How Economists Invented Austerity & Paved the Way to Fascism
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- čas přidán 11. 10. 2022
- Clara Mattei discusses her new book "The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism"
Find the book:
press.uchicago.edu/ucp/books/...
Learn more about modern austerity:
www.theguardian.com/commentis...
Explore Professor Mattei's other research:
www.newschool.edu/nssr/facult...
Follow her on Twitter:
/ claraemattei
Strict Austerity for the working class, Generous Socialism for billionaires.
There is socialism for the working class when it comes to pay. No matter how well you do your work or how hard you work, your pay will be the same as the others there. There's no merit to hard work when you get paid the same as co-workers . It breeds mediocrity.
Wtf you want to say with "socialism for billionaires" 💀?
@@leni4179 State money and tax cuts for the 1% richest people, while fewer social investment and higher taxes for the poorer.
You are absolutely on point !!!
@@leni4179 it's is socialism for billionaires!!!! They take more than generous help from the state !!! If they are so much for free markets they should take responsibility for their own business ( as they preach for working class) and pull themselves out of their problem. But getting tax payers money ( which are mostly paid from middle class,) and on top if ithat huge tax cuts it's absolutely OUTRAGEOUS!!!
Using austerity by employers to lower the bargaining power of workers while selling it as to save the workers jobs is evil brilliance.
Evil overlords
Oxymoron
@@MathGPT Another part of that equation is placing retirement funds in the stock market. The 2008 crash should've been a wake up call. Instead financial planners, even fiduciary financial planners, continue to recommend the market.
My depression era, working class parents understood the market is only for money you're willing to risk losing. Financial planners have yet to read the memo.
@@MathGPT Social Security & Medicare r both the most successful programs in American history. U really don’t understand exactly what our social security program is doing in total if u believe it to b less than an individual private sector option.
@@MathGPT Other countries in the OECD and top Democracy Index score do have political donors stealing the reserves. Brits knew their Imperial Model would kill 2,000,000 using herd immunity. Oxford model was for mitigation based on vaccines, masks, and distancing. Brits find eugenics of their elderly a bit unsavory and their mortuary lobby doesn't push for faith over vaccines like America's do. 27.5% was the mortician's gain in Aug of '21.
I screamed when she got to the part about austerity existing to protect capital. Never seen this channel before and was happy this had a radical edge to it.
Not radical - just honest and true!
Perhaps in the Trumpium Era, honesty and truth are radical.
Somehow the Pentagon never suffers from austerity. Why is that?
@@sharongillesp its not trump its the system that creates capitalists like him. also the truth has a radical bias yes.
@@sharongillesp It is Radical because it goes against the hegemony of current society.
yeah, lets destroy capital and consume everything now so we can live in poverty tomorrow
'oh I'm not yelling. I'm Italian, it's how we speak'
What an exceptional, intelligent and passionate woman.
Cringe.
The worst are people who pretend this doesn't happen, and then justify it by blaming workers for austerity.
Amen, I'm in a union and I hear some weird conversations about: the economy, the stock markets and the plight of workers as a whole, that make me wonder sometimes if these people understand they wouldn't have what they got if it wasn't for all the unions being as strong as they were in the past ... we are nowhere near as strong as we were and it shows.
lol, It's also called a liberal
You mean Democrats in the US
Leave it to a rightie to jump into an intelligent discussion with some ridiculous, reductive, and frankly ignorant bit of partisan hackery.
@@MP-db9sw I would argue the one thing a rightie and a socialist have in common is that they both hate liberals
She's applying Gramsci's theory of how ideology is made to the actual mainstream economic and social zeitgeist. It never fails.
I'll read the book for sure.
Only two "ideologies" are allowed, The classicist Austrian school and the psuedo-Keynesians, neither challenge capitalism. I wonder why that is, hehe.
K.I.S.S.
Austerity is simply the vast majority (99%) tighten their belts so a small minority (1%) don’t have to tighten theirs at all.
@@sharongillesp Don't forget there is no reason to tighten belts OTHER THAN so the small minority can become mega billionaires.
So, she's just copying hitler?
@@LetsGoGetThem That's an economic theory. Gramsci wrote about cultural ideology. It's more connected to the way capitalism as an idea is enforced more than the capitalistic theories on government intervention.
I felt these things as an 10 year old, I couldn't make sense of the US economy with what I was being told and from what I saw with my eyes. Everyone I talked to would tell me smarter minds are organizing things and that's why America was the greatest country. I watched my country decline for 30 years then realized, those people are full of shit and we need to take our country back
Thank you! After working for a large corporation 45 years, losing ground every year, I could not agree more. Just amazed by how many of the poorest workers buy the con!
