Plutocrats and Pitchforks
The word ‘revolution’ has throughout history been synonymous with the cry for equality and social change. The French Revolution of 1789, the Russian Revolution of 1917, the Cuban Revolution of 1959 to name a few, all began because the divide between the haves and the have nots became intolerable. In the examples above, social inequality was at historically high levels and getting worse by the day. Something had to happen and it did, much of it violent and bloody.
Revolutions were generally born of peasant unrest, dissatisfaction, a sense of betrayal by once revered heroes who were seduced by their own power and their accumulation of vast wealth. When that peasant dissatisfaction reached a tipping point, revolution became the only recourse.
Today the wealthiest 1% in our society enjoy a lifestyle that much of the 99% could not even imagine. Furthermore, the gap continues to widen such that the line between middle and lower class workers is now blurred, while the gap between middle and upper income levels grows wider and easier to see.
While any high functioning capitalist economy will always have inequality to some degree, the divide as it exists today is so geared toward greater wealth for the fewer that the middle class is in danger of disappearing altogether. The message for all those living in their gated compounds and ivory towers is, it cannot last.
Statistics are not needed to reinforce these claims. They simply confirm what the 99% already know. But, for the record, in 1980 in the USA, the top 1% controlled about 8% of the national income while the bottom 50% shared about 18%. Today, the top 1% share 20% of the national income while the bottom 50% share just 12%.
In Australia, similar comparisons are difficult to find but in measuring wealth by quintiles, the ABS found that in 2011 the top 20% of households owned 62% of the wealth while the bottom 20% held less than 1%. In fact the top 20% held more wealth than the rest combined. The conclusion was that wealth inequality was rising fast.
Free market capitalism in its present form is no longer a recipe for a sustained, prosperous, happy, healthy society. Today, capitalism is synonymous with inequality, unfairness and discrimination. With today’s capitalism we are drifting toward feudalism.
Inequality has grown so dramatically over the past thirty years that our once great egalitarian Australia of the 1960s and ’70s has all but disappeared. And to quote Joseph Stiglitz, “one of the major culprits has been trickle-down economics—the idea that the government can just step back and if the rich get richer and use their talents and resources to create jobs, everyone will benefit. It just doesn’t work; the historical data now proves that.”
If ever world leaders had an opportunity to revolutionise capitalism it was in the aftermath of the Global Financial Crisis (GFC). Just six years on from that incredible opportunity, we can see they have failed and have done so, spectacularly.
Bank bailouts without conditions will be a dark legacy for Barack Obama in an otherwise reasonable presidency and now the opportunity has all but passed. The US stock market has not just recovered but surpassed pre 2008 lows. The rich are richer and the poor are poorer in far greater numbers than before. For the 1%, the plutocrats, it’s business as usual.
The Reagan trickle-down effect is back with a vengeance and is now the hallmark of the present Australian government despite a plethora of information, data, and recent history to demonstrate its failure. They still expect business to lead a national recovery with investment in goods and services. What they don’t get, is that an underutilised workforce cannot afford it. Business knows this. That is why they will not commit.
The government cannot see that a vibrant, active, well-educated workforce is an essential component of a strong, robust economy; a component that creates demand that results in stronger growth, stronger investment and stronger taxes.
Blinded by the advice from bankers, investment houses and those whose fortunes are derived from manipulating stock markets and overvaluing mortgage stocks, Tony Abbott and Joe Hockey are no more than a mouthpiece for the 1%; the plutocrats. They are victims of their own self-serving ideology. While they are in power nothing will change, no improvement for the 99% will ever eventuate.
Any realistic observer can see that this trend is unsustainable and its future unpredictable. While the plutocrats continue to build their wealth, billionaire Nick Hanauer thinks they might inherit pitchforks.
While the 1% enjoy their wealth, blind to the signs of desperation around them, a single act of defiance by someone desperate and destitute enough could mobilise thousands in support and roll across the country like a tidal wave. The 1% could be caught like the frog in the saucepan unaware the water has reached boiling point. But by then, it will be too late.
