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time to pull the plug?

January 4, 2013

From the Washington Post:

An amazing mea culpa from the IMF’s chief economist on austerity

Lulz, for realz? Even I could’ve told Blanchard that implementing austerity measures in the midst of a global financial crisis will likely serve to slowdown an already sluggish economy, simultaneously decreasing demand and increasing unemployment while attempting to reduce debts and deficits at the expense of the working class, poor, and elderly (since social spending is almost always the first target of such measures), with my rudimentary knowledge of economics.

Being an economist, particularly at the IMF, has seriously got to be the easiest fucking job in the world. It’s like the only profession where you can consistently be wrong about EVERYTHING and still be considered a credible source of information and advise nations on economic policies when all you’re really doing is spewing a bunch of ideological bullshit and fucking things up even worse.

What really needs to be addressed, in my opinion, are the underlying contradictions that are constantly pushing capitalism to the point of collapse and thus requiring ever-increasing intervention on the part of the state to prop it up and stimulate the economy via debt, which itself is somewhat paradoxical in that it essentially provides this ‘life-support‘ by consuming excess capital to facilitate expansion in the private sector instead of employing it productively, and whether prolonging the agony is actually worth it in the long run.

The real question before us is, Is it time to pull the plug on capitalism?

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