Naomi Klein: Sticking the Public With the Bill for the Bankers' Crisis

[Bozita]

http://www.huffingtonpost.com/naomi-klein/sticking-the-public-with_b_627805.html

Sticking the Public With the Bill for the Bankers' Crisis
Naomi Klein
Award-winning journalist and author of The Shock Doctrine
Posted: June 28, 2010 11:58 AM

My city feels like a crime scene, and the criminals are all melting into the night, fleeing the scene. No, I'm not talking about the kids in black who smashed windows and burned cop cars on Saturday.

I'm talking about the heads of state who, on Sunday night, smashed social safety nets and burned good jobs in the middle of a recession. Faced with the effects of a crisis created by the world's wealthiest and most privileged strata, they decided to stick the poorest and most vulnerable people in their countries with the bill.

How else can we interpret the G20's final communique, which includes not even a measly tax on banks or financial transactions, yet instructs governments to slash their deficits in half by 2013. This is a huge and shocking cut, and we should be very clear who will pay the price: students who will see their public educations further deteriorate as their fees go up; pensioners who will lose hard earned benefits; public sector workers whose jobs will be eliminated. And the list goes on. These types of cuts have already begun in many G20 countries including Canada, and they are about to get a lot worse. For instance, reducing the projected 2010 deficit in the U.S. by half, in the absence of a sizeable tax increase, would mean a whopping $780-billion cut.

They are happening for a simple reason. When the G20 met in London in 2009, at the height of the financial crisis, the leaders failed to band together to regulate the financial sector so that this type of crisis would never happen again. All we got was empty rhetoric, and an agreement to put trillions of dollars in public monies on the table to shore up the banks around the world. Meanwhile, the U.S. government did little to keep people in their homes and jobs, so in addition to hemorrhaging public money to save the banks, the tax base collapsed, creating an entirely predictable debt and deficit crisis.

more...

[msongs]

1. did the elites eat beans or rice or expensive fat saturated high life food? nt

[Citizen Worker]

2. Rice and beans, no. They had us served up on silver platters