This was sent to me by my bestest pal in Argentina today. Yeah I know…Chomsky Chomsky Chomsky…but he does have a point, especially the last line about the way anti-crisis measures that are the exact opposite to those prescribed to us little countries by the (now utterly discredited) experts up North have been swallowed whole by a largely uncritical press.
Also, it’s strange how the quote made the MSM in Spanish, but to find the original in English the choice is either Counterpunch or a handful of blogs. Nah, on second thoughts it’s not that strange. Anyway, Noam dixit below:
“It is a worldwide crisis and it is very serious. It is striking that the ways that Western countries are approaching the crisis [entirely contradict] the model that they enforce on the Third World when there is a crisis. So when Indonesia has a crisis, [or] Argentina and everyone else, they are supposed to raiseinterest rates very high and privatize the economy, and cut down on public spending, measures like that. In the West, it is the exact opposite: lower interest rates to zero, move towards nationalization if necessary, pour money into the economy, have huge debts. That is exactly the opposite of how the Third World is supposed to pay off its debts. That this seems to pass without comment is remarkable.”