I don’t think anyone in government, least of all Scott Morrison, anticipated riots leading to murder and self-immolation when he embarked upon his ruthless policy of deprivation detention on Manus Island. That crept up without warning. And now, I don’t think either he or his party foresee all the possible outcomes if they embark upon a policy of reducing welfare at a time of fiscal contraction.
He may not even care but he could well be responsible for creating a new underclass that has no respect for law and order. He could well extend existing poverty further into the realm of the middle class, bringing welfare agencies to their knees trying to cope. This is where that one defiant act could likely emerge.
History is littered with such circumstances and the consequences of doing nothing. The 1% won’t see it coming, but governments should. And they should do something to stop it, or they too will feel the pitchforks. They can plead ignorance but that won’t save them.
They can say their hands were tied but their complicity will be all too obvious. The plutocrats will never change voluntarily. The government is running out of time to do it for them.
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Return to home page‘World’s Poorest President’ Explains Why We Should Kick Rich People Out Of Politics
People who like money too much ought to be kicked out of politics, Uruguayan President José Mujica told CNN en Español [..] “We invented this thing called representative democracy, where we say the majority is who decides,” Mujica said in the interview. “So it seems to me that we [heads of state] should live like the majority and not like the minority.” Dubbed the “World’s Poorest President” in a widely circulated BBC piece from 2012, Mujica reportedly donates 90% of his salary to charity.
Mujica’s example offers a strong contrast to the United States, where in politics the median member of Congress is worth more than $1 million and corporations have many of the same rights as individuals when it comes to donating to political campaigns. “The red carpet, people who play – those things,” Mujica said, mimicking a person playing a cornet. “All those things are feudal leftovers. And the staff that surrounds the president are like the old court.”
“I’m not against people who have money, who like money, who go crazy for money,” Mujica said. “But in politics we have to separate them. We have to run people who love money too much out of politics, they’re a danger in politics… People who love money should dedicate themselves to industry, to commerce, to multiply wealth. But politics is the struggle for the happiness of all.”
Asked why rich people make bad representatives of poor people, Mujica said: “They tend to view the world through their perspective, which is the perspective of money. Even when operating with good intentions, the perspective they have of the world, of life, of their decisions, is informed by wealth. If we live in a world where the majority is supposed to govern, we have to try to root our perspective in that of the majority, not the minority.”
“I’m an enemy of consumerism. Because of this hyperconsumerism, we’re forgetting about fundamental things and wasting human strength on frivolities that have little to do with human happiness.”
He lives on a small farm on the outskirts of the capital of Montevideo with his wife, Uruguayan Sen. Lucia Topolansky and their three-legged dog Manuela. He says he rejects materialism because it would rob him of the time he uses to enjoy his passions, like tending to his flower farm and working outside. “I don’t have the hands of a president,” Mujica told CNN. “They’re kind of mangled.”
http://www.huffingtonpost.com/2014/10/23/mujica-rich-people-politics_n_6036892.html
What a great article, the one difficulty, Australia’s vast distances and small population base in respect to a mass demonstration of such magnitude for the current govt. to take notice so different in UK or France. I have been in Toulouse when there was such a demonstration or manifestation as the French call it, I remember thinking how I wished Australians could have such passion. Scott Morrison will embark on a road to the bottom, squeezing the most vunerable. I don’t believe there will be a combined revolt rather a real increase in violent crimes and an increased investment in jails a la Sergio.
Jeanette….. collapse is coming.
http://sunweber.blogspot.com.au/2011/05/new-middle-ages.html
When you have a government on a Godzillapathic arc of destruction you need to take a stand.
They tried to destroy Medicare by fiat just recently, no wonder Newman wanted an early election.
