Austerity and the Modern Banker
From Simon Johnson at Truthout, quoting Occupy Albany:
The interests of those who purchase influence are rewarded at the expense of the People, from whom the government’s just power is derived. We believe that this failure in our system is at the core of many interconnected issues we face as a society, and its resolution is key to a just future. We therefore demand true democracy, decoupled from the corrosive influence of concentrated economic power, and we call all who share in this common goal to stand with us and take action toward this end.
It’s interesting that the last sentence harkens to last week’s six part series by Dan Kervick on Public Money for Public Purpose. Of course, the knuckle draggers condemn it as socialism, but their ignorance is of no consequence.
Hmmm, I couldn’t find any disagreement with the Truthout piece. Nice link.
Thanks. Johnson, late of the famously austere IMF, really gets attention when he rails against it. This is the reason I get so angry at the local austerians. Debt is being created without limit on the federal level, but the knuckle draggers want us to curb spending. Normal rules simply do not apply. Public money for public purpose demands that social safety nets and infrastructure on a local level be maintained, regardless of the federal deficit. In fact, muni bonds look pretty good up against a gamed stock market.