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Austrian economics has failed wherever tried: it is based on the dogma that socialism always fails and free markets always self-correct.
It has used crisis (see Naomi Klein's Shock Doctrine) to support dictators to force "free market" reform from Chile to Russia to the Ukraine, all leading to an instant class of crony billionaires, attacks on freedom and war on critics, and economic collapse.
Hayek, author of Socialism: the Path to Serfdom, met and supported Pinochet, the bloody tyrant who killed over ten thousand critics, socialists, trade unionist, about whom he said:
" I am totally against dictatorships. But a dictatorship may be a necessary system for a transitional period. At times it is necessary for a country to have, for a time, some form or other of dictatorial power. As you will understand, it is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. Personally I prefer a liberal dictator to democratic government lacking liberalism. " And so he supported the bloody dictator who murdered the democratically elected Allende (called a suicide...wink wink) and tens of thousand of others, often dropped into the ocean from planes.
The coup in which General Augusto Pinochet seized power in 1973 was the bloodiest in 20th century South America. More than 3,000 were killed in the September military onslaught, which began when fighter jets bombed the Presidential Palace while the democratically elected President, Salvador Allende, was still inside.Jan 7, 2001/BBC).
Milton Friedman on Neoliberalism .It Never Occurred to Me That ...
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"You can't make an omelet without breaking an egg."
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In Russia, the free market economists from Harvard helped drunken dictator Yeltsin, who shelled Parliament and banned rival media and parties, to sell off state assets (such as second largest gas reserves) to former party commissars at pennies on the dollar, creating instant billionaires.
The result, as in Chile, was intense wealth for a few (who form the basis of current opposition to Putin who jailed them, drove them off, or forced them to behave) and a collapse worse than anything under the "socialism that failed." GDP fell 40% and per capita income reached a new low of $2K per year. Since Putin was elected and brought back sold off state assets and reigned in the oligarchs, GDP has tripled and wages doubled.
The latest folly is Ukraine,where again neo-cons did the dirty work, funding and plotting the overthrow of another fairly elected government and appointing a central banker stooge selected by neo-con Nuland, who chose "Yats," who claimed in Germany that the Russians had invaded Ukraine and Germany in WWII.
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Yats was selected by Nuland to sign an IMF loan, before elections were held. This treaty gives the IMF (controlled by US) control of the economy and mandates the twin evils of privatization (the rich buy state at assets at bargain prices) and austerity (the people pay for it).
Among those profiting are the corrupt oligarchs,who have the money to steal public wealth and folks like Joe Biden's son who is busy buying up gas assets at firesale prices:
.".....22 of 34 state assets are now being put up for sale at a 60 percent discount, nine with a discount of 50 percent, and three are up for auction at a reduced asking price.
"Last week, the assets were offered for sale with discounts of 50 percent and 30 percent respectively, but the auctions were not held due to lack of buyers," said the State Property Fund.
The State Property Fund is planning to privatize 450 state-owned firms, of which 20 are large enterprises, 50 medium-sized companies, and 380 are part of small privatizations, the Ukrainian news outlet Unian reports.
The Governor of the National Bank of Ukraine Valeria Gontareva has said the sale of state-owned assets can bring Ukraine up to $1 billion. According to her, if Kiev is able to carry out the necessary reforms and privatize state property, Ukraine will have a stable level of reserves in three years."
Thus revenue producing assets are sold off, bringing in a measly one billion, with the other 17 billion to be paid by cutting wages, pensions, teachers, social services, etc: austerity. Most sought after are revenue producing assets on by which state programs are funded.
Trump is filling the Treasury, as Bush and Clinton did, with Wall St. tycoons, and even his foreign adviser Woolsey, of the CIA is a Wall St. "banker." CIA, through the revolving door, is Wall St. since Dulles. CIA provides the muscle for the neo-libs to use "regime change" to create the crisis in which privatization can take place with a dazed and confused public, which then pays the price to create instant billionaires by buying public assets at fire sale prices. Divide/Conquer/Loot.
