What does this even mean? What constitutes a debt crisis, in your opinion? We got downgraded. To what end did they hold the country hostage?
It's unfortunate one of my recent posts got removed. I hope you got a chance to see my response on Chile, and my advice to you.
I know you are a bright young man, nbakerld. But 1.4% of GDP on debt servicing is not a crisis. The current deficit is high, but almost exclusively thanks to the banks and rating institutions' failures. Unemployment is the reason, almost exclusively neoliberal (Friedman) territory. I gave Obama hell for his capitulation and his first term failures to create jobs. We expect this kind of mismanagement from the Republicans.
The downgrade was staged - part of the political theater. In fact, we might have seen qui bono as it is being branded the "Tea Party Downgrade".
The crisis is unemployment, the great concentration of wealth into fewer and fewer hands, the crisis of private inefficiency in health care, the crisis now playing out in England over the lack of
social and collective cohesion in bourgeois society, the vast sums spent on bourgeois crusades when children go hungry, when 100,000s flock to back-to-school giveaways complete with food.
There is / was no debt crisis. The real crisis is the constitution of bourgeois society.
You are a bright young man. Just as you parrot the bourgeois canard about Chile and Milton Friedman (where I didn't dismiss you, but destroyed the canard with the real record of the Chicago Boys and Pinochet's economy), the "downgrade" is nothing but another bourgeois tool. Get entwined in the real world outside the back door, and you will go far my friend.
:hi:
lol:
