Quote of the day
1.6.2014 Leave a comment
John Stanton wrote:
The USA and European Union (EU) continue on their downward trajectory in the 14th year of 21st Century. The perpetual state of war against terror, drugs, immigrants, the press and whistle-blowers moves on uninhibited. Another war, this time named Austerity, is being waged by USA and EU leaders against the middle and lower classes. Youth are particularly hard hit with the average unemployment rate in the EU at 23 percent. In the USA the figure is 17 percent according to the Bureau of Labor Statistics. But never mind that.
Cutting benefits, or, rather, throwing people away, will reduce the unemployment rate and that’s good for the economy. Such is the mindset of the financier class as reflected in the comments of Joe LaVorgna, chief economist at Deutsch Bank. He noted that in the USA, 23 percent of the 1.5 million who are losing their unemployment benefits will simply exit the work force, and another 850,000, at the state level, would give up on trying to find employment. LaVorgna stated that the unemployment will drop to 6.7 percent. Yippie!
Stanton here seeming channels thoughts previously explored by Zygmunt Baumann and Loïc Wacquant. Bauman wrote (2003, p. 5) that:
The production of ‘human waste’, or more correctly wasted humans (the ‘excessive’ and ‘redundant’, that is population of those who either could not or were not wished to be recognized or allowed to stay) is an inevitable outcome of modernization, and an inescapable accompaniment of modernity. It is an inescapable side-effect of order building (each order casts some parts of the extant population as ‘out of place’, ‘unfit’ or ‘undesirable’) and economic progress (that cannot proceed without degrading and devaluating the previously effective modes of ‘making a living’ and therefore cannot but deprive their practitioners of their livelihood).
Wacquant wrote (2009, p. 303)
Punishing the Poor contends that it is not the generic “risks and anxieties” of “the open, porous, mobile society of strangers that is late modernity” that have fostered retaliation against lower-class categories perceived as undeserving and deviant types seen as irrecuperable, but the specific social insecurity generated by the fragmentation of wage labor, the hardening of class divisions, the erosion of the established ethnoracial hierarchy guaranteeing an effective monopoly over collective honor to whites in the United States (and to nationals in the European Union). The sudden expansion and consensual exaltation of the penal state after the mid-1970s is not a culturally reactionary reading of “late modernity,’ but a ruling-class response aiming to redefine the perimeter and missions of Leviathan, so as to establish a new economic regime based on capital hypermobility and labor flexibility and to curb the social turmoil generated at the foot of the urban order by the public policies of market deregulation and social welfare retrenchment that are the core building blocks of neoliberalism.
The jobless poor, the masterless men and women who live in slums, basements, shelters, tent cities and, of course, on the streets of many cities, are fated to confront a bitter death as ‘freemen’ and ‘women’ or as prisoners within the vast prison apparatus that has grown these last 50 years. They are, however, artifacts produced by capital. As such, they also comprise signs that point to the barbarism of the age. The goal of our governors: To remove them from a shared everyday life and render to them faceless.
irrelevant Prime Minister 
All Tied Up and Nowhere to Go 
Neoliberalism is an ideology and a compulsion
2.23.2012 1 Comment
Mike Whitney and Dean Baker argue that those leading the European Central Bank, the European Union, and the International Monetary Fund (The Troika) find it difficult to experience the world but through the lens of their idiotic economic theory. Baker had the recent opportunity to observe the Troika in action. He drew this conclusion:
Mike Whitney’s analysis affirms Baker’s assessment. Whitney notes that, “If Greece’s €130 billion loan was going to be used for fiscal stimulus, then it might be worth the commitment. Because that kind of money could put a lot people back to work and kick-start the economy fast.” Yet…he continues by observing:
Indeed, why would Greece accept the bitter medicine dispensed by the European Union?
An austerity politics entails personal suffering for many people. It immiserates them by design. This effect is considered a feature of an austerity regime. And the Greeks have already suffered, as we know. But an austerity politics also makes little sense during a recession. It is a policy regime a crazy person recommends.
The upshot: The government of Greece, if it were rational, would take the Argentinean path to recovery. Country debt and risk are not perpetual prison sentences. If Greece were to take this path, it would default on its obligations and exit the European Union (advocated here). It ought to do so because its current predicament and the proposed — or imposed — ‘remedy’ for it will only serve to transfer wealth to the financial institutions holding Greece’s debt and, of course, to plunder the country of those assets worth owning (discussed by Michael Hudson here). Greek “have-nots” have and continue to protest this imperial imposition on their country. It is rational for them to do this just as it is rational for the Greek government default on its financial obligations and jettison the Euro.
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Filed under Commentary Tagged with Dean Baker, Economic Predation, Eurocrisis, European Central Bank, European Union, Greece, Imperialism, International Monetary Fund, Mike Whitney, Neoliberalism, Politics of Greece