Very true although I think that is changing pretty rapidly. There is a lot of class anger. The problem is we've been denied the vocabulary to discuss class conflict for the past 100 years and the economy was so good for a long time so people stopped fighting.
That is simply the natural flow of time. It is was dictated by the passage of fate. The US as a nation caused tremendous amounts of suffering and disaster to the rest of the world. It is only natural that it will fall, it will be forgotten and it won't be pretty.
It is delightful to watch, though...
@@ioritenshi Certainly interesting to live through.
Suppy side econ. Financialization of markets,gutting pension fund for the 401k crapshoot. Plus false idols like Jack Welsh at GE who ruined a company and shed jobs for short term profits...
All the fictional superheroes in comics, TV, and movies were always fighting petty crime in the streets. But the real evil was the system itself. The world needs a superhero who actually shut down the supervillains at the top who impoverish entire nations for their own gain. Now that would be a compelling story.
The current Billionaires and celebrities cult is a byproduct of this logic, where we are made to believe that this individuals, and not the workers create value. Fascism goes hand in hand with personality cult.... This book sounds great, looking forward to read it.
Ok commie
Yup, and how this western liberal order are projecting their own faults on others.
But Fascism is actually about the government taking control of the economy, cults of personality have nothing to do with it.
@@MathGPT "It is those great individuals who solve meaningful problems and develop useful technologies"
No, they don't. It's the workers who solve the problems while your so-called "great individuals" take the credit. You must be very deluded if you think someone like Musk is a scientist/inventor.
@@MathGPT It seems to me that laborers are still finding employment, filling some kind of need. At our southern border many pass on their way to labor here. Top of the hierarchy naturally tries to manage these forces. 'Let them eat cake' signals one view of their effort. Very possibly, along with their great accomplishments, these leaders have visited curses on humanity. Cutting edge advances play out long term as well. One book has it that the meek will inherit the earth.
Austerity is a tool to maintain the established economic order. Absolutely right. Thank you professor. Let's also remind ourselves that austerity is always accompanied by tax cuts. The burden must always fall on the lower and middle classes. This is the very core of neoliberal feudalism.
Eff you and all the other commies expecting free handouts to lay around doing nothing
I feel you, but careful... When feudalism was done for, the first capitalist order was unrestrained industrialists forming society to their will.
What u identify as feudalism is actually the consequence of capitalist dynamics
Which is why in nations like the UK and US 1% of the population own c. 50% of the wealth and power. That figure was lower before 2008 austerity and it will be much higher after 2022 austerity.
Tax cuts are literally the opposite of Austerity. Increasing tax, limit spending, is what austerity means. Lowering tax and welfare at the same time is more in the range of post 70s neoliberalism.
Should be clear if you look at Germany, which has employed austerity on itself, usually with success.
What this video really does, is completely redefining "austerity" as a concept to some ideological monstrosity oppressing the working class. Its ridiculous, its pure left wing populism and trying to redefine a useful term that people react emotionally too. Even if youre left wing, you shouldnt buy into this manipulative narrative.
If she was actually honest, then she would talk about how austerity has been a tool, which has some uses, but can hurt the working class. Like shes pretending that "cutting spending" means you have to cut welfare benefits. It can also cutting subsidies for succesful companies, at which case austerity is in a good thing for the working class.
Class war
I simply love Prof. Mattei’s energy and acuity in sharing their findings. ❤
Everyone who studies economic theory should be required to study policy-making as well - or simply history - instead of staying in that abstract bubble that justifies horrendous policy. Mattei is brilliant. Thanks for sharing
Social and Economic History is fitting..
Economic theory especially in the more finance and neoliberal spaces often times is as speculative as the market itself. It’s interesting to see how economists rationalize it too.
@@tearsintherain6311 I hate it. Save me from my University. I want science.
Here's some simply history for you to study - Holodomor, Great Leap Forward, Killing Fields.
@@nonyadamnbusiness9887 I'll tackle Holodomor.
1- The name "Holodomor" was only coined decades after the event. Try to find evidence for the claim I'm making.
2- "Holodomor" is a fabricated narrative that suggests that it was a deliberate famine-genocide in order to starve Ukrainian people.
