In the 70’s and 80’s the economists from the IMF and World Bank would descend en masse in Rio or Buenos Aires or any number of capitals worldwide and lay down strict rules on how much the locals can spend on their food,clthing and shelter.
These economists were merciless in their programs of austerity depriving the already destitute peoples of these countries of bare living because the rulers of those countries,pampered by Washington, took up spendthrift ways.
You will find the same economists missing in action when the United States,in essence,is bankrupt today.
I have not seen a single economist propose a program of austerity to the upper classes in this country as it careens from one calamity after another.
And the sacred cow of defense spending remains untouched by any of these economists.
Considering how stupid many economists are,it is a relief to know that have finally realized who is writing their fat checks.
As they say at GE,”Progress is our most important product”.