Thank you Mr Kelly for rattling the brain matter. Whilst I don’t think there is any “new underclass”, I think there is most definitely a change in our “respect” for law and order. I often talk with my sons about respect and my (aged) belief that respect is absolute and afforded to many without question, respect your elders being the obvious. Over the years they have convinced me that respect needs to be earned, not given. This subtle shift in the paradigm has, in my opinion, changed society’s view and we seem to be quicker to grant contempt than respect. This has greatly eroded the authority of so many institutions, not least of which are the various “arms” of government.
As Mikestasse points out, Mujica demonstrates leadership, as opposed to opportunism. His understanding of fundamental conflicts of interest is so refreshing when compared with our “leaders”. I believe it will be the likes of him that may restore some respect but, regrettably, other “leaders” will continue to trash the notion.
Jeanette’s observation of the tyranny of distance, whilst clearly valid, overlooks a basic premise. The purpose of demonstration is to gain the attention of others to your plight. I have been engaged in several protests on matters that concern me greatly in recent years. I have been gobsmacked by the MSM’s coverage, which either omits coverage entirely or denigrates the attendees, their numbers, etc. They don’t seem to understand social media and this internetty thing at all and seem puzzled by the lack of respect previously afforded what was an honourable profession.
Whilst I don’t suspect for a second that you are advocating my purchase of garden implements for when the revolution comes (possibly to the surprise of 1% and their minions), I would like to extol the virtues of “civil disobedience” over violence. I am not fully across the proposed changes to the zealots attack on Medicare, but note many reports suggest it pertains to GP consultations under 10 minutes. What if every consultation miraculously went for 11 minutes? I am sure there are many more suggestions that could be made to give effective voice to us, the people. Take care
On the subject of pitchforks and plutocrats, has anyone else seen this…:
Pingback: Plutocrats and Pitchforks | THE VIEW FROM MY GARDEN
John as usual a first class article. It does not need to be added too in any way however what needs to happen is it must somehow be disseminated to the public at large before it is too late. The downside of supply side economics is disastrous and the solutions simple, rational and clear.
It is simple. No more greed inequality and rationalized unjustifiable cruelty. Limit the gap between wealthy and poor. Redistribute wealth equitably.
Damn I just committed a mortal sin.
When Tony Abbott can re enter Iraq and send in more ground troops, reduce Medicare by 20$, act like a total idiot without any sign of revolt throught all of Australia there will never be a revolution.
Where are the angry youth ?
PopsieJ:
There is a tipping point however, unfortunately, it is unpredictable. It does make you wonder how difficult things have to get.
@popsieJ
In Queensland, the Electoral Commission has advised there has been an unprecedented number of people enrolling for the State election on 31 January. Over one third of them were young people and first time voters. The youth in Queensland, under the Newman LNP robber barons, are angry. The tipping point has been reached in Queensland. Expect to see a similar response at the next Federal election.
I think the rich firmly believe they can foresee the coming storm, but also believe their wealth and means will be enough to shelter them from the worst effects behind their high walls and private security forces.
I can’t understand the young either, of all the sections of society that should be really, REALLY angry it is them, because their future health, wellbeing and environment is being sold-out from under them. They should be rioting in the streets.
Sadly, in Australia at least and generally in the developed world, we have much better bread and circuses than before. If they ever become exhausted, things will be cataclysmic. I’d much prefer that Labor and the Greens stopped their internecine warfare and finally took up the cudgels against our 40 year old one-sided top-down international class war, calling it clearly for what it is and boldly prescribing the necessary counter measures.
SUSIE and when they vote and nothing changes, what then, ? another 3 years of no change, and then comes Tony Abbotts lot, think Chris Chris Pain. The biggest disapointment is the ALP .Bill Shorten should have violenty opposed any Iraq involment ( think Vietnam) and any increase in tertiary education fees, so the path this govt is on voting for either ALP or LNP will not make the slightest difference !
And what exactly is the alternative?
Wealth re distributive socialism has all but bankrupted Europe, it has done so badly for that continent that it is likely to drag the world into an even greater GFC when countries like France and Italy begin to require bail-outs from Germany, and Germany refuses.