3- I want to make it clear that the famine in 1932 did happen. It was both because of social conflicts, but also because that year was a year that the Earth experienced much drought. Countries like Romania, Brazil and Kazakhstan also experience mass hunger. Kazakhstan indeed had more deaths than Ukraine.
4- The primary evidence for Holodomor comes from a publication in a Nazi Magazine called "Volkischer Beobachter". Where a man called "Thomas Walker" (a fake name for someone real) claims to have photographed and experienced certain things. This publication was eventually translated into english (with the same words and pictures) and published under the American Hearst Magazine. Now please go ahead and check the information I gave you. Find the primary publications in Hearst Magazine and also in Volkischer Beobachter and confirm with me.
First, Thomas Walker is a made-up character and his registries do not exist in Ukraine. This is a hard information to find, you have to speak Russian. So this one you don't need to check.
Second, the pictures in the magazine's article are fake. They are pictures taken in WWI, 2 decades prior to the incident in Ukraine. If you check those pictures, you can see even Czarist uniforms, those did not exist in the 30s anymore. Please confirm this information through methodic research.
Third, Thomas Walker is one of the 20 men in the "primary evidence" for number of deaths "because of socialism" in the USSR. The methodology of the research was to ask 20 random men who have been to the USSR (many of whom were members of the Nazi Party) how many people they think died. They all guessed random numbers in the millions based on... pure and raw anecdotal evidence. The weakest and least valid evidence in science.
The famine in Ukraine happened. There's no evidence that it was a genocide targeted by the USSR government. There's much counterevidence of the government trying to deal with this famine in ways that could allow for more people to live.
The real number of deaths is high, but definitely not in the millions.
You get selectively obsessed about these narratives and disasters, but you choose to ignore worse and really brutal stuff coming from whatever side you see as correct.
Why don't you get triggered about the idea that 20 million soviet citizens died in a war caused by Nazi Germany ? We have evidence for those deaths. Nazi Germany was literally allowed to invade the entirety of Eastern Europe because the UK and France wanted them to clash with the USSR.
Anyways, the workers should democratically manage and own their workplace. Good for me. Good for you. Good for everyone who does work. Bad for billionaire parasites who deploy military campaigns and sanctions against socialist countries and anarchist societies.
I didn’t realize that anyone had “invented” the concept of oligarchs stealing everything that isn’t nailed down, leaving everyone else to die slowly in the gutter. That sounds like a very old game to me
The emperors new clothes are still new
@@Jonathanwiksten Do you think rich haven't planned your rebellion? Maybe you're smarter than them.
austerity economics is not the concept of wealth extraction, but the political theory of implementation and justification
the British managed to extract trillions from its colonies just using military repression, austerity economics achieves the same ends on domestic populations with a veneer of legitimacy
i like the last act with the guillotines
Translation: you are worthless and lazy and expect everyone else to finance your xbox
The question that no one ever seems to ask is "what is economics for?"
It's become so engrained in human society that we no longer question its purpose but treat it as if its fundamental to the structure of reality and not something our ancestors invented as a solution to a social problem.
And thus without a focus on its purpose we enable it to express all its self-destructive tendencies as though they're unavoidable and intrinsic, then throw our hands up and wonder how it happened.
When really the problem is we have forgotten why we invented it and therefore it has become purposeless.
Money is a good servant, but a poor master. Also old school economics and business.
"The economics profession is a cartel invented to defend error." - Thomas Frank
The economics profession studies how capital flows in a free market uninterrupted/with government intervention. It is a study of what is, whereas communism is a theory of how things "should" be... like a cat "should" eat vegetables instead of meat.
@@alexuvarov7441 Just missed the point entirely.
@@carycunningham9510 Please enlighten me with your vast wisdom.
@@alexuvarov7441 Nope, just not important.
@@carycunningham9510 thought so.
Brilliantly explained. But it does my head in that austerity isn't *obviously* seen as "We don't want to spend any money on you serfs".
I love listening to people talk about a subject they're passionate about and very well versed in. I can't wait to read this book!
Its maybe the best thing about CZcams.
Than listen to Thomas Sowell and Milton Friedman instead
@@lukacspolgar5988 Why?
@@m0L3ify Because they can apply economic theories, which are at its most basic form is the study of scarce resources with alternate uses. No more, no less. Also consider that she claims in 1922 economists conspired to crush the material well being of workers. If she is correct, they were very unsuccessful, it seems everyone world wide has benefited greatly from the benefits of capitalism. By any metric, my hunch is we are materially better off than we were 100 years ago, and that the rate of material well being accelerated over the last hundred years at a rate exponentially higher than the previous 2000 years.
