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.
With Syriza in the driver’s seat, Greece now has some hope for the end to austerity imposed by Germany and the Troika.
Here’s a good short piece by C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute. As he explains, what Syriza wants is no more—and no less—radical than what the USA did in the 1930s to deal with its Great Depression: “the bulk of Syriza’s economic program for addressing the catastrophic crisis in Greece, which has evolved into a humanitarian crisis, is inspired by President Franklin D. Roosevelt’s New Deal programs”.
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….”
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.
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.