RIP Austerity Economics

Here's a really good analysis of Austerity economic philosophy, including its roots, it's supporters, how it's been implemented in both western European countries and as a condition of IMF and World Bank loans, and what it's done to these countries.

This is the time of year when we're reminded of all the famous people who died over the last twelve months, a list which includes two of my favorite guitar players (Hubert Sumlin and Cornell Dupree). But there were also some notable non-human deaths in 2011, especially in the world of economic policy.

One of those deaths should have completely altered the political debate in Washington. The name of the deceased was "Austerity Economics," and it was first glimpsed in a 1921 paper by conservative economist Frank Wright. Austerity died of natural causes brought on by prolonged exposure to reality.

But the debate in Washington didn't change nearly enough after its passing. In the nation's capital, dead things still rule the night.

Thanks to Richard Eskow at Crooks & Liars (click here for the whole article)