The articles I post here pretty much show for certain that there wont be a default but still, for ease of lumping the topics together I've kept the same title
Yesterday I posted a short FAQ that was one of the best explanations of the debt ceiling farce so far. In a discussion on Buzz I was caused to ask if there are any longer form articles that give a description of a similar quality. Thanks to a mix of hanging out in a Something Awful thread and checking various sites I regularly do a day later I have an embarrassment of riches on the subject.
This fairly short article by Dean Baker explains how the debt ceiling arguments are just being used as a cover by both Republicans and Democrats, especially Obama, to force austerity measures on America and gut Medicare, Medicaid and Social Security at the behest of their corporate overlords.
Given the stealth Bi-partisan support for this Americans really are screwed.
Michael Hudson has written a longer piece that focuses on the great amount of effort Obama has put in to destroying as much of FDR's legacy as he possibly can.
Speaking of FDR, Richard D Wolff has written an article examining the nature of the Keynesian softening of Capitalism that was required to save Capitalism. Essentially the Welfare State and the New Deal were part of a system to keep Capitalism going and protect the rich from popular anger when the system is experiencing one of its' major crisis. However in order to maintain this buffer and protect the rich governments incurred greater deficits because the rich and powerful didn't want to pay the tax necessary to maintain it. Now public debt has gotten so large the elite want deficit reduced. Thus the buffer that keeps people relatively safe and relatively quiet is being removed. Interesting times loon.
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