The Greeks are not yet asking for debt forgiveness, but an end to utterly failed Austerity: the ‘strong medicine’ of the IMF, that is prescribed regardless of circumstance, or more pointedly as the cure for the Welfare State as a spent force, in light of the economic revelation of neoliberal rationality. Austerity is the weapon of choice for the Political Romantics who call themselves Economists! And these Economists lend their withered prestige, as bankrupt servants of a Capital, that has put itself and the rest of us in the economic funk that is our present condition. Greed, mendacity and a winner take all mentality presently rule the political/economic state of ‘The West’.
Headline: Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks
by Benn Steil and Dinah Walker
July 2, 2015
With the help of an Economic Science that has forgotten/discarded it’s root in Political Economy, and it’s deep, unbreakable connection to Mr. Smith’s Theory of Moral Sentiments. For that see the Penguin Classics edition of the 250th anniversary edition of Theory, with an introduction by Amartya Sen.