Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel | The Nation:
"Austerity has failed" ... and probably gravity, truth, death, the passage of time and aging with it!
I've read most of the celebrated on the left Piketty book, "Capital" ... it is an academic dream, lots of data and sweeping conclusions that have little to do with the data or any real world principles. It's primary weakness is that it fails (as the whole left seems to) to understand that "Capitalism" as in "the free exchange of goods and services for mutual benefit" wasn't created by humans -- it is simply part of our existence, like walking, language, heterosexulal sex, etc. It can to some degree be controlled or modified -- like gravity, truth, death, etc, but only at great cost and like nature, it will "find a way" -- as the black (but capitalist) market always does when the state attempts to control markets, no matter how draconian the measures.
What has REALLY failed (as it always does) is SOCIALISM -- which is completely UNnatural, but it is what the left and Piketty like, so they really really hate to see it fail.
Thus, they want to hide the failure and stave off the ultimate reckoning -- as they always do. Thus loan forgiveness, more loans, longer terms, more highly paid bureaucracy to "control it better this time", etc, etc.
People enjoy spending other people's money, so they get really cross when they run out of it and have to face "austerity" -- if they can avoid it, they will! So the hopeful Greeks with guys like Piketty cheering for them loudly cry "GIVE US OUR FREE STUFF!!!!".
The true anthem of Socialism.
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