Australians are the wealthiest people on Earth, so to suggest that we follow Europe’s lead in economic reform is beyond moronic.
revolutionarycitizen, Socialism did NOT bankrupt Europe, GROWTH did. Just like it’s bankrupting the entire world. Too many people, too much needed infrastructure, too much debt to pay for it all. Limits to Growth my friend. All this crapola was predicted 42 years ago, and nobody did a thing about it, because greed (from the Capitalists no less, not the Socialist!) rules.
“The global financial crisis (GFC) or global economic crisis is commonly believed to have begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis. This, in turn, resulted in the US Federal Bank injecting a large amount of capital into financial markets. By September 2008, the crisis had worsened as stock markets around the globe crashed and became highly volatile. Consumer confidence hit rock bottom as everyone tightened their belts in fear of what could lie ahead.”
Searching for something about socialism or welfare…..nope. It was GREED that caused the GFC.
The only people who warned against growth in Europe were those on the right, given that almost all of Europe’s economic growth was on the back of importing humans, tens of millions of them. It was the socialists who demanded the right remain silent or be damned as racists, and it was the socialists who demanded that the tens of millions of “new Europeans” be paid enormous quantities of welfare.
In the UK it is the welfare bill that has crippled its government, and the same is true across much of continental Europe.
Then there was the enormously moronic idea of incorporating the former Eastern Bloc states who undercut the working class across Europe.
We are rightly concerned that importing untold numbers of 457 Visa Holders will under-cut wages, what Europe did was worse, much, much worse.
France’s unemployment rate is over 10% officially, it’s in reality much higher, the unemployment rate in Marseille are catastrophic with youth unemployment running at over 40%. And it is the same across all of Southern Europe, where tens of millions of poor workers from the Eastern Bloc and the 3rd World have filled the unskilled job market, the same job market the youth need to gain employment.
Add to this the wholly socialist industrial relations systems that stretch from France to Macedonia and beyond, practices that have seen employment in Italy come to a stand-still as companies refuse to hire people they can no fire.
The socialists and their unions across Europe have indeed done workers marvellous things, unfortunately, not the workers of Europe, the workers in China are no doubt very thankful for the all the jobs the Union of Soviet Socialist Europe have exported there over the past two decades.
Europe needs to find a way of ending its debt binge, and that may require ending the failed experiment called the Union of Soviet Socialist Europe and begin recreating strong national institutions focused on creating jobs, not banning paternity testing.
RC, I never mentioned Europe. The rest of what you said is just bollocks.
Utter bullshit RC there are more countries in Europe and many are successful at providing for their citizens. As usual blanket statements that have no sound empirical basis. If its not neo-con garbage then it’s socialism. There are a diverse number of theoretical models for economies that work but ‘oh no’ lets just label them supply side economic successes, doing a great job that austerity crap, and socialist failures. You are such and ignorant self-serving prat. Like most conservatives just dumb complex issues down to dogmatic unsupportable childish idiot sound bites.
Steph, name a European economy apart from Switzerland that is currently doing very well?
Germany is the best performing economy in Europe, with the lowest unemployment rate in Europe, at 4.9% which is down from over 10% in 2008, where-as France’s unemployment rate has steadily gone up since 2008.
Europe was the hardest hit by the GFC because its economic model is absolutely batshit crazy, so batshit that in the UK they’ve just decided to stop counting people so the immigration situation doesn’t look so bad.
The unemployment numbers for France, were legitimate and accurate, and they don’t get much better in Italy where 50% of the youth today will never get a full-time job, and that is even thought the official unemployment rate there is only 13.2% and trending upward (Still less than even Keating managed here!) but in Spain where it is now 24% and Greece at 25.9%.
And John, everything I stated was accurate, it is no coincidence that the nations in Europe with the strongest Unions have the worst unemployment rates.
And debt to GDP at 84% across the Union of Soviet Socialist Europe and trending upward.
