Even the Wall Street Journal is starting to toss around the idea that Marx might have been right - capitalism will destroy itself. Economist Nouriel Roubini warns the self-destructive transfer of income from labour to capital could lead to an economic death spiral.
Roubini explains quite convincingly why Western leaders are placing our economies in great peril by leaping into austerity budgeting prematurely. He's joined in this by other top economists, including Krugman and Stiglitz, who warn of further economic contraction in the wake of austerity measures. So why isn't our supposed economist Ruler, Furious Leader Harper, ignoring their warnings?
Roubini, Krugman and Stiglitz were the voices warning of the 2008 global meltdown years before it happened when the "smartest man in the room" Harper wasn't having any of it. When the recession did hit Canada totally unprepared, Harper shrugged off his incompetence by claiming no one saw it coming. Oh yes they did Steve. Some, like Krugman, even wrote books about it. But you weren't reading their books or their papers. You weren't listening to their kind. What you're trying to say, Harpo, is that no one you deigned to listen to saw it coming. And now those same voices are telling you to go the austerity route and you're still listening.