Except she doesn’t, she’s horrendously ignorant of basic economic theory and is nothing more than partisan hack.
Love how she is so passionate talking about this issue. Can't wait to read her book. Brilliant ideas
Brilliant commie nonsense
@@kalasmournrex1470 ... Insisting on making opposing class interests explicit and discussing it merely means overcoming the narrative of a people being united as a national community.
You can still be a hyper individualist or whatever. But you don't get to pretend everyone benefits from your success.
@@christian2i Maybe im missing something, but this video just sounds like pure, left wing populist ideology.
See, this talk isnt actually about what people mean with "austerity". But it rather takes a term people naturally dont like (lowering your standards to save money), looks at bad austerity measures (overeager cuts in welfare+inequality), and then just goes on to pretend austerity is always bad, and really just a tool for class suppression.
Im left leaning, but im pragmatic, and this stuff sounds just pure, classic left wing populism. Its not hard to show the absurdity of those semantics if you take it more critically:
So, can we agree that you cant just take on infinite debt? Considering infinite growth isnt possible, or even if it is, its at least not working at infinite speed, that logically means you cannot take on infinite debt.
And if you want to limit debt, you need to consider austerity measures as part of your toolbox. It shouldnt be your one and only goal, but its part of your toolbox. See how right about now european countries suffer because they took on too much debts, even those like Italy. Otoh, Germany, which always had some austerity and kept debt low, fares better despite a giant energy crisis.
So clearly, some austerity, in some situations, can make things easier on the general population, and working class. That is why Germany or France can spend tens or hundreds of billions on support their people, while then dropping country on another country in crisis., namely Ukraine.
When people say austerity, or consider the policy, they indeed do not mean a monstrous ideology, they mean conservative money management. Which, as much as it hurts to admit, has its place.
We can change the meaning of "austerity" to what the video says, but then we need to find a new word. Which is kinda of pointless exercise. Hence this is emotoinally loaded, left wing populism. I find this stuff very frustrating, because it doesnt actually benefit the working class, let alone the weakest of society.
Of course she’s Italian, can’t mistake it 😜
@@giacomomonaco5533 Btw a country massively struggling with debt right about now.
I wonder why she dislikes austerity measures. Or what kind of measures couldve avoided that level of debt.
This helps me realise the connection between the U.S. rail strike and austerity. Precision scheduled railroading is the "innovation" that disempowers the workers in the name of economic efficiency. The country is held hostage, politicians need a stable economy to get reelected and the working class looses stature.
No the anti-strike laws are about keeping thr railroad industry investment free and maintain its state of slow decay. The workers are disempowerd for the sake of yielding max profits while providing the least amount of efficiency that is still tolerated. profitability isnt equal to efficiency since efficiency can relate to different things. Like beeing efficient at making money or at moving things fast or without unnecessary resource destruction etc.
Same for the need of a stable economy. Stability and acceptable fluctuation vary with the time frame you look at. Grinding down railroad infrastructure (just look at the obscene amount of railroad crashes) and squeezing max profit out of it may be perfectly fine if your goal is to minimise disturbances and investment needs for 4 years but completely fails in an 10 to 20 year timeframe.
This explanation took a lot of facts I already understood on their own and tied them together very effectively. And that's where true understanding comes from: understanding the relationships among seemingly separate phenomena. Great talk by Clara Mattei!
Now that it's getting harder for even the upper middle class to pay their bills we are about to be schooled PROPER!!! 🤓
Thank you Professor! I will most certainly buy your Book!!! 🤓
Haha well said
Another really good book about this: "Austerity: The History of a Dangerous Idea" (2013), by Mark Blyth (Brown University)
Well what is the opposite of austerity? Printing money. Gee that has worked well hasn’t it ? I suppose it depends on your point of view. Lenin said that the best way to bring down Capitalism was to debauch the currency.
@@roughhabit9085 Liz Truss the secret Leninist
@@roughhabit9085 The opposite is investing in social future. The fact you couldn't even think of that is telling.
@@roughhabit9085 I respectfully ask that you stop and think for a moment... where does the funding for US defense spending come from?
Please, show me the legislation that adds "taxes" to pay for military spending.
You can't because it (legislation) doesn't exist.
All defense spending by the US is money printed (typed on keyboard) out of thin air.
So "printing money" is not the opposite of Austerity.
We have Austerity now and we are printing billions to send to the MIC for Ukraine weapons, as well as to Ukraine for paying salary & free medical care to Ukraine's NAZI infested government.
