Tagged: #Milton Friedman

Austerity: The History of a Dangerous Idea by Mark Blyth

book jacket showing an empty walletAusterity: The History of a Dangerous Idea by Mark Blyth (2013)

I could start and end my commentary with this simple imperative: BUY THIS BOOK.

Economics was one subject about which I had little interest and a lot of hostility when forced to take it in college. The teacher tried his best, but trying to explain economic theory to a bunch of kids who have possibly never had any knowledge of how much money their parents make, spend, or what things cost is a rather hopeless proposition. At least for me, combined with minimal exposure to life long enough to seen the actual consequences of economic theory in policymaking and being able to see the short-term and long-term impact of such policies, made the content just too much of a word salad to be useful.

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The Shock Doctrine by Naomi Klein

shock doctrineThe Shock Doctrine: The Rise of Disaster Capitalism by Naomi Klein (2006)
(author of No Logo)

From the inner jacket blurb: “Klein traces back the intellectual origins of disaster capitalism back to the University of Chicago’s economics department under Milton Friedman whose influence is still felt around the world.” And not in a good way. This is the cabal that persuaded Reagan et al that trickle down theory was a sensible plan. Not sure if they did so maliciously or for fun, or just some esoteric playing but with real world consequences.

These events [like 9/11] are examples of what Naomi Klein calls “the shock doctrine”: the use of public disorientation following massive collective shocks — wars, terrorist attacks, natural disasters — to push through highly unpopular economic shock therapy. Sometimes, when the first two shocks don’t succeed in wiping out all resistance, a third is employed: that of the electrode in the prison cell or of the Taser gun. [from jacket blurb again]

It is a long hard read.  Descriptions of torture of prisoners is just one example. After the horrific photos were released and having been shocked to learn it was not Americans being tortured but Americans doing the torturing, I was dumbfounded. My dad was a bomber pilot in WWII and while the Geneva Convention wasn’t completely complied with, and he easily could have been killed, I don’t think I ever heard of Nazi’s treating POWs like we treated Iraq POWs. That is to say, brutally, lawlessly, and criminally. Yet Bush and Cheney and Rumsfeld are free to enjoy doing a little painting or whatever enjoying the profit of the 40 million or more that Halliburton made for Cheney off the no-bid contracts for the war supplies. I would love to see an audit of there costs versus what they charged the government. I’ll bet it would show such blatant overpricing that it would even make Republicans cry foul.

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