The Austerity to Fascism Pipeline (w/ Clara Mattei)


YouTube has the Bad Faith episode The Austerity to Fascism Pipeline (w/ Clara Mattei).

This week, Briahna Joy Gray spoke to political economist Clara Mattei about her new book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism. She explains the invention of austerity politics, how it’s been sold to the masses historically, and breaks down a recent Obama interview in which he carries water for what he calls, “inclusive capitalism” when presented with the possibility of transitioning to a more equitable economic system. How does austerity play into the conflict in Ukraine and various “democracy building” neo-colonial endeavors across the world? And what are the alternatives Obama found so difficult to imagine?


These people could use a good dose of understanding Modern Money Theory. They are right about the complaints of the current system, but they are way off the mark in coming up with solutions because they have no concept of how money works in the USA. If they only had an inkling of what it is that they don’t know. They did not talk about the financialization and de-industrialization of our economy. They did not seem to understand that rich people spend their money on different things than working people. They did not understand the purpose of taxation. They did not realize that there are people like Michael Hudson that study and write about all the things they do not understand.

I was surprised to hear that Clara Mattei had appeared on “Macro and Cheese”. Steve Grumbine, the host, touts himself as an expert in Modern Money Theory. The possibility that he did not correct her on her faulty assumptions about how money works may be related to the reason that I pay no attention to Steve Grumbine anymore.

In the commentary on the Obama clip their was no recognition of his describing what I believe in. I call it “what worksism”. What Trevor Noah failed to push on was to make Obama ask himself the question, “Does the current system actually work the best way that can possibly be achieved?” Obama even admitted some problems without being pushed, but there was no follow up in the clip they showed.

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