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The Austerity Hoax

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The Austerity Hoax

Fiscal austerity is a scam against ordinary people.

by Stephen Lendman

Since 2008, Western nations have force-fed their people austerity poison. Decline replaces prosperity. Millions suffer. Living standards deteriorate. Societies become no longer fit to live in.

Neoliberal and imperial priorities let essential public needs go begging. How much more people will take before erupting remains to be seen.

The longer fiscal pain continues, the closer an ultimate day of reckoning approaches. It'll arrive disruptively. Perhaps people will recognize that throwing out bums for new ones accomplishes nothing. 

America is Exhibit A. Political Washington is corrupt, immoral, degenerate, and unprincipled. Instead of helping people, they destroy them. They benefit from imposing misery. 

Allied with criminal bankers an other corporate predators, their policies made conditions for growing millions intolerable.

Imperial wars destroy nations. Austerity leaves "nothing to drive the economy," says Paul Craig Roberts. Washington's solution is increase it. Doing it is economically destructive. Only bankers, other corporate favorites, and war profiteers benefit.

Michael Hudson says austerity sacrifices the "production economy, the consumption economy, (and) the real economy...." Viable alternatives are ignored to benefit privileged elites at the expense of most others.

Hudson calls it "financial warfare against the entire society, not only against labor, but against industry and, most of all, against government."

Productive "industrial capitalism" became predatory "finance capitalism." It's not financing industry. It's furthering "economic parasitism and overhead."

Politicians in Washington support it. Obama exceeds the worst of Bush. Europe is corrupted the same way. London's Olympiad spectacle highlights it. 

At a time of high unemployment and growing public needs, estimates of $19 billion to double that amount went for the city's biggest ever extravaganza. 

Combined with Britain's war budget and fealty to banking crooks, it reveals a society heading for terminal decline and taking innocent people with it.

The same holds for America and other European countries. Bankers rape them financially. Predatory finance is a new form of warfare. It's more destructive than standing armies. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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