Tuesday, 16 November 2010

The dangers of austerity

So, all-out austerity works, does it? Ireland's story is a telling one.

Like the ancient gods, 'the market' (as currency speculators are routinely referred to in excessively reverential terms by sections of the media) will probably never be satisfied, no matter how many sacrifices are lobbed their way.

And so, with the vultures still circling, those voices that warned of internationally concerted austerity, including Barack Obama and the economist Joseph Stiglitz (who warned of 'deficit-cut fetishism') look increasingly like they called it right.

[For more on this subject, here is an interesting post over at Next Left]

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