MOST GREEKS AND MANY BRITS KNOW THAT THEIR GOVERNMENT'S AUSTERITY PROGRAMS ARE FOR THE PURPOSE OF PICKING THEIR POCKETS TO PAY OFF THE GAMBLING DEBTS OF THE BIG BANKS THAT CAUSED THE ECONOMIC CRISIS. HOW MANY AMERICANS ARE AWARE THAT THIS IS WILL BE FOISTED ON THEM WHEN THE TIME COMES TO RAISE THE DEBT CEILING?

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Greek & British Workers Stage Massive Strikes As Governments Push Sweeping Austerity Cuts

democracynow


Uploaded by democracynow on Jul 1, 2011

More than 750,000 British public sector workers staged a 24-hour strike Thursday in a stand-off with the government’s plans to reform public sector pensions. The reforms come as the government tries to trim its deficit and would require public workers to work longer, pay more toward their pension and receive less upon retirement. Meanwhile in Greece, thousands of workers staged a 48-hour strike and many took to the streets after the Greek Parliament approved a raft of austerity measures that include spending cuts, tax increases and privatizations as a condition for a massive bailout to avert the Eurozone’s first default. “There is a common theme to the protests that are taking place across Europe, and that is not just the public sector workers defending their pension rights, but also a generation of young people for whom quite a stark picture is being painted of their future,” says our guest Paul Mason, an economics editor for BBC Newsnight who just returned from reporting in Greece. We also speak with David Graeber, author of "Debt: The First 5,000 Years." “Most revolutions in our history have been about debt,” says Graeber. “It is a perennial tool by those who are powerful to make the victims of structural inequalities feel that it is somehow their fault.” [Original includes rush transcript]

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Michael Hudson: "If it weren't for the military deficit, America would have had to finance its own domestic budget deficit. It's been foreigners that are financing the budget deficit. Now that foreigners are essentially saying, we don't want any more dollars, we're not going to fund your deficit..." "[W]ho's going to fund the deficit if not foreign central banks? The answer is: American labor, the American middle class and working families..."

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Bio

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971). ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East. Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.

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