@@TheRantingRooster Get bent Tankie.
I'm not convinced she could make a bowl of cereal without screwing it up.
Laughing hard!
It wouldn't be _her_ failure. She'd blame it on austerity. 😉
She's great! Gets right to the core of our rot, misery and crumbling empire.
Already pre-ordered _The Capital Order!_ this lady is just sheer brilliance.
This is what actual thought is all about, kids!
99% of people won't ever even know what she's talking about.
@@nocapnobs7845 They may not know in the academic language she’s using but they know instinctually, which is why people are protesting across the globe.
This is so apropos to the World swing to neo- fascism, and is multi-faceted in explanation.
Strange how the quintessential fascist Hitler always denounced Capitalism as a Western evil isn’t it? You could almost be forgiven for thinking this woman is State sponsored.
Wow, she has uncovered the evil in the system! Brava!
Well, the evil in the system has already been uncovered for quite a while by a funny bearded man name Karl....
Someone desperately needs to ask this woman one question. "Does your train of thought have a CABOOSE? W. Edwards Deming would tear this lady to shreds. Every other thought turns back to CAPITAL, NOT PEOPLE.
A couple of observations. She talks at length about austerity but fails to define exactly what it is. And when I say define it, I mean a precise economic definition such as spending as a % of GDP. That might be a good start. Secondly, she fails to talk about globalisation, which is key to understanding austerity budgets. Capital has all the power in a global economy, which in turn effects govt revenue. This issue also needs to be considered in any discussion about austerity.
And her premise is looking backwards. In the present, automation has caused a great loss of numbers of people she would define as "workers", which then dilutes the political power of such people - but only in western countries. Automation and the relocation "workers" in totalitarian countries have also impacted the power of "workers" more than "austerity". She also ignores the growth of government regulation of the workplace for safety, wages, hours worked, benefits, etc., which have made worker organization, politically or otherwise, unnecessary or less valuable in many western countries.
And, she didn't mention that the end of WWI was accompanied with the introduction of the income tax in the U.S., which has never been about austerity for the government, although one could argue it has caused austerity for those paying it at the lower end of the income brackets (along with sales tax on necessaries).
Finally, no fascist government was austere (nor have any communist or socialist governments been austere, either). Power does not create austerity for those with power, despite their statements in favor of austerity. Those in power live lavishly.
@@franktatom1837 What is also apparent is that politics is now primarily about supporting your team, rather than analyzing arguments and facts. Until this changes any so called expert will be supported as long as they are wearing your colours.
Michael Hudson writes a lot about this subject. I'm happy to see more people willing to expose the insanity of austerity, debt, and the darkest sides of capitalism.
Is there a light side of capitalism? Most goods, arguably all goods, have some level of exploitation happening in their supply chain. And the unjustifiable economic and political authority capitalism creates for the upper class is always a net negative for the majority.
But agreed otherwise. Glad to see the intellectual push-back. Hopefully it foreshadows a working class push-back in the future.
@@that_heretic Capitalism started as a push-back against feudalism so, in a weird way, it has "good" things about it.
Although I prefer socialism. I would rather live under a Keynesian industrial capitalism, than our current rentier capitalism.
@@that_heretic there's many good sides. In fact it's the best system so far. Unwash your brain lol
@@that_heretic What do you propose an an alternative?
But Hudson is rather neo-Keynesian, she's not: she's disingenuous and thus undeclaredly communist.
Thank you for your brilliant insight and informed summation.
To me this might be hard to apply to the US. What budget cuts? The government budget has only went up. What rising interest rates? Before inflation got out of control interest rates were at all time lows for a decade. Furthermore if raising interest rates isnt the solution to inflation what is?
Feels to me this is more idealogical than a fact based assessment.
I think austerity can be summed up in two words - class warfare.
I find her inflection point of the Great War to be interesting. The Great War also had a pandemic, as we have recently experienced. The austerity notion was relaxed during the second pandemic. How do the masters get the peasantry back in their yokes? The unquestionable virtue of market inflation vs. the terror of inflation setting upon the workers is a cudgel that will be repaired to keep building the whole-world-third-world model.
Actually I think the inflection point was during the reformation and the end of the monastic period. but it would take me a video to explain.
Hard to believe time is not cyclical after that, that where history doesn't repeat it often rhymes
It was this recent pandemic that demonstrated the power of the working class. It exposed newer generations to that power. Now the Rich are afraid and they what to use the cudgel again. I don't think it will work the same. The Baby Boomers are leaving the work force and the population difference is noticeable. So, they will need to import labor or crash the economy. Take your pick.
