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  1. #1
    Senior Member
    Join Date
    Jun 2009

    Default Time for a serious re-evaluation of economic policies I think...

    The developed world has compelled the rest of the world to adopt economic policies they'd be crazy to try at home for ages, now that it looks like both the Eurozone and US debt could be down graded is it time neo-liberalism was expunged from economic policy?

    The IMF et al could be coming into the developed world to restructure them like some third world nation, there'd be serious consequences for that, I dont believe that the trans-national or trans-global elites could even insulate themselves from the chaos that would follow.
    All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.
    Chapter IV, p. 448. - Adam Smith, Book 3, The Wealth of Nations

    whether or not you credit psychoanalysis itself, the fact remains that we all must, to the greatest extent possible, understand one another's minds as our own; the very survival of humanity has always depended on it. - Open Culture

  2. #2
    Senior Member reason's Avatar
    Join Date
    Apr 2007


    Sovereign defaults, whether by debt renegotiation or monetary devaluation, are actually quite common throughout history. The notion that governments, especially those with leading economies, never renege on their debt obligations is a fairly recent development. The world normally keeps on spinning.

    U.S. debt should be downgraded eventually, because the U.S. government spends too much money. This happens to most democracies in the long run, because they have an institutional bias in favour of borrow-and-spend over tax-and-spend.

    I have no idea what you mean by "neo-liberalism" or why you think it is responsible, though I am pretty sure the problems are much more complex than can be attributed to any one "-ism."
    A criticism that can be brought against everything ought not to be brought against anything.

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