Peter Temin: Lessons From the Great Depression | naked capitalism

Ahh, so national debts don’t matter and social safety nets are sacrosanct, when what needs to happen is public pensions need to be reduced.

There are too many things that can and will go wrong that will overwhelm the sentiment expressed in this video.

Where to start naming them, where to start? Maybe with $200T in unfunded federal liabilities, or the derivatives bubble. One can only wonder how the Professor Emeritus might respond to these issues, which put in context render the safety net rather insignificant. Paying people not to work surprisingly results in the low employment rates we’re experiencing today, never mind the fact that multinationals have an escape clause for murder being beholden to the interest of the the stock holder. It’s quite the legal safety net, albeit morally and ethically bankrupt and bereft of human compassion.

Let’s deal with the real issues of exporting our jobs to a police state employing slave labor, than worrying about safety nets. When people work, they can care for themselves and don’t need a net.

Peter Temin: Lessons From the Great Depression | naked capitalism:



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