The High Priests of Fiscal Rectitude Win Again
"... this kind of deficit-bashing insanity is spreading like a cancer across the global economy. We all should know when the economy is in trouble. High unemployment; sluggish growth in output, productivity, wages; high inflation etc., these are all things which have meaning to us on an individual and collective basis.
A budget deficit, by contrast, is just a number. It’s akin to blaming the thermometer when it registers that someone has a flu bug. Any doctor would legitimately be called a quack if he proposed a cure for influenza by sticking the thermometer in a bucket of ice until we got the right “reading” that was deemed to be acceptable to him.
Yet this is exactly what the poor Greeks have now been blackmailed into signing up for. Heaven help the US if it begins to move further down that road, as many are now suggesting".
A budget deficit, by contrast, is just a number. It’s akin to blaming the thermometer when it registers that someone has a flu bug. Any doctor would legitimately be called a quack if he proposed a cure for influenza by sticking the thermometer in a bucket of ice until we got the right “reading” that was deemed to be acceptable to him.
Yet this is exactly what the poor Greeks have now been blackmailed into signing up for. Heaven help the US if it begins to move further down that road, as many are now suggesting".
Marshall Auerback
(Η πάντα ενδιαφέρουσα άποψη της αμερικανικής κεντροαριστεράς).
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http://www.counterpunch.org/auerback02122010.html
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