Posted 2 years ago on Dec. 25, 2015, 2 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
Politician: We must have austerity, to save the economy. You will have to tighten your belt. No more government handouts. Cuts to education, medicare, social security etc. Wage cuts in government and private sector will be necessary to assure recovery.
Skeptic: What recovery is that? The recovery of investor profits that suffer due to low [broke] consumer demand?
Politician: If investors don't make money they won't invest and the economy can't grow!
Skeptic: I see. The great OZ has spoken and said. "I will have all that's my due. That's all! There will be debt for you from me and thus you may continue to live, for so long as my terms are met. You're welcome!"
Good Citizen: Oh dear! No, no no! Markets are sacred and you may not pretend that the winners are responsible for your poverty and debt!
Randy Wray: "... Markets work to bid up the prices of scarce goods and services. Then only those with enough money can afford them. Polarizing gentrification and unequal public schools result from scarce land in preferred neighborhoods going to the wealthiest. Markets distribute much of the best output to the richest. Is that distribution consistent with community or 'family values'? During World War II, the United States rejected markets as means to distribute meat, coffee, sugar, gasoline and other products. Such goods were scarce because war production had diverted resources away from making them. Letting markets operate to distribute those scarce goods only to the rich risked undermining the social solidarity needed for war. ..."
from "Debunking the Magnitude of Markets: A Holiday Story" at Naked Capitalism http://www.nakedcapitalism.com/2015/12/debunking-the-magnitude-of-markets-a-holiday-story.html