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The bluff succeeds!

July 31, 2011

So the most avid defenders of the top layer of society threaten to default on the public debt owed to the top layer of society if we don’t cut programs aimed at helping the vast majority.  What guts! – no poker player could ever survive making plays like this and any representative remotely interested in defending the majority could only laugh at such an incredibly pathetic bluff.  Can you imagine the reaction of the right with a mirror image threat from the left – say a default on medicare or social security unless taxes were raised on the wealthy?

There’s only one conclusion to be taken from this fiasco: congress and the president have little interest in the majority and are bipartisanly taking advantage of a sterile threat to move society backwards towards early 20th century laissez faire.  Welcome to the era of ever purer Robber Baron Democracy!

From → Dynamics, Suppression

One Comment
  1. Tom Hickey permalink

    Yep. This is the conclusion of most MMT economists. Obama is, was, and will be a neoliberal that believes that what’s good for the financial sector is good for America. He obviously also believes that what’s good for GM is good for America, too, given is bailout of the auto giant that cut back union pay and benefits “to save American jobs.”

    MMT economists also point out that if one listened carefully during the campaign one could have discerned this. If there was any doubt, it was Obama who rushed to the aid of Wall Street to push TARP through.

    Of course, Obama’s first appointment confirmed this. Corporate Democrat Rahm Emmanuel to WHCOS, and Wall Street shills to Treasury and Fed. It’e been downhill since.

    Read Michael Hudson’s works, especially the recent ones on the debt crisis being manufactured iaw the Shock Doctrine. Hudson, while not MMT, is an MMT ally and part of the Kansas City School (UMKC) that is populated by US MMT economists like Randy Wray.

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