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Noam Chomsky on the Financial Crisis March 10, 2009

Filed under: Uncategorized — eni @ 3:30 pm

Today I learned something… disturbing.

Form a recent interview with Noam Chomsky:

It is a worldwide crisis and it is very serious. It is striking that the ways that Western countries are approaching the crisis [entirely contradict] the model that they enforce on the Third World when there is a crisis. So when Indonesia has a crisis, [or] Argentina and everyone else, they are supposed to raise interest rates very high and privatize the economy, and cut down on public spending, measures like that. In the West, it is the exact opposite: lower interest rates to zero, move towards nationalization if necessary, pour money into the economy, have huge debts. That is exactly the opposite of how the Third World is supposed to pay off its debts.  That this seems to pass without comment is remarkable.

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