Comments | the_recession: Krugman: Ireland's austerity is financing a private-debt Bankers' Bailout

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Krugman: Ireland's austerity is financing a private-debt Bankers' Bailout

Nov 26, 2010 18:03

by Gaius Publius on 11/26/2010 05:25:00 PM

Paul Krugman has a nice column today detailing the differences between what's happening in Ireland (austerity, lots of it, without discernible result) versus Iceland (letting bankers fail, recovery on the horizon). It's a terrific, and telling, comparison.

But I'd just like to focus on ( Read more... )

banking sector, world bank, iceland, crime, ponzi scheme, 'capitalism', austerity measures, ireland, paul krugman, fraud, europe, sovereign debt crisis, bailouts, corporate welfare, bubbles

Comments 3

badnewswade November 27 2010, 02:39:57 UTC

Their cheek is truly staggering. It seems they can get away with anything. I think we're in a different place; unlike previous generations of elites, ours have access to such efficient propaganda tools that they can finally fool most of the people most of the time.

My guess is that things are going to get much, much worse before they get better. I think it will take a generation to overthrow this tyrrany; unfortunately the world doesn't have a generation.

I wish I had a degree now; at least then I could consider emigrating.

underlankers November 27 2010, 02:46:31 UTC

See, the lesson I derive from this is that letting the banks fail teach the rich that there's consequences for their fuckery. The government choosing to bail them out simply rewards it with what would be more catastrophic consequences later on. It's like people *want* another JP Morgan.

badnewswade November 27 2010, 13:11:47 UTC

But the government ARE the rich. Thats' why most countries have chosen to bail them out - they're bailing themselves out.

Ask yourself a question: Has any elected body, anywhere, ever taken a pay cut? I don't mean individual government ministers or even governments - I mean the entire Parliament or Senate or whatever.

A government voting to let the banks fail would be like an unemployed person voting to have their benefits cut or a unionised worker voting to have their shop floor de-unionised - not only really fucking stupid, but also an act of class betrayal that would earn them severe consequences from their more class-conscious comrades.

We're boned. Right now the best thing that could happen for the economy would be a massive, all-out war. That's how boned we are.