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View Diary: Austerity doesn't work: New IMF report details the damage (167 comments)

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  •  The 3rd world was put through this 1980s-90s (23+ / 0-)

    After the IMF & World Bank (per US and other Western investor pressure), Latin America ("Austerity") and Africa and Asia ("Structural Adjustment") were put through the same profitable wringer and after two decades of disaster and mistery, the same institutions so graciously admitted their errors.  Good for them, eh?  It only massively profited those domestic and international investor classes which stood to profit from the transfer of spending, the cutting of regulations, the privatization of aid and services, the wilding of "trade" rules.

    (And it was great of Naomi Klein to write about this when she did, but then, it was just as obvious to those going through it at the time.)

    •  Why are they allowed to continue it? (5+ / 0-)

      Why shouldn't sovereign nations be allowed to manage their economies themselves, rather than be subject to outside pressure from a bunch of economic quacks?

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Fri Jan 04, 2013 at 08:59:52 AM PST

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      •  the economic quacks are very very powerful (0+ / 0-)

        and if we don't watch out, pretty soon Obama will sign a free trade treaty with Asia which will essentially prioritize foreign corporations' profit levels over our own sovereignty. That's where all this has been going since NAFTA, as far as I can see.
        Laws? Nations? what are those?

        if necessary for years; if necessary, alone

        by SouthernLiberalinMD on Sat Jan 05, 2013 at 12:58:08 AM PST

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