NEP’s Bill Black appeared on The Real News Network (TRNN) discussing the Syriza victory in Greece despite what WSJ and NYT would like us to think. The video is below. I you would like to see the video and transcript, it is here.
NEP’s Bill Black appears on Business Game Changes with Sarah Westall at WebTalkRadio.net. You can listen to the episode here. This topic is “Wall Street Corruption is Worse Than You Know. Mainstreet Needs to get Educated to Reclaim our Country!”
I wrote a column Sunday, January 25, 2015 as the Greek election results became sufficiently clear to know that Syriza was receiving a strong plurality from the voters and as the New York Times and the Wall Street Journal posted on their websites the first reaction news columns. I criticized the dishonest nature of both paper’s coverage (actually non-coverage) of what austerity inflicted on the Greek people. Both of those initial columns have now been modified, so I have looked to see whether they improved their candor in their re-writes. The updated NYT column still contains this clunker.
“Syriza’s victory is a milestone for Europe. Continuing economic weakness has stirred a populist backlash from France to Spain to Italy, with more voters growing fed up with policies that require sacrifice to meet the demands of creditors but that have not delivered more jobs and prosperity.”
The Wall Street Journal and the New York Time’s eurozone reporters, who share the same unshakable devotion to TINA and austerity as the Murdochized WSJ news staff have been thrown into a panic by Syriza’s electoral successes in Greece.
Both papers are freaked out, as are the Germans, about the potential for Greece to spark a wave of rejections of the troika’s infliction of austerity in a manner similar to how the infliction of self-destructive austerity programs pursuant to the Washington Consensus’ demands led to the “lost decade” and the democratic election of what is now over a dozen Latin American candidates running on anti-austerity platforms. The Washington Consensus was drafted and named by an economist at Pete Peterson’s International Institute. Peterson is a Wall Street billionaire whose mission is causing debt and deficit hysteria and plugging the joys of austerity and unraveling the safety nets. His greatest goal is privatizing Social Security – producing hundreds of billions in additional fees for Wall Street.
The New York Times’ coverage of the eurozone crisis remains execrable. Sometimes, however, it is so bad that it achieves brilliant, albeit unintentional self-parody.” The latest example is a column that, for the NYT, is in the top 5% of its efforts on Europe. Even at its best (least worst) the paper cannot help itself.
The January 23, 2015 column is entitled “After an Anxiety-Filled Campaign, Greek Voters Consider a Turn to the Left.” It does admit that Greece’s economic condition is horrific.
“After five years in which the country’s economy has shrunk by 25 percent and the number of jobless has risen far beyond what its creditors ever predicted….”
It’s the curse of the commentator on commentators. I recently wrote nice things about Neil Irwin’s New York Times column about the Eurozone. On January 22, 2015, he wrote a column about the ECB’s adoption of quantitative easing (QE), that claimed it was “last, best hope” for the Eurozone. In fairness to Irwin, his column contains plenty of skepticism as to whether QE is even a poor “hope” for the Eurozone. Irwin also has the right quotation from Mario Draghi, the head of the ECB.
“Mr. Draghi acknowledged that it would take more than an open spigot of money from the central bank to get Europe’s economy on track, and that political authorities across Europe must act as well. ‘What monetary policy can do is to create the basis for growth,’ he said at a news conference in Frankfurt. ‘But for growth to pick up, you need investment. For investment, you need confidence. And for confidence, you need structural reforms.’”
NEP’s Bill Black appeared on The Real News Network (TRNN) discussing the bill that the House of Representatives passed that further weakens financial regulation. The video is below. If you wish to view the transcript at TRNN, click here.
As the Greek election nears, the mainstream media is ramping up its efforts to attack Syriza. As I have often explained, the trauma caused by the Washington Consensus’ economic malpractice in inflicting austerity on Latin America led to the election of a substantial number of leaders opposed to austerity and the troika’s infliction of austerity may lead to a similar dynamic in the EU. The BBC and The Economist agree that this could occur – and it terrifies them. A January 19, 2015 BBC article, presented as news rather than opinion, is entitled “BBC Democracy Day: Europe ‘faces political earthquakes.”
The article abounds in unintentional self-parody. First, the article admits austerity is a major driver of the “political earthquakes.” For reasons that pass all understanding the BBC hired the Economist’s “Intelligence Unit” to write what any right-wing BBC columnist would have written for no additional fee. Given that the Economist is one of the entities most culpable for the economic malpractice of inflicting austerity on the eurozone the idea that it is good journalism for them to opine about their opponents is sad or laughable depending on how one responds to absurdity.
In my January 18, 2015 column, I explained that German Prime Minister Angela Merkel’s sweetest triumph was successfully extorting George Papandreou, Greece’s Prime Minister, head of the Greek Socialist Movemnt (PASOK), and President of the Socialist International, to inflict austerity and a war on workers’ wages on the Greek people. I quoted a passage from the Papandreou administration’s May 3, 2010, “Memorandum of Economic and Financial Policies” (the Papandreou Plan) agreeing to the European Commission’s (EC) austerity and anti-worker demands that was made part of The EC’s Occasional Papers No. 61 “The Economic Adjustment Programme for Greece” (May 2010).
In this column I explain how radically right-wing the Papandreou Plan was and the completeness with which it embraced rather than resisted the troika’s theoclassical nostrums that forced Greece, Italy, and Spain into gratuitous second Great Depressions. In Greece’s case, the Merkel Great Depression has proven more severe and longer in duration than the Great Depression of 80 years ago. The EC’s Economic Adjustment Programme for Greece description of the Papandreou Plan was accurate. The Greek leaders “strongly own and support the [austerity] programme policies and objectives.”
Even when the New York Times seems to think it is trying to open minded about the troika’s infliction of austerity on the peoples of the eurozone, its reporters are infected by the bizarre notion that austerity was the economically sensible response to the Great Recession. Even more bizarrely they are infected with the view that more austerity is the sensible response to the worse-than-Great Depressions that austerity inflicted on Greece, Italy, and Spain. The latest installment is entitled “Party Leader’s Populist Pitch in Greece Could Pay Off.”
The article does not explain what a “populist pitch” is (other than alliterative string of four plosives in a single title). The mainstream press uses “populist” as a pejorative term synonymous with class warfare against the wealthy that ignores economic reality.