[Marxism] Inducing the Madness of Crowds
michael at ecst.csuchico.edu
Thu Jul 8 22:47:14 MDT 2010
After losing a fortune speculating in the South Sea Bubble, Isaac Newton
reportedly said that he could calculate the motions of heavenly bodies,
but not those of the madness of crowds.
Today, millionaires and billionaires are pretty much united in the
proposition that even kind of social provision must wither in order that
the state can afford to clean up the mess that the wealthy have created.
In addition, raising their taxes is not only unfair, but destructive
of health of the economy. Yves Smith's opinion piece in the Times,
largely lifted from her wonderful book, ECONned, reports how
corporations are hoarding their cash. They have also been investing in
their own stock, which raises executive bonuses, which helps to amplify
the obscene redistribution of income.
Of course, common sense shows that austerity is the worst policy in the
face of an economic decline. In a market economy, without consumer
demand, business activity dries up.
I can understand why the millionaires and billionaires promote their
self-interested ideology. I can also understand why the democrats have
joined in the millionaire and billionaire ideology rather than upset
their base -- the millionaires and billionaires.
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