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Showing posts from September, 2008

"The end of the boom / bust cycle" Ha ha. Hardy ha ha.

This is what Naomi Klein thinks about recent events:

Nobody should believe the overblown claims that "free market" ideology is now dead. During boom times it is profitable to preach laissez-faire, because an absentee government allows speculative bubbles to inflate. When those bubbles burst, the ideology becomes a hindrance, and it goes dormant while government rides to the rescue. But rest assured: the ideology will come roaring back when the bailouts are done. The massive debt the public is accumulating to bail out the speculators will then become part of a global budget crisis that will be the rationalisation for deep cuts to social programmes, and for a renewed push to privatise what is left of the public sector. We will also be told that our hopes for a green future are too costly. If the state can intervene to save corporations that took reckless risks in the housing markets, why can't it intervene to prevent millions of Americans from imminent foreclosure?

(from t…