Image of the Day

Obama and Congress have days left to agree. Failure would "abdicat
(e) their responsibility to the nation."
WP, NYT, and other major media consumers have no idea what's
going on. Scoundrel editors, commentators, and staff writers don't tell
them.
Economist Michael Hudson discussed "America's Deceptive 2012
Fiscal Cliff." He published part one of a two-part article.
Victors and powerful interests write history, he said.
"Holding the bottom 99% in debt, the top 1% are now in the process
of subsidizing a deceptive economic theory to persuade voters to pursue
policies that benefit the financial sector at the expense of labor, industry,
and democratic government as we know it."
Powerful special interests blame unemployment and America's "loss
of industrial competitiveness" on spending and deficit woes.
Junk economics turns truth on its head. Financial lobbyists claim
"austerity can enable private sector debts to be paid."
In fact, "when banks load the economy down with debt," less remains
for "domestic goods and services."
Bad policies produce bad results. Destructive ones "reduce private
sector market demand." Doing so "shrink(s) markets and employment."
Distressed governments are told to sell valued land and natural
resources. Buyers want fire sale prices. Bankers and other financial
predators profit greatly.
Lucrative bank loan financing is created. Privileged 1% players
profit. Indebtedness and mass privatizations benefit them. Ordinary people
end up severely harmed.
Austerity advocates lie. Central banks only print new money to wage
war, destroy property, and benefit financial interests, other corporate
favorites, and super-rich elites.
Fundamental infrastructure and popular needs go begging. Effective
policies are spurned.
"Governments need to provide the economy with money and credit to
expand markets and employment. They do this by running budget deficits,
and this can be done by creating their own money."