Hugh Green: Fiscal Interventionism Explained


Hugh Green reads The Irish Times’ establishment excuses so you don’t have to, at The Punishment of Sloth blogInterfering With ‘Interference’:

There is an article by Donal Donovan in the Irish Times today…

It runs to over a thousand words. You do not have the time to read this. Read my précis below instead, which runs to 430 or so words.

I used to work for the IMF.

Financial institutions don’t know where they’re going to get their profits from, and European politicians are searching for a solution. This means making Europe even more undemocratic. Economics is all about using the state to control populations in the interest of the ruling class, and using moralising language to do so.

Once you can impose the same undemocratic control mechanism on everybody, then the threat to ruling class interests can be kept under control. If you can limit countries’ borrowing in order to keep social spending to a minimum, you can abolish the idea of a social wage altogether. This is why I think the Euro is a good idea. Unfortunately, there is this persistent idea that social institutions are a good thing, and Maastricht did not do enough to abolish this.

Read more hilarity here.

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This entry was posted in Accountability, Bankers' Bailout, Budget, ECB/IMF, Economy, EU, Geopolitics, Humour, Ideology, Leo Varadkar versus the World and tagged , , , . Bookmark the permalink.

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