The Plan to Enrich the World's Wealthy at the Expense of Everyone Else
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The Washington Creditors’ succeeded in getting most of Latin America to “submit” to austerity, deregulation, and privatization. The resultant scandals enraged tens of millions of Latin Americans and led to the election of many national leaders running on the promise to refuse to “submit” to the Washington Consensus.
Neo-liberal economists and politicians, however, are prisoners of their pro-austerity dogmas. They repeatedly force nations back into recession or even depression. It does not matter how many times austerity makes the crisis worsen; the austerians are a one-trick pony. I believe that within five years we will see a series of political leaders elected in Europe on anti-austerity planks. The Washington Creditors’ Consensus is a leading cause of financial crises and human misery because of it self-destructive austerity and anti-regulatory principles. Austerity is the leading cause of the election of national leaders who promise that if elected they will stop “submitting” to creditors’ demands that they inflict austerity on their people.