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View Diary: The IMF: Incompetent, Ideological or Simply Lying? (85 comments)

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  •  Austerity Kills (32+ / 0-)

    We have seen it over time after time.  Politicians crying we need austerity.  Every time it has led to a depression.  I only hope that President Obama and democrats are not so stupid to lead the US into a depression.  If anyone thought a recession was bad wait until they see a depression.

    "Don't Let Them Catch You With Your Eyes Closed"

    by rssrai on Sun Jan 06, 2013 at 03:23:54 PM PST

    •  agreed! (23+ / 0-)

      I am also thinking that it is time that we stopped using the term recession and start using the term crisis instead. Talking about recessions made some sense in the context of Keynesian stabilisation policies, but now that they are being eliminated along with the public sector and the social welfare state, we need to start talking about crises.

      The UK is about to enter a triple-dip recession; service sector is down for the first time in two years ... triple-dip recession sounds like an ice-cream dessert. Reality is an economic crisis as this is not something that will disappear with small tweaks here and there.

      We need to do exactly the opposite of what all politicians and extra-governmental economic agencies are articulating; that is not going to happen. I have little faith in the people doing economic policy for the gov't in the US ... but if they increase austerity they will send the world into another great depression rapidly

      "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

      by NY brit expat on Sun Jan 06, 2013 at 03:34:23 PM PST

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      •  'Crisis' is exactly the term they want us to use (2+ / 0-)
        Recommended by:
        ozsea1, elwior

        and exactly the term that lets the technocrats take over and provide "solutions" such as austerity.

        The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

        by AoT on Sun Jan 06, 2013 at 06:21:07 PM PST

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        •  no, crises are a normal part and parcel (6+ / 0-)

          of the capitalist system. Crisis theory was part and parcel of economic analysis both on the mainstream and in alternative economic analysis until Keynes; then they started talking about recessions and short-term blips in the normal stability of the system. We are no longer following stabilisation policies of Keynes and that is why we are seeing bigger booms and busts ... that takes us to crisis and cycle theory. Since what this is is a structural problem in the system, and neoliberal arguments like austerity are what caused it, advocating more of the same will only lead to more and deeper crises.

          It is time to start talking about the reality of the impact of neoliberal free market economic theory on the capitalist economic system whose instability is no longer reined in by Keynesian stabilisation policies.

          "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

          by NY brit expat on Sun Jan 06, 2013 at 06:26:31 PM PST

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          •  I'm sure you've seen this (4+ / 0-)

            but I'll link to it anyway.  Our Brand is Crisis.

            The reason that calling it crisis doesn't work is because everything is a crisis.  Government is crisis.  The only thing that government does is deal with crisis now.  This crisis, that crisis.  And meanwhile we lose control over our lives as te government takes more control because the crisis demands it.

            The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

            by AoT on Sun Jan 06, 2013 at 06:37:46 PM PST

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            •  We are seeing an economic crisis, (0+ / 0-)

              a crisis of bourgeois democracy and an environmental crisis. It has a specific meaning ... we need to start using the term and not let them talk about recessions, it is far more than that; their policies have created the crisis ... calling it what it is makes it clear that we know that it is not a small blip in the normal functioning of the system.

              "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

              by NY brit expat on Mon Jan 07, 2013 at 04:54:25 AM PST

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      •  Even in the Great Depression (6+ / 0-)

        there were movements up and down. You are right to say "talk about crisis" as what we really have is not a cycle of recovery/recession, but a Depression. The quarter-by-quarter convention of so-called economics is as misleading as the rest of it.


        The Internet is just the tail of the Corporate Media dog.

        by Jim P on Sun Jan 06, 2013 at 06:55:17 PM PST

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