July 18, 2015
“THE LAST DECADE COULD BE DESCRIBED AS THE COMEBACK OF SOCIALISM,” Stephen Moore of the Heritage Foundation writes:
Wall Street is acting as though more government intervention will calm financial markets, when it is excessive intervention of government that created the crisis in the first place. Greece is socialism on steroids — a place where the government gives a lot of things away for free, few people work, and millions receive government pensions, paychecks or welfare benefits. Fifty percent of young people don’t have a job and over half of Greeks retire before age 60. The wagon is full and no one is left to pull it. Now Greece thinks that the Germans or the, EU, the IMF or the United States is going to pay for it all. The crash is coming very soon and the standard of living in Greece will surely plummet. Thank you, socialism.
But there are so many more dominoes that could come crashing down. Almost all of Europe is a financial sink hole. The debts as a share of gross domestic product are 100 percent or more and the public spending as a share of GDP is now just shy of 50 percent.
Pundits on the left such as Paul Krugman can only lamely respond to the European meltdown by arguing that there is “too much austerity” even as debt loads keeps rising every year. The one nation in Europe that didn’t use massive Keynesian stimulus, Germany, is the one place where the economy is still functioning.
We shouldn’t discount two subsets of socialism – corporatism and the Gleichschaltung. And speaking of both of them, back in October of 2008, Jeff Dobbs morphed Goldman Sachs’ and Obama’s logo together, which Glenn has run numerous times over the last several years to highlight Obama’s cozy relationship with Wall Street in general, and that brokerage firm specifically. Dobbs has updated his Photoshop with a new version:
Let’s hope it won’t be getting a regular workout after November of 2016.
RELATED: “Goldman Sachs Group Inc. made hundreds of partners rich when it went public in 1999. Its performance since then has turned Lloyd Blankfein into a billionaire.” It helps to have friends in high places.