We give awards to economists then ignore what they say. Stiglitz, who got a Nobel Prize in Economics in 2001, says austerity is a “suicide-pact.” Banksters and politicians ignore him and continue in their venal, desperate attempts to hold onto power while looting the public.
Joseph Eugene Stiglitz was awarded the Nobel Prize in Economic Sciences in 2001. We have constructed the world in which we live on recognition and awards. But, they are just for giving. They are not for anything else. We take no heed of what the ones that have been recognized might have to say or declare. They can go blue in their face, we have delusions of grandeur. Who gave them the prize anyhow?
In 2012, talking of the European Union’s austerity plans, Stiglitz had just one word to say. It was “suicide-pact”. He went on to say last year that imposing austerity on the citizens of the EU would do nothing more than lead to the collapse of the economies of those very same countries. Nobody listened to him then and nobody is listening to those words now. Politicians today in the EU are so hell-bent on retaining power that they have transformed themselves into economists, without any ability or reason. Politics is the governing element that will lead to the downfall of our economic structures because we are governed by flawed responses from people that have no idea what economics is about.
But just who is the austerity a suicide-pact for? Certainly not for the 1%. They are well-protected from imploding economies and countries being crushed by debt and will no doubt exploit the chaos for further gain. It’s everyone else who will be the adversely affected.