Link: http://www.informationclearinghouse.info/55041.htm
By Richard D. Wolff
Information Clearing House: April 10, 2020
As economies reel from the meltdown triggered by the novel coronavirus pandemic, governments scramble to build the system back up. But it’s the system that brought about the fall, and if we keep reviving it, will do so again.
By Richard D. Wolff
Information Clearing House: April 10, 2020
As economies reel from the meltdown triggered by the novel coronavirus pandemic, governments scramble to build the system back up. But it’s the system that brought about the fall, and if we keep reviving it, will do so again.
The desperate policies of panic-driven governments involve
throwing huge amounts of money at collapsed economies in response to the
coronavirus threat. Monetary authorities create money and lend it at extremely
low interest rates to the major corporations and especially big banks: “to
get them through the crisis.” Government treasuries borrow vast sums to spend
the collapsed economy back into what they imagine is “the normal, pre-virus
economy.” Capitalism’s leaders are rushing into policy failures because of
their ideological blinders.
