G20: Doves on finance reform, hawks on austerity

[blackiron60]

"Austerity" is the religion of the elite and it's not new. Throughout history elites have traditionally done little or nothing to alleviate the burdens of the common people, they only do it when forced to and, for the most part, that's only happened over the last two centuries as people mobilize and take action for change. Austerity on a global scale requires a global response from the masses and it's already started.

[wcropp1]

Thank you for talking about things that actually matter. I don't understand how people watch television news anymore, not when there are so many better options.

[55ella2007k]

Great coverage, REAL NEWS ! The only way such a corrupt system can prevail is through increased repression. This repression will not necessarily take the form of bullets, but it will entail the dismantelling of social safety nets for ordinary citizens, which made it possible to organize in the first place. Moreover, the citizens will be led to believe, that the austerity measures are in their own best interest. And most will fall for this lie, because this is all they hear via the MSM.

[nhseag]

Fuck the IMF

[james9689]

The Canadian police and private security were detaining people and banning people from entering Canada, check out wearechange and cveitch.

[iknownothingnow]

TRNN and Paul Jay. An excellent interview and interviewee. Mr. Johnson is credible, articulate and it appears that he truly understands the issues. It would be fantastic if Mr. Johnson would periodically contribute in future segments.

Thank you Mr. Johnson, this crisis was engineered by the elite. And they benefited too.

The issue in the U.S. is that there are no incentives for the politicians to remove their hands from the financiers. The two protect each other with money and laws.

[workwillfreeyou]

Thanks R.N., Paul and Rob, If addressing the debt- to G.D.P. is the issue than a open honest national discussion is in order. First the global capitalists ship all manufacturing jobs out of the U.S.. The thinking gos that only the executives get any share of the profits. That real production of wealth is what is needed to pay public debt. Then blame the poor, unemployed or underemployed for the debt problems. Transferring all wealth to the richest people in the plantant.

[thetimman00]

Financial servants doing Gods work need to be godlike not humanlike. Reform to new currency laws and sound currancies and maybe the masses have a chance to do better. Go to a world system, like the big guys want, and we all become financial serfs.

[RedGaribaldi]

Good interview.

The new UK government is a prime example of the socially divisive austerity hawk, operating in the interests of neoliberal elites, determined to maintain the status quo. We can't passively sit back and let them have their way.

[independence4wales]

@RedGaribaldi Governments and banks are panicking, they know if interest rates go up its all over. Governments wont be able to service their debt, people wont be able to pay their mortgages/credit cards. Banks want everyone to get the debt burden down as quickly as possible before the interest rates go up. They want to make sure they get their money back and the interest. Im not sure if that is a good thing or a bad thing. The elite may have the power, but it doesnt mean they dont make mistakes

[NicosNicosNicosNicos]

@RedGaribaldi Right, just that it's not even the status quo, it's taking advantage of the crisis to push the rape of the welfare state even further than before.

[JixMa]

Gee, 20. #LOL

[pazomblez]

low growth is good for the finance sector of the economy. it is conducive to high profits

[sirellyn]

You DO need financial reform. But you do need to stop spending more than you have constantly. It still amazes me that people think getting into more and more debt each year is just fine.

Because if so I'd like to take out a loan from one of you. Every year I'll borrow much more than I pay back because apparently doing that forever is just fine.

I'd cut back the warfare state sharply first. But the wellfare state needs a lot of cutting too unfortunately.

[kileer71]

@sirellyn Austerity leads to instability. Structural reform and social integration is what is needed to avoid dislocation. Austerity or fiscal stimulus is divide and conquer, what is need is planning at all levels of society that is comprehensive yet at the same time promotes individual creative initiative. Quantitative economic models are not viable. Singaporean model is what we should be looking at. This is not a recession or depression, it is a breakdown in the global economic system.

[sirellyn]

@kileer71 I'd agree with most of what you'd say except on austerity. Austerity is hard, frustrating and painful, but it's akin to going on a diet after you've been binging.

Social planning in general, while important has to be kept to a minimum. The higher you go the less should be done. There's only a hubris of omniscience to think you can make plan that incorporates a myriad of variables you can't know.

People are terrible at estimating things. Absolutely terrible.

[NicosNicosNicosNicos]

@sirellyn "Austerity is hard, frustrating and painful, but it's akin to going on a diet after you've been binging." Seen from the point of view of the state and its spending, maybe, but it is also akin to forcing people to go on a diet at a time when they have been eating very little, if you actually take on board the people it is forced upon instead. Austerity programmes have typically been forced on populations already in a crisis, through no fault of the population itself.

[sirellyn]

Like I said, I'd kill warfare spending first. But yes austerity has to come as well. There's tons of stuff you can kill before going to medicare. Basically what you spend has to be less than or equal to what you earn. Many are indirectly starving from the very same programs that are supposed to be helping them.

Sadly the gov will do the reverse. Cut welfare first til the point of riot, increase military until the whole thing crashes. Consistently choosing the longest and most painful way

[NicosNicosNicosNicos]

@sirellyn I can only agree so much money is wasted on the means to kill which should go to productive ends instead. I'd stress that there's a world of difference between an accountant dealing with a company's figures/debt etc and the responsibility that comes with government: you are responsible to the people first, to any creditors only after that. You can't run a country to please a few creditors.

[sirellyn]

If you are dependent on borrowing every year because you vastly overspend every year. The creditors are the ones who will say no more, and you become more eager to please them than the people. They can say no at any time, the people only get the chance every 4 years. And you get the chance to spend big and butter them up just before then.

If you underspend every year, the people become more important. No borrowing and could care less what creditors think of you.

[NicosNicosNicosNicos]

@sirellyn I agree with 'never a borrower nor a lender be' if possible.

[kileer71]

@sirellyn We have wonderful examples of societies that incorporate large scale state planning concurrent to promoting individual creative initiative e.g.: Japan, Singapore, South Korea, Finland, Norway etc... Austerity at this point during the end life of American centric global political economy will lead to massive dislocation, and further stratify our society between the rich and poor. Dislocation leads to instability which could lead to war.

[sirellyn]

@kileer71 Nearly all those countries you listed have a large amount of financial freedom actually. Compared to the US they have far less financial regulations and laws. Japan isn't great, but still better than the US, they did go through an entire decade where they bailed out their banks, which turned into "zombie banks".

Singapore in particular is fantastic. They have a handful of very strict laws. The biggest focus should always be fraud, something the US all but ignores :-/

[SolidusLiquid]

"The servant's servant has become the master's master..."

[StandUp555]

Good interview ... thanks.

[CheeezMaster]

this was epic

[Diosukekun]

theparanoidnews

[Crustanarchy]

@Diosukekun Paranoid about what? What's really happening? Yeah it's getting crazy!!

[audadvnc]

Deficit, schmeficit! Of course they're hawks on other people's austerity! The PTB wants to take all our money, and they'll say and do anything to get it. They intentionally broke the bank, got us to bail them out, now they want to cut all the other programs to cover their butts.

[mikepalomino]

@audadvnc Well said. It's a shame I only have one thumbs up to give your comment.

[OnenessNow]

A million Blessings to RT for bringing this wonderful interview to the American public.

[PlasteringKing25]

@OnenessNow RT ? ? ?