(11AM EST – promoted by Nightprowlkitty)
Paul Krugman outlines a serious warning in his NYT Op-Ed Sunday :
Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline – on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost – to the world economy and, above all, to the millions of lives blighted by the absence of jobs – will nonetheless be immense.
And this third depression will be primarily a failure of policy. Around the world – most recently at last weekend’s deeply discouraging G-20 meeting – governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending.
In the face of this grim picture, you might have expected policy makers to realize that they haven’t yet done enough to promote recovery. But no: over the last few months there has been a stunning resurgence of hard-money and balanced-budget orthodoxy.
It is [the] the victory of an orthodoxy that has little to do with rational analysis, whose main tenet is that imposing suffering on other people is how you show leadership in tough times. And who will pay the price for this triumph of orthodoxy? The answer is, tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again.
And Paul Jay of The Real News Network today explains what may well be the mechanics of how we get to the world Krugman describes, in this summary and critical analysis of the just concluded G20 Summit in Toronto.
Real News Network – June 28, 2010
Are extraordinary police powers and cuts to social safety net the G-20 plan for the future?
34 comments
Skip to comment form
Author
as ‘we will all have to make sacrifices for the good of the country’?
Left political theory is suddenly once again very relevant and immeidate, the days of long-winded out of touch academic theory are numbered. Take for instance, this from the very recent Travels of Prometheus:
And other writings in the past couple of years include things like this, from The Coming Insurrection
The best part of all of this is that none of it is happening in a vacuum, all this theory is instantly put to the test in action, whether gatherings like the US Social Forum, one-shot protests like the G20 demos in Toronto, or ongoinig organizing and struggle against the new forces of exploitation and repression such as we’ve seen in recent months in Greece and Iceland. SO much for the end of history; it will take some work to really get it rolling again, but the kick-start seems to be working.
Author
to orange…
thank you
♥~
Most liberals are in denial about who he is, perhaps they don’t even care.
http://tpmdc.talkingpointsmemo…
.
historical debris and confidently see ourselves as different, celebrating our liberation from, strangely enough, ourselves. Yet all the glitz surrounding our synaptic high won’t change the simple fact that it’s just our turn to.. yes, yes, be alive. Until man realizes this simple fact and adjusts his dreams of desire to dreams of gratitute, he will but only add to the debris of his legacy.
Ludicrous posturing, proclamations and predictions by numskulls in neckties (and skirts too) probably won’t be enough. Keeping food, clothing, shelter, medicine etc. away from those who don’t have the right currency or credit is about as low as you can get, the bottom of the barrel of consciousness as far as I can see. And slapping mother nature in the face doesn’t help either.
And our government says let’s tighten our belts, but don’t worry, it’s okay to leave a place for your gun and your favorite verse from the bible.
http://www.youtube.com/watch?v…
… and, as I’ve said many times before, without a clear-eyed left-wing movement there is no stopping this march to neo-feudalims, neo-fascism or whatever you want to call it. It is inevitable only because there is no counter-force–just childish adults flashing the peace sign and giving flowers to cops.
Whenever we have street demos that somebody doesn’t like just hire punks to break windows–or Arabs to fly planes into buildings or whatever. They did this shit in my day in the anti-war movement. Many of us saw direct results of that in destroying the movement back then. What was the point of having a large-scale movement when the feds would just hire agents provocateurs as was clearly the case in Toronto?
New tactics are needed — ones that haven’t been already gamed by the international security forces (they are all one force now).