Hey don’t forget inflation defeated the Roman Empire
@@jcrockett870 Have you heard of Dr. John Vervaeke from the university of Toronto? If not, check out his CZcams channel and lecture series. He has a whole thing about how the reformations lead to WW1, WW2, and the current cultural Nexus we find ourselves.
She uses a lot of different terminology, that really focuses on the word capitalism, but another way of saying it perhaps a bit more plainly, is that historically- society has been Aristocratic. As we moved closer into the modern era, social liberalism continued to expand culturally and it influenced and enhanced movements of liberal and democratic populism. There has been a persistent invisible war between contemporary aristocracy doing everything within their power to subvert growing liberal populism. Aristocratic political and economic elites are heavily invested in maintaining the social order in their favor, and if they don't manipulate centralized financial systems through market political policies(like that of austerity) than the centralized fiat currency/stock market systems will implode or collapse after these huge growth periods. Collapse would demolish their aristocratic order and force smaller socio-geographic localities to rebuild new marketplaces and political entities from scratch, new economies from scratch. Today that means global economic collapse if it were to happen, and probably a mini-Dark age for a few decades.
Thank you for speaking truth in a society based on lies.
really is based on lies, so sad...
When we learn history, we emphasize the wars, but never talk about what was happening in the homeland during those wars. Whenever there's a war, such as WWI, the women protesting for the right to vote, for example, are criticized for breaking national unity during a time of war. Internal demands are crushed in the context of an external war, which is the justification for austerity at home.
The wars that the US is pulled in to are instigated by capitalist leaders who maneuver for limited resources and land grabs. While doing this they clamor for worker alliegance, at the same time that workers are sent to die for the capitalist agenda. Often times they even make up from whole cloth the reason to start the war (Gulf of Tonkin incident in Vietnam, WMD in Iraq). If workers were in control of the country they could stop this from happening, and then the people wouldn't have to die in pointless wars, and protests could flourish. Austerity needs to be seen as a form of economic warfare against your own people.
She is amazing. She was able to easily flow through concepts that can be tough to really get the first time around.
Did she just say the Fed raising rates is a regressive tax that hurts the poor? The Fed had to hike-up rates to lower/tighten the money-supply and deal with inflation. Inflation hurts the poor the most as a practical matter.
And the entrepreneur is the "driver of the economic machine" because they conceive of and fund (riskily) new products and services adding new value to the economy. A favorable climate to entrepreneurs increases the amount of their endeavors; thus exponentially raising the value of the economy.
These are simple to understand concepts.
And we will eventually need to institute extreme austerity measures - probably this decade. Social Security has 60 trillion (!) in unfunded liability. Medicare has 103 trillion (the fuck!). It's all crazy shit.
no she's not
@@laniefeleski7288 you male a good point. However, there is a difference between a conducive climate to ALL entrepreneurs and the "billionaire cult" with a few billionaire buying political power to consolidate their markets. Workers can also be entrepeneurs when they take initiatives to make their daily work better and hence they should get credit for it
@@paularnoldus1877 I more or less agree with this.
She sounds like a political economist as opposed to a real one
I never imagined that economics could be so attractive.
wonderful introduction to her book which just moved to the top of my reading list
In laymen's terms, Capitalism is a game, and when the game is approaching its end, the winners step on the losers so the losers can't reset the game.
Time for a new game.
New game for sure. This presentation doesn’t bring anything new to that need. Just selling a book from my pov.
@@bigbillhaywood1415 oh do you mean like a Nouveau French Revolution…..off wiv their ‘eads? Pardon my French but plus ça change plus c’est le même chose
More like, within capitalism, austerity is the cost paid by the voter, for asking for the things that destroy capitalism.
@@jonathanaliff6121 The cost paid by the voter for asking for things that they need.
There i fixed it.
Even as a highschooler I thought moving an economy at the speed of what a roomful of people could process was backwards, then I learned about corruption and the other shoe dropped
0:00 - 16:31 Thanks for spending the time to create and share this content
Wow!!! Thank you VM to share! ✊🏿⭐
I think we all knew something was up when economists started saying that giving people affordable housing was not the solution, that more unaffordable housing was.
Government destroyed housing, not the market.
So she's an assistant professor. I enjoyed her delivery, but if I took her class I wonder how balanced an education I would receive. I suspect I would be told what to think.
