Re: [Pen-l] IMF alumni sez US needs structural adjustment

[Bill Lear <rael@xxxxxxxxxx>]

On Monday, April 27, 2009 at 18:18:44 (-0400) Max Sawicky writes:
>...
>Re:  Johnson's argument, I conclude structural adjustment is how the
>head gorilla keeps the others fetching its bananas.

Well put, Max.

BTW, this is one of the sorts of thing I want to study and don't
clearly understand now: structural adjustment I take to be equivalent
to "austerity" programs (cut government spending), but I don't
understand exactly how the wealthy benefit from it --- does not the
government generally borrow from the wealthy rather than tax them, so
how does low-growth (austerity) benefit them?  Hold down inflation?

Bah.

I suppose this just illustrates how ignorant I am...


Bill
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