Austrian economics has failed wherever tried: it is based on the dogma that socialism always fails and free markets always self-correct. Like all dogmas, it begs the question, assuming what must be proved.In this sense, it is not science but religion, a cult.
Cartoons: Draining the swamp - The Orange County Register
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The democratic swamp is cleaned by murdering union leaders, socialist leaders, and critics, whose bodies refill it. This is what Trump is arranging........based on his statements and appointment of war hungry neo cons and Wall St. He is filling the swamp with old swamp creatures..........
gtpmdgsfebr2013 / Page with question from mdg1 and space to add ...The Human Face of Austerity
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The enrichment of the wealthy through neo-con wars and neo-lib economics is based on making the poor pay for it. If force is necessary, force is used...to create "free markets" controlled by the new class of billionaires.
Trump is filling the Treasury, as Bush and Clinton did, with Wall St. tycoons, and even his foreign advisor Woolsey, of the CIA is a Wall St. "banker." CIA, through the revolving door, is Wall St. since Dulles. CIA provides the muscle for the neo-libs to use "regime change" to create the crisis in which privatization can take place with a dazed and confused public.
1. Economic dogma has failed wherever it has been tried.
2. Austrian economists embrace bloody dictators, who can ram through their transfer of public assets to oligarchs.
3. The failure of Austrian economics is in terms of the people: the rich make out like bandits.
4. The US laissez-faire neo-con dream of Bush/Paulson (GS) led to the worst recession in 80 yrs, with free market icon Greenspan saying: "We were wrong; we thought (First Principle) that markets always self-correct. We were wrong."
Bush said it as only he could, with a kind of irony: "We had to betray free market principles to save the free-market."
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Bottom line: Austrian economics embraces dictatorship to ram through its agenda, which then enriches a small elite while destroying the economy in the process. Its fundamental agenda is to TRANSFER PUBLIC WEALTH TO PRIVATE HANDS ON THE CHEAP.
The neo-con violence which put in place the current coup regime will make 1 billion by selling off IMF-mandated public assets at bargain prices, leaving 17 billion to be repaid through cutting wages, pensions, social services, teachers, etc. Mission accomplished!
Bottom line 2.0
1. Austrian economics always fails.
2. The rich get richer and the poor get poorer.
3. The basic dogma is that only free markets work and that
the path to freedom is to: GIVE STATE ASSETS TO PRIVATE PARTIES.
This is the path to freedom! And that path requires dictators and force, thus linking neo-conservativism with neo-liberalism: CIA/Wall St.
If you remind neo-libs that these programs have always failed, they remind YOU that economics is no based on empirical evidence but rather First Principles. This is the response of a cult. This cult seeks to rule the world through war and ruin. A destroyed nation cannot defend itself.
This is the agenda of Trump who has surrounded himself with both the war lust of the neo-cons and the gold lust of the neo-liberal heirs to the Austrian School. The same people who brought us 9/11 and the War on Iraq are back in power.
The neo-lib part of the equation is to use crisis and violence to push through radical reforms to transfer public wealth to private pockets.
This is the Enclosure Acts, which stole the Commons, all over again joined with 1984, all over again, joined with the neo-con dream of world dominion through war, all over again.
Those who do not understand history will repeat it, the second time as farce. We are witnessing a very dangerous farce by a movement which lacks popular support and consent...and has brought out of the cesspool the war mongers, the racists, and the fascists.....It Can Happen Here!
The God-Seeker: The Story of Aaron Gadd, the Godseeker, a Powerful ...
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Trump was NOT elected by the people; he is being selected by a small group of party loyalist using a slave owner scheme which allows a tiny group to reverse the vote of the people. He is not elected but selected, reversing the loss in the election. His policies are proven failures with the added burden of a fascist lean. What are we going to do about it?
(Article changed on November 24, 2016 at 13:14)
(Article changed on November 24, 2016 at 14:06)