. We first got shafted by having our federal reserve looted clean and then have us pay for both the grand larceny and budget cuts. The rich knew that after their banking heist people would put pressure on them to help prop the economy by paying your taxes, bring us good paying jobs, tighten the belt on your profiteering and do your patriotic duty. However knowing social engineering principles they reversed the otherwise logical, normal and natural process of those with greater means participate in the economic recovery and pay taxes proportionately. I don't know how long this trend of corporate and the wealthy criminal behavior will go unpunished, until it does just duck down for the next trick.


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Banking is a business of legal theft, they steal relatively small amounts from as many people as possible. Imagine a $35 over draft fee multiplied by one million transactions per day that's $35000000 (thirty five million dollars per day) now add to that credit card interest, savings and checking account fees, interest charges, late fees and a medium size bank could be raking in truck loads of bucks daily. Then add to that book cooking, real estate bundling schemes and other deeply buried confusing tricks to make trillions of dollars and no questions asked.


#10

They know it doesn't work, they do not care. The reality is wealth is a balance, a very tilted balance, of you having much more as a result of everyone else having much less. So factual you can become richer not by earning more but by working to ensure everyone else has less. Austerity is about increasing the value of wealth for the minority by making everyone else much, much poorer.


#11

Well, the US has been slowly rolling out the austerity agenda for years, from the bottom up, especially since the Clinton administration. It has taken a hell of a toll on the country, but we've been doing a remarkably good job of ignoring the consequences (i.e., our poverty crisis).

Think about it: The US shipped out a huge number of jobs since the 1980s, ended actual welfare in the 1990s. Decreasing the number of jobs while increasing the number of people whose very survival depends on getting a job. At the least, we created an abundant surplus of job ready people who are desperate for any job at any wage, grateful for the chance to replace you at far less than you are paid. There's nothing to fall back on. In the process, We the People lost the measure of power we once had. If the company slashes your wages, there's probably nothing you can do about it. Go on strike, and you can be replaced by morning.


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Sadly, in recent decades "infrastructure" is virtually the only idea Americans have had. Those jobs overwhelmingly go to men. We have a poverty crisis in the US, and the overwhelming majority of poor are women and children. Virtually all women are co- or sole providers for families.

The more people in poverty, the fewer the consumer purchases, the fewer products need to be made, the fewer workers are needed, the more people in poverty. The US has remained on this downhill slide for years.


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