One day someone should set these two paragraphs from the Guardian today as an exam question and ask how they explain the indifferennce to human suffering at the hands of idealism that typifies the crisis of 2008 - 2013:
The west's leading economic thinktank yesterday backed George Osborne's spending cuts as Brussels conceded that half a dozen debt-ridden EU countries should be given up to two extra years to reduce their budget overspends.
In its half-yearly forecast, the Paris-based Organisation for Economic Co-operation and Development (OECD) said the UK was on the right path to a more balanced budget, despite warning that cuts and low consumer and business confidence would put a brake on growth.
To describe the OECD's approach as economically illiterate is just too kind to them, precisely because concern for human well being would appear to be beyond them.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Given the OECD’s total cluelessness on macroeconomic policy, one could argue there is a strong case for the countries who are suffering the effects of the austerity that the OECD is backing (which is just about every OECD member country) withholding their payments to the OECD’s operating budget until such time as the organisation is capable of producing something of economic value. I can’t see the point of funding an organisation like this if it’s just going to campaign for Tea Party-esque right wing economic policies. Maybe it’s time to see how the OECD likes some austerity of its own…
Howard
I like it
Richard