Austerity Busted

Several European governments responded to the financial crisis by applying austerity economics more rigorously than the U.S., and they have suffered for it. See “Where Austerity Really Hits Home” and “Austerity: Another ‘Policy Mistake’ Again“: “Europe’s three-year austerity program pushed its unemployment rate in February 2013 to 11.9 percent.” For recent political rifts in Britain, see “Vince Cable exposes coalition divisions over austerity.”

Krugman writes in “The Market Speaks” that the anti-tax, pro-austerity crowd keep predicting that “the market” will suffer if their advice isn’t heeded. And their advice has been consistently wrong.

So what the bad predictions tell us is that we are, in effect, dealing with priests who demand human sacrifices to appease their angry gods — but who actually have no insight whatsoever into what those gods actually want, and are simply projecting their own preferences onto the alleged mind of the market.

Right-wing ideology really is more like religion than political science. The real-world consequences of ideology are no longer important; what’s important is loyalty to the ideology for the sake of the ideology.

5 thoughts on “Austerity Busted

  1. The God Mammon hath decreed:
    That those who possesseth the most, should suffereth the least – and should suffer last.
    They have the most to lose. And, why else bother having the most, if you lose it first? Having the most must always be rewarded by Mammon.

    And the God Mammon hath also decreed:
    That those who possesseth the least, should suffereth the most – and should suffer first.

    They have the least to lose – and must lose it all. How else would they know that they are worthless in the eyes of Mammon, if Mammon allowed them to keep what little they have?

    The many who have the least must lose the most, to save the least who have the most.

    This, sayeth the God Mammon, maketh sense, and should speaketh for itself, without explanation.
    And that is why these rules have been followed since the beginning of time!
    Until Mammons greatest enemy, some heretic named, John Maynard Keynes, decided to screweth with Mammons “Austerity” theocracy, and decided that the ones with the most were obligated to help those with the least.

    Now, there are those who may ask, “What happened to Jesus Christ? Why isn’t he Mammons greatest nemesis? Didn’t he talk about helping the poor?”
    Mammon laughs at those who ask that!
    Do they not know that it was Mammon who created priests?
    And that most priests worship Mammon far more than they ever worship Christ?

    Ah, but things are heading back to their rightfuleth place now in Europe.
    All is getting righteth with the world.
    Mammons nemesis, Keynes, has been destroyed! Or, better yet, is completely ignored…

    The righteous people are keeping their money, and are worth a lot more – and the worthless people, are worth a lot less.
    And soon, things will return to their rightful order, here, in America.

    The God Mammon is not to be fucketh with.
    And his followesr in the Austrian and Chicago ‘Schools of Economics,’ will make sure that Mammon’s rules, continue to rule.
    Thus, Spaketh Mammon!

  2. My favorite passage from the Book of Mammon is the Sermon on the Amount.

    “Blessed are the poor for they shall not pay an inheritance tax”.

  3. Yes, Swami.Don’t forget;”Blessed are the trust fund babies, for they shall inherit the world.”

  4. Cursed will be Ann Romney for she shall feed from root of bitterness all the remaining days of her life.

    Looks like she’s already started chowing down. Poor Mitt. “He only lost the election because Obama promised to give free stuff to his own kind.”

  5. At tucson book festival. Rajiv chandasekeran author of. Imperial life in the emerald city and Little America was incisive. Catch.on BookTV.

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