What's for sure, you won't learn what passes for economics at most other universities.
great video, ty for sharing
Rewatching this at least three months later, I understand so much more and I am aware of so much more!
I seem to remember there was also a minor event in 1917 in Russia that wasn"t mentioned here. :P
You should also talk about the military industrial complex in this context.
she is saying everything Ive been waiting to hear for the past 30yrs and what the world should have heard, arguably before the European industrial revolution.
She's correct the topic is interdisciplinary and has far reaching effects into policy making, socio-economic class warfare, prison industrial complex and systemic institutionalized racisim and marginalization.
We've been so duped into thinking the way things are is how they're supposed to be I could just puke.
And if you dig deeper the end of slavery was, depending on which country, for instance in the USA it was in 1865, and I think that was then when the heads of the great wealthiest fortunes planned the First World War to redesign a new world order of capitalism.
Interesting. Really got me thinking now..
minor correction, slavery never ended in the US. Lincoln's freeing of the slaves is a lie. Slavery wasnt abolished it was merely recontextualized into prisons, where it has been ongoing to this day. As Killer Mike said, "Free Labor is the cornerstone of US economics"
A lot of people believe the current system is cheaper and easier than slavery. You can be employed and paid at a fixed rate and a corporation can budget those expenses. Those expenses are tax free, only profit is taxed and they will find a work around for that. You will always pay your taxes so all of the benefits like roads, police, fire, etc, are paid by the middle and lower class. Slavery required that the slave owner provide accommodations, food, clothing even medical care which is all costly, unpredictable and not their businesses focus. Also slaves made no money so any taxes or dues to keep public infastructure working had to be paid by the people with actual money.
Remeber too that the low and middle class spend ALL of their money. So one way or another all the wages you earn return to the rich!
I've always said that we have the money to make everything work for the most people, we just misuse it. Instead of re-evaluating our budget and increasing equity, the evil brilliance of industry and economic policy is convincing us, the public at large, that this austerity is for our own good and survival when it's the very thing that's most driving us apart and into extremes.
When one is convinced that one's personal well being is inextricably bound to the success of one economic model to the exclusion of all others, one will fight tooth and nail to preserve it no matter how poorly one is treated under that model. As an American who was fortunate enough to spend a decade abroad, I've realized how much of my country's perspective is driven by the lack of knowledge and experience of other country's systems that actually work. Without exposure to these other models, it's easy to conclude one's own way is the only "natural" way to do things. No place or practice is perfect but not being able to really see the alternatives means you have nothing by which to truly compare.
@@mikemcaulay9507 I'm an immigrant. Spent my first 25 years abroad and honestly I couldn't agree more. 👏
Maybe we all get the economic system we deserve. Maybe we like to wallow in the mire of ignorance. Just sayin.
@@zdave6083 I grew up very conservative and one of the things I found that makes this so difficult is the lack of exposure. I was sheltered like many not to mention the way the media tends to tell us only one really works. I guess what I'm saying is there are a lot of people who don't know any better and haven't been reasonably exposed to other ideas. I think one of the main reasons I got out of that mindset was living outside the US for a number of years. That, and I've always been curious and loved science. That was the door I walked through to get it. Most people don't have those things. At least not in my experience within conservative circles. There are those who are aggressive in their defense of ignorance but there are also a lot who just haven't been able to overcome the propaganda of their youth. But for the grace of God go I, and all of that.
@@mikemcaulay9507"there but for the grace of God and all that." How bout none of that? More " scientific " don't you think?
Austerity is just balancing your account of income and expenses
Problem is govts have become addicted to spending and giving away "free" stuff to their supporters to buy votes
That is an accurate observation.
@Tight n Nerdy that is extremely short sighted, and ultimately wrong. Government "investment" in anything is a waste of other people's money in things no one needs. For a short time it seem to make the economy prosper, but it does by driving up debt, inflation and taxes. It is basically like someone trying to live a lavish lifestyle by spending borrowed money. It collapses at some point. The problem is that it takes longer for a country like the US to collapse that the 8 years of some democrat president. Then some other guy comes in from the republican party and he tries to fix all the damage, then you blame him for the austerity.
Look at Argentina and you will see what an unrelenting ideology like yours can do to a country. From highest GDP per Capita in the world to this pile of crap we have today. That is what government spending does to a country.
@Tight n Nerdy 90% rate that no one paid. You are deluded and ignorant of history. Rich people in the 50s effectively paid less taxes than they do today.
You are the one brainwashed by concepts contrary to basic maths.
