NOVANEWSHow Bankers use the Debt Crisis to Roll Back the Progressive EraBy Prof. Michael Hudson |
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Global Research |
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Financial strategists do not intend to let todays debt crisis go to waste. Foreclosure time has arrived. That means revolution or more accurately, a counter-revolution to roll back the 20th centurys gains made by social democracy: pensions and social security, public health care and other infrastructure providing essential services at subsidized prices or for free. The basic model follows the former Soviet Unions post-1991 neoliberal reforms: privatization of public enterprises, a high flat tax on labor but only nominal taxes on real estate and finance, and deregulation of the economys prices, working conditions and credit terms.
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