Austerity: The History of a Dangerous Idea

[Jemmons]

A refreshingly honest look at the world economy.

[Warpy]

1. It's an idea as old as greed

Wealthy people force everyone else to endure austerity pretty much so they can keep what they have, forcing everyone else into debt and worse. When debt can't expand any more and turns into hunger, revolution of one type or another will occur.

The first place I read about this cycle occurring and reoccurring is reading much of the history of Byzantium. This is not a new, dangerous idea. It's an old idea, old as greed and evil as Satan. It has existed in monarchies, dictatorships, democracies, oligarchies, triumvirates, and every other permutation of economics and governance the world has known.

It always ends the same way in revolution. If people are very lucky, peaceful revolutions are allowed, reforms are enacted, and the rich are a little poorer for a while. They then announce that the reforms have worked and overturn them and the whole sickening process begins again.

Oh, and The Hamptons are defensible. Ever tried to drive the Long Island Expressway? There's a reason they all arrive via boat or helicopter.

[Jemmons]

2. Nice to see the name of Ambrose Bierce again

We could do with more people writing like he did.

[Betty Karlson]

3. Wish it were just history. It's clear and present danger. eom

[DirkGently]

4. Blyth is great. n/t

[Snarkoleptic]

5. Very much worth watching, the part at 8:30 piqued my interest.