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Soooo austerity soon?
I still think the US debt is meaningless. Don’t see why they would need to do austerity regardless how big the debt is. If they do implement austerity, which they may at some point, it won’t be because of the debt but because they have decided it is in their advantage to do so. Austerity is a means of disciplining the working class. It’s for beating us into submission so we come begging to capital for scraps.
The US debt is meaningless so long as the USD remains the global reserve currency. With the current trends of dedollarization that may not last for much longer.
It may be a splitting of hairs as well, but I would argue that domestic US financial policy vis a vis US workers has been austere for fifty years. Expenditures on private industry only grow, while any and all services for the services for the people are ruthlessly cut.
I agree. Which is why the IMF rhetoric is suspect. It almost feels like a new narrative thread is being developed with the end goal of manufacturing consent for austerity in the USA. Why would they do that? I can only imagine the goal is to “reform retirements and pensions” meaning loot the old, loot social security, end Medicaid and Medicare, and blame it on “the other” in order to generate more support for mass imprisonment, sanctions, and war (but I repeat myself).
Let the record show June 10 2024, Freagle puts a bet down that these words from the IMF will be referenced later to justify austerity and a bunch of liberals are going to support killing the poors via neglect because “fiscal responsibility” and “vote blue if you want to fix it”.
Some hard choices are going to he to be made. Some of you may die but that is a risk the oligarchy is willing to take
They are getting some of their own poison.
What are they gonna do about that debt, collect it?
From the comments.
Would be fun to have Javie Milei come in for a year or 2 with a chainsaw - like an internship in each G7 over a few years 🍿
That would be pretty funny to watch …
lol
A lot of IMF “warnings” can be summarised as:
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you are not / may not be able to pay off the privatised national debt in the timely manner the private banks have requested
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solution is to raid public wealth even more to pay off this debt
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let’s give you some funds to help with you that in the form of more privatised debt; if you are from the global south then it is your wealth we have exploited from you which we are lending back to you as a loan with interest to be paid along with some structural adjusments to help plunder your country even more. We can help you by installing our own agents in your governing bodies and if you resist our help we can encourage you with some gunboat diplomacy, sanctioning and coups.
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if you are from the imperialist core then we advise on austerity while we help you plunder the global south some more in the interim
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You know it’s bad when the IMF of all entities thinks the US is fucked.
From the comments:
Taxes need to be raised on the middle class. That’s where all the money is. There’s no more money to be raised in taxing the wealthy.
The west is doomed.
you gotta admit it’s kind of funny to see the same neoliberal logic that destroyed developing countries being applied to destroying burgerland