“Revolutionary citizen” your disingenuousness never seems to stop- nor ceases to amaze.
As has been well documented by the evidence and published repeatedly in credible sources (which excludes the Murdoch press) Europe’s problems after the GFC were primarily a result of:
A. A single currency that made traditional monetary policy by the EU member nations impossible; and
B. Ill advised austerity measures pushed by right wing ideologues.
I’ll add that the latter was warned repeatedly about this, time and again- and yet persisted even as the evidence continued, over and over to roll in.
Oh and btw: since we’re cherry picking here (with usual inapposite comparisons to Spain and Greece) how about we take a look at Norway.
http://www.oecd.org/economy/norway-economic-forecast-summary.htm
Sweden:
http://www.oecd.org/economy/denmark-economic-forecast-summary.htm
or Denmark:
http://www.oecd.org/economy/denmark-economic-forecast-summary.htm
Paints a bit of a different picture, doesn’t it?
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Good lord "revolutionarycoward" are you still here sprouting your economice rubbish.
Aside from which, we live in Australia
The federal treasury produced its third comprehensive Intergenerational Report in 2010. The report, “Australia to 2050: future challenges” analyses the changes Australia will face over the next 40 years. Experts referred Fact Check to the report for future predictions on welfare spending.
The report says government spending on pensions and income support payments in 2009-10 was 6.9 per cent of GDP. It predicts that there will be minor fluctuations and it will still be 6.9 per cent in 2049-50.
The report says Australia is facing an increase in age-related spending, but more in health and aged care services than in welfare payments. It says that as a proportion of GDP, spending on health is projected to rise from 4 per cent to 7.1 per cent by 2049-50. Aged care is projected to rise from 0.8 per cent of GDP to 1.8 per cent. Spending on age-related pensions is projected to rise from 2.7 per cent of GDP to 3.9 per cent.
The number of people of eligible pension age is projected to increase by around 150 per cent by 2049-50, however the report predicts there will be a decline in the proportion of pensioners receiving a full age pension because of the increased value of superannuation and other private assets and income.
Over the same period, spending on other welfare programs – unemployment benefits, widow pensions, parenting payments, carer payments and study allowances – is expected to fall.
The report says the ageing of the Australian population will place substantial pressure on government spending over the next 40 years, however two thirds of this cost will fall under health.
The report also comments on Australia’s comparative position. “Australia is comparatively well-placed in relation to age pension spending because the pension is means-tested and targets poverty alleviation,” it says. “By comparison, many OECD countries pay age pensions based on pre-retirement individual earnings, resulting in greater fiscal pressure as their populations age.”
so maybe that’s why the govt wants to ramp up anti terror laws and data retention…
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@revolutionarycoward
Roubles are looking good :
http://www.theage.com.au/business/markets/why-the-us-is-going-to-lose-the-oil-price-war-20150114-12nqda.html
Come back … come back and give everyone a good laugh at your economic credibility.
Kaye Lee,
Bill Mitchell on the Intergenerational Report:
“Today I have had the misfortune of reading the latest Australian Government Intergenerational Report, which is really a confection of lies, half-truths interspersed with irrelevancies and sometimes some interesting facts. Why an educated nation tolerates this rubbish is beyond me”
Perhaps the most fundamental insight of Modern Monetary Theory is that a government that issues its own currency has no financial constraints.
That means that if the physical resources that an ageing population requires are available from within the economy then there is no problem. The financial resources to meet those needs will not be an issue.
That means that any analysis of the issue of an ageing population issue that turns on spending and revenue is grossly misleading, and just serves to further embed the myths.
Another Intergenerational Report – another waste of time.
The Intergenerational Report
– myths and solutions
Jex, no-one on the Right forced Greece into Austerity, it literally ran out of money, it was either Austerity of become Europe’s Zimbabwe. Much of what was foisted on Greece was at the behest of Germany an France, both lead by non-right leaning governments.
