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The Austerity Hoax

By       Message Stephen Lendman     Permalink
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She called euro straightjacket entrapment a gold standard equivalent. Losing monetary and fiscal control is good, she claims. So is abdicating national sovereignty. 

Applebaum economics makes witch doctor medicine look miraculous. She grew up in wealth. She attended Yale and the London School of Economics. She's intelligent but doesn't show it.

She was admitted to Phi Beta Kappa and graduated from Yale summa cum laude. Perhaps its standards aren't as high as people think.

Let-eat-cake economics doesn't work. It sparks revolutions. They don't turn out much better. After America's, everything changed but stayed the same. Russians got Joseph Stalin.

The French got Jacobins. At first they were revolutionary moderate patriots. They morphed into "reign of terror" extremists. Dickens' Tale of Two Cities wrote about the best and worst of times. Liberte, egalite and fraternite were short-lived.

Sustained Applebaum economics may spark the worst of times without the best. Black destroyed her position. Austerity caused Britain's worst economic crisis in 50 years.

"Applebaum's 2010 column on (its) embrace of austerity deserves to live in infamy," he said. She "takes palpable glee (in) harming its working class" to let wealthy Brits grow richer.

In 2009, Britain was emerging from recession. Recovery was painful and slow. Ordinary people benefitted little. Many, in fact, not at all. Modest stimulus was grossly inadequate. Economic decline was assured.

Austerity represents bad economics and moral failure. Reality is turned on its head. Nations aren't "remotely like households when it comes to debt."

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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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