Posted on August 8, 2011, Printed on August 13, 2011
Global economic turmoil is getting worse. Europe’s financial crisis now imperils Spain and Italy. The folly of premature austerity savages economies in Great Britain, Europe and, increasingly, the United States. China and the emerging economies are slowing down. This economy seems stalled at best. People are sensibly scared, worried about their jobs, their homes, their lost savings, their prospects.
Conservative and corporate elites are stoking the turmoil, and using fear to panic a public into accepting harsh measures that would be otherwise unacceptable. The stock market tanks after the debt ceiling debacle. Standard & Poor's, the discredited and corrupted rating agency, rushes to downgrade U.S. debt, with such haste it doesn’t even get its math right. China’s news service announces the U.S. must roll back its bloated “welfare state” and its bloated military. The talk shows are inundated with pundits expounding the urgent need for the U.S. to get its deficits under control to regain its credit status.
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