Unemployment in Sweden is 8.1% and in Denmark it is 6.4% and that other great European State of Finland it is 8.9%, hardly a picture of great success. Norway has better unemployment rates, at less than 4% but its government like all others in Europe is saddled with quite a rate of debt, not as much debt as the private sector in Denmark where there are fears of its deb bubble bursting.
Did I mention Europe is in a triple dip recession? Even after all that spending? Who’d have thought that the same failed policies used to combat the Depression would fail all over again?
Europe is so bad it actually makes the US Economy look positively booming!
Also, Australia is richer than all of those countries, in-fact, our GDP is about thrice that of Norway’s and we do better in GDP per capita terms, and that’s without being entirely reliant on oil prices, which Norway is.
John, the oil price will stay down long enough for the Russian Economy to bankrupt itself, so you keep buying those Rubles!
I should point out that the issue of the Euro is largely irrelevant, given that all the EU members issue debts in Euro and largely among themselves.
And, no, you just can’t go and print money, volumetric devaluation of currency ruins economies, and even more so if your economies rely heavily on cheap imports in order to keep inflation under control. Like in Europe, where inflation may have created economic growth, but it may not have been fast enough to keep the related growth in government debt fueled spending under control.
If Greece decided to leave the EU and issue its own currency the end result would be fantastical inflation as its currency value drops below worthless, and since its debts are in Euro it would owe more, more and then more again as interest rates on its worthless bonds went sky high. Which is exactly what would have happened the moment it was discovered that Greece was insolvent and had its own currency, same as Spain, and now Italy and France, both of whom are facing debt default issues in the medium term.
Germany’s economic policy is sound, don’t print money, don’t over-inflate the welfare state, and make things that add significant value over raw product and embrace what you’re good at.
Very good article
I dispare at the apparent inaction from Labor
You can find details of current situation and projections for all European countries at the following link (rather than just making stuff up about what you feel the situation is)
http://ec.europa.eu/economy_finance/eu/forecasts/2014_autumn_forecast_en.htm
Autumn forecast 2014: Slow recovery with very low inflation
The European Commission’s autumn forecast projects weak economic growth for the rest of this year in both the EU and the euro area. In the course of 2015, a gradual strengthening of economic activity is expected and growth is projected to rise further in 2016. All EU countries are set to register positive growth in 2015 and 2016. This is also when the lagged impact of already implemented reforms should be felt more strongly.
After six years of recession, 2014 is expected to be the turning point for Greece. The country’s long awaited recovery is driven by private consumption and net exports. Its magnitude also depends on the effects that policy uncertainty may have on investment
The Greek economy is expected to return to growth in 2014. Following a weaker than expected first half, GDP growth in seasonally-adjusted terms became positive in the second quarter this year, and a strong third quarter figure is expected.
Unemployment is expected to drop to 26.8% in 2014 reflecting the creation of new jobs and the effect of employment support programmes. A relatively strong fall in unemployment to 25.0% in 2015 and 22.0% in 2016 can be expected thanks to the pick-up in investment, the continuation of employment programmes, and ongoing structural reforms bearing fruit.
RC – stay away from Abbott government policies given to them by the Rich folk think tank the IPA. Just the slightest bit of research will tell you that you are simply wrong.
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Oh gosh !
More bullshit from the "revolutionarycoward".
“Among Euro Area member states, Greece recorded the highest growth rate (0.7 percent), followed by Slovakia (0.6 percent), Spain (0.5 percent), Latvia (0.4 percent) and France (0.3 percent). Belgium, Portugal, the Netherlands, Estonia and Finland expanded 0.2 percent each and Germany advanced 0.1 percent. Austria showed no growth and Italy and Cyprus contracted by 0.1 percent and 0.4 percent, respectively”
That’s EU’s current GDP growth rate figures.
A marked success…
And a number of those countries aren’t even back to their previous peak GDP figures.
So let’s all follow Europe shall we?
I should note that the above GDP growth figures could quite easily represent rounding errors in calculating actual GDP.
And at their most optimistic Growth in the EU is at a trickle.
