Posted by: Rick | Saturday, May 15, 2010

Class Warfare In A Nutshell

Republican economists often quote Milton Friedman:

Inflation is always and everywhere a monetary phenomenon.

I submit that the following variant of Friedman’s formulation is more descriptive of reality:

Government deficits are always and everywhere a political phenomenon.

Depending on which interests control the debate in a given society, conventional wisdom will hold that deficits are either benign or apocalyptic.  In the United States, the corporate media takes instruction on such matters from Wall Street Republicans. 

Corporate oligarchs want to roll back the New Deal in order to make it easier for economic elites to run the country as they see fit.  Republican politicians are their employees and handmaidens.

The corporatocracy stokes among the populace an irrational fear of deficits in order to manipulate voters into supporting policies that will dismantle those government programs designed to mitigate the inequities of unfettered capitalism.

Here endeth the lesson.

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