In this week's New York Times
column, Nobel-winning economist Paul Krugman debunks the idea of heavy government cuts as a way to economic recovery:
That '30s Feeling
The key point is that while the advocates of austerity pose as hardheaded realists, doing what has to be done, they can't and won't justify their stance with actual numbers -- because the numbers do not, in fact, support their position. Nor can they claim that markets are demanding austerity. On the contrary, the German government remains able to borrow at rock-bottom interest rates.
So the real motivations for their obsession with austerity lie somewhere else.
In America, many self-described deficit hawks are hypocrites, pure and simple: They're eager to slash benefits for those in need, but their concerns about red ink vanish when it comes to tax breaks for the wealthy. Thus, Senator Ben Nelson, who sanctimoniously declared that we can't afford $77 billion in aid to the unemployed, was instrumental in passing the first Bush tax cut, which cost a cool $1.3 trillion.
(via Making Light
(Image: Library of Congress)
Update: According to The Verge, Facebook has verified the authenticity of the screenshot below. In what appears to be an internal Facebook post, Zuckerberg defends his company’s ongoing association with Peter Thiel — Facebook investor/board member and major donor to white-supremacist/pro-rape presidential candidate Donald Trump.
The UK government says it wants to stop people under 18 from looking at pornography, and so it’s going to make all the porn sites operating in Britain collect some kind of age-verification in order to make this happen, on pain of being blocked by the UK’s Great Firewall.
Despite the denials of its new CEO, Wells Fargo had a serious, widespread cultural problem that led it to commit at least 2,000,000 financial crimes. But the crimes and the culture are widespread across America’s banks, and they spread further than that, because the system is rigged to reward financial crime.
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