Rob Johnson on fiscal austerity: ‘If it wasn’t so tragic I would say it was humorous’
As the world waits for the decisions to roll out from the G20 summit, Rob Johnson discussed fiscal austerity with the Real News Network. “If it wasn’t so tragic I would say it was humorous,” he started out. But tragic it is. A lot of it all comes back to banks: why are deficit numbers so high? The financial crisis, caused by big banks. Who does fiscal austerity benefit, when it risks killing economic recovery? Those who hold treasury bonds at 0% interest — big banks. “Finance is supposed to be a servant to commerce, [the] economy, [and] social goals. Well the servant’s servant has become the master’s master. And it’s time to reinvert that,” Rob says. Watch the full interview:
ND20 ALERT: Join us in NY for fresh ideas, July 16-18! Guild Hall, in collaboration with the Roosevelt Institute, will gather thought leaders in the arts, the economy, and the media in East Hampton for a can’t-miss symposium featuring George Soros, Van Jones, plus ND20 contributors Elizabeth Warren, Rob Johnson, Jeff Madrick, Editor Lynn Parramore, and more. RSVP today - seats are limited.