Rich Broderick lays out the case.
160 years ago, classical economics, the ancestor of the neoliberalism and freemarket fundamentalism that currently rules the globe, deliberately murdered 25% of the population of Ireland in the name of the free market, Smith, Ricardo and the rest. It was pure Milton Friedman Libertarianism that killed 1.5 million Irish people. Ireland, a colony at the time, would not recover from this disaster for 100 years.
It was a genocide as brutal and Pol Pot’s and nearly as brutal as Hitler’s Holocaust. But it was done in the name of economic theory, a theory which today rules the world, which makes it particularly tragicomic. Ireland was destroyed and 1/4 of its population was murdered, Pol Pot like, in the name of ideology. Free market ideology, to be precise.
Here it is, 160 years later, and the classical economists yet live. Classical economics, instead of being a peculiar aberration of Europeans, now sits astride the globe, having conquered the world in its name. Ireland will be destroyed once again by the rich, just as the rich destroyed it 160 years ago. Few people will die, but Ireland will be ruined just the same.
Here is what happened.
Ireland subscribed to neoclassical economics, the economics that says that you must lower taxes to the bone on the rich and corporations and take a completely hands off approach to regulation of business.
In this case, Ireland allowed a totally unregulated Wild West of the Banks. Wealthy bondholders on the Continent apparently made bets with bonds on these hazy banks, and then the banks went south, and anyone with any sense could have predicted. Logic would say that rich bondholders in Paris and Berlin made a bad bet on Irish banks, and as happens when you make a bad bet at the casino, they lost and need to eat their losses like everyone else.
The best thing the Irish could do is to do an Argentina and simply default on their debt. It would be bad for a little while, but Argentina was growing again within 6 months. They should leave the ridiculous EU along with Greece, Spain, Portugal and any other European country with any sense. The sooner the EU dies, the better.
Instead, the rich bondholders on the continent will be paid off for the bad debts.
Imagine if you got t to go the casino all you wanted to. You got to keep all your winnings, and every time you lost, the local poor and working people would be reduced to penury to pay you for your losses. Paradise!
This is the scam that the rich and corporations of the world, especially parasitic finance capital, are running on all the rest of us. They need to be congratulated. Good scam, good scam! It’s increasingly a war of the top 2% income earners of the world against all the rest of us. I’m not even sure that the upper middle class should be lining up with the top 2% like they always do, but I’m not sure.
Who’s side are you on? Do you make less than $250,000/yr.? Then you are in the bottom 98% that the top 2% has declared war on. Do you make less than $75,000/yr.? Than you are in the bottom 80% who surely have no business whatsoever making common cause with their class enemies in top 2% (the case of those making $75-250,000/yr remains to be decided).
Whose side are you on? Are you fighting for the interests of your class in the class war or are you fighting for the enemy against yourself and your own like a fool?
Rich Broderick lays out the case.