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View Diary: The U.S. has learned nothing from Europe's deadly obsession with austerity (105 comments)

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  •  It's not about good economics it's about (0+ / 0-)

    ownership. When the haves loan money to the have-nots and the economy gets weak the haves start to panic and demand that their investment is secure. If the government bails out the banks then the government had better stop spending money on social programs and had better get busy taxing enough to keep those loan repayments on schedule. It all has to do with accumulation of wealth and during this period in history we are talking about obscene wealth at the cost of income to the broad population. Ironic, eh. Income maldistribution and speculation causes broad based debt and that is exactly what the wealthy want to protect by castrating economies. If the increase in productivity over the decades had been evenly distributed massive debt would have been avoided, the global economy would not have crashed and the wealthy would not have to protect those loans with Draconian austerity.

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