And highly unlikely.
I think it is a brilliant article. We need to spend more on education, more on health and more on housing and those who can more than afford it should pay for it.
Already disillusioned youth is showing no respect for authority and why should they when those in authority show no respect for them?
If we had a guillotine as did the French revolutionaries, I think Scott Morrison, Joe Hockey and, or course,Tony Abbott should head the line waiting to be beheaded.
The economic stimulus spending in the EU created a six year long recession, just like it did in the US of A during the 30s, who’d’ve thought it!
@ John K …… an excellent article, as usual. Thank you.
In your article you made the point – – – ” He may not even care but he could well be responsible for creating a new underclass that has no respect for law and order.”
Kyran observed that she does not believe there is ( yet ? ) a ‘new underclass’ …. I think I have to disagree – with respect. …. It is evidenced by Kyran’s next comment ” I think there is most definitely a change in our “respect” for law and order.”
That is … imho …. exactly what gives rise to an ‘underclass’. A group feeling of disunity, depression, hopelessness, and thus – a burgeoning disrespect for law and order. … people will ‘survive’ ( the strongest of natural instincts ) ….. anyway they can. And if that means breaking laws on a big scale – it will happen.
The longer this Government attacks our population with disingenuous garbage to allegedly ‘protect us’ … ( they know not of what they speak ) ….. the more there will be disenfranchised, homeless and hopeless people in need of the basic rights of the human condition. ….. Which will lead to disrespect – if not TOTAL disrespect of the law.
THAT ( I believe ) is how the ‘revolution’ will take place. It won’t be in unruly marches – placard carrying protesters ( although that will happen too ) ….. it will be seen on every street, in every suburb and town of this country. … It will be felt by folk who are fortunate enough to be making a reasonable ‘go’ of things, and will be on a continuing basis. Even the marginally fortunate will have to ‘watch their backs’.
And it has already begun.
How to stop it ? …… Get rid of this vile, fascist regime in Government. …. somehow – anyhow, will do.
RC, if you were to include hyperlinks to your posts, it would give us the opportunity to see where your information is sourced. Then we would be able to take your comments more seriously…..or not.
John,
rc’s quote came from trading economics in an article titled “Euro Area GDP Growth Above Expectations”
http://www.tradingeconomics.com/articles/11142014101532.htm
His assertion that “The economic stimulus spending in the EU created a six year long recession,” is total crap. There was too little stimulus spending followed by austerity cuts. I would LOVE to see a link to HIS version of what went on but I think he is flying solo on THAT assessment.
Spot on Kaye.
I am sick of RC’s blatant misconstruing of the truth while we are being led to repeat the same disaster once again. Winding back Dod/Frank in the US. Allowing the use of depositors funds and pensions to bail out the banks. RC you really think we are idiots don’t you. Take your divisive crap elsewhere.
You think this recession was bad well just wait for the next phase of unmitigated greed and this will look like a tea party. Metaphor intended.
You know john, I still haven’t made up my mind whether the people who govern us are very evil or just truly stupid.
Leaning towards the thick and stupid side but the pendulum could swing either way.
Ross, there is mostly stupid embedded within, but evil lurks as well. It’s a potent mix. It’s coming from the left side of the brain where, if stupid doesn’t work, evil kicks in, e.g. Medicare co payment= stupid, while cutting Medicare rebate= evil.
stephentardrew:
That last bit from RC was nothing more than a flat out lie that anyone can see for themselves by recourse to years of data on the public record.
As to the American stimulus, it’s only trouble was that, unlike Australia’s, it was that it wasn’t large enough – nor long enough, to close the output gap, failed to provide revenue sharing to the states, and used too many tax cuts, which don’t deliver the same bang for the buck as more direct payments and shovel ready projects.
Nobel prize winner discusses more on that here: http://www.nytimes.com/2014/02/21/opinion/krugman-the-stimulus-tragedy.html?_r=0
Thanks Jexpat am aware of that