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Economist Michael Hudson discussed "America's Deceptive 2012 Fiscal Cliff." He published part one of a two-part article.
Victors and powerful interests write history, he said.
"Holding the bottom 99% in debt, the top 1% are now in the process of subsidizing a deceptive economic theory to persuade voters to pursue policies that benefit the financial sector at the expense of labor, industry, and democratic government as we know it."Powerful special interests blame unemployment and America's "loss of industrial competitiveness" on spending and deficit woes.
Junk economics turns truth on its head. Financial lobbyists claim "austerity can enable private sector debts to be paid."
In fact, "when banks load the economy down with debt," less remains for "domestic goods and services."
Bad policies produce bad results. Destructive ones "reduce private sector market demand." Doing so "shrink(s) markets and employment."
Distressed governments are told to sell valued land and natural resources. Buyers want fire sale prices. Bankers and other financial predators profit greatly.
Lucrative bank loan financing is created. Privileged 1% players profit. Indebtedness and mass privatizations benefit them. Ordinary people end up severely harmed.
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