Austerity’s Hidden Purpose
Even if everyone agreed that printing another trillion dollars to finance a basic income for the poor would boost neither inflation nor interest rates, the rich and powerful would still oppose it. After all, their most important interest is not to conserve economic potential, but to preserve the power of the few to compel the many.
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ATHENS – Back in the 1830s, Thomas Peel decided to migrate from England to Swan River in Western Australia. A man of means, Peel took along, besides his family, “300 persons of the working class, men, women, and children,” as well as “means of subsistence and production to the amount of £50,000.” But soon after arrival, Peel’s plans were in ruins.