Saturday, October 22, 2011
When words do no justice
A brilliant cut-up job on the political manipulation of The Word “austerity.”
"In the Spanish case, the ideology of austerity has some background music: the song about the inefficiency of the public sector, and of the regional government system as a machine for waste. Any new trial balloon or proposed cutback is accompanied by verbose rhetoric about the incompetence of the public sector, the frivolity of its spending criteria, the uselessness of its investments.
It matters little that in this country, private debt weighs far more heavily on our economy; and that the uncontrolled leverage of many companies and the irresponsibility of the financial system, cheerfully giving away money, have resulted in company closures, mass layoffs, unemployment and a throttling of the supply of credit necessary if the Spanish economy is to get back on the path of growth."
[Spanish journalist JOSEP RAMONEDA in the English language version of El País.]