Taxing the rich is a trope for the economically ignorant. It sounds nice for a socialist, but every time it is done the results are terrible. Argentina is seeing this first hand now. France tried it with Hollande, and gave up. Rich people will just leave if conditions are unfavorable to them, and they take with them all the money, entrepreneurship, investment and job opportunities. You raise taxes on the rich and the tax revenue goes down. I don't expect you to understand these obvious things, but this is the reality.
@Tight n Nerdy I don't watch Fox News or any other thing from your country. I would figure I have read many more books than you. Your misplaced pride is typical. Classic Dunning-Kruger.
Keep up those beliefs, the consequences will serve you well.
This book sounds amazing. I'm looking forward to reading it.
We never did get to the bottom of 2008.
Something this big must mean something is fundamentally wrong, and it is, at the lowest level, a general confusion over money and wealth.
There is no real understanding of the monetary system, and how private banks create the money supply.
Austerity is often the wrong answer.
The IMF predicted Greek GDP would have recovered by 2015 with austerity.
By 2015 Greek GDP was down 27% and still falling.
The money supply ≈ public debt + private debt
The “private debt” component was going down with deleveraging from a debt fuelled boom. The Troika then wrecked the Greek economy by cutting the “public debt” component and pushed the economy into debt deflation (a shrinking money supply).
Greece was pushed into a Great Depression type event by the Troika.
@@ThomasVWorm The banking and monetary systems do seem to be a complete mystery to mainstream economists.
@@ThomasVWorm You might like this.
czcams.com/video/uelfbu4EcH0/video.html
Mark Blyth - The Liberalism Scam
Brilliant argument. You've blown my mind. It seems so obvious in hindsight, but I didn't realize what a stabilizing force to maintaining capitalism austerity was.
I hope you realize that she's not saying austerity is good, nor that capitalism is the ultimate answer to economy.
There is no capitalism, if the Government prints money to keep companies alive. You guys slow or what?
Uh, it's been the single biggest destabilizing agent of capitalism. Keeping labor well compensated and happy is what created the American golden age. it's the reason we didn't slide into fascism like the rest of the world did. Boomers, while working entry level jobs that "don't deserve money" controlled more than triple the total economic pie that the millennial generation did on their entry into the work force. When more people have more money to spend, the more opportunities there are for capitalists to capitalize on. Social or government spending, or recognizing the value of labor in society, are all not communism.
Summary of austerity: the “many” (99%) tighten their belts so the “few” (1%) don’t have to tighten theirs.
Ty! Book ordered!
Wow, that was...fantastic, and so well said. There is a lot to be unpacked from these topics and she managed to explain the gist of these complex ideas very well in a fairly short video. I can't wait to read this book!
Unfortunately I am a subhuman Ape who deserves to be exterminated immediately.
0
I think I get the gist, but 'well said'? I think she's a terrible communicator. She should practice a little austerity with her run-on sentences and oVER emPHASizing.
Totally agree! She is incredibly articulate, shows a deep knowledge and understanding of her subject, and gave a master class in unpacking an extremely complex subject logically and understandably, so that someone like myself, who is by no means an economist, was able to easily follow along and understand her argument. Can’t wait to read the book!
Well said maybe ,but she doesn't know what he's talking about! Can't believe she is a teacher! Laura , you look like you want to learn about this. Before this video I never heard of this miss, and actually what made me write was my shock . I am not an academic,but I do know a fair bunch on economics in general.
to show you the claptrap:
1) Clara Mattei makes much of the role of the expert as non-classist technocrat coming with "neutral" advice. Yet, in a planned economy, the expert is suddenly the hero working to achieve a better society seeing through "bourgeois" bias (there is no marxis bias apparently).
2) And as regards the paving the way for fascism: in that political philosophy there is in the end no objectivity and expert knowledge, as political will takes primary place (hence the autocrat can instruct companies and armies and artists and ....)
No.
@@reesetorwad8346 you don’t know how to read?
You don’t understand basic conversation?
Can you tie your shoes on your own?
Still thinking of the questions you must be answering with these comments.
Wow - I wish everyone could hear and understand the importance of this analysis and see where the world is going. This doesn't end well for humanity as a whole.
yup. if we keep prioritizing profit over need, how will we ever solve global warming? the United Nations tried 3 times in 50 years and failed at each junction.
Tomas Sowell needed here.
Thank you for the work you do!
You are appreciated!
American individualism is especially oriented toward competition and selfishness. It has little to do with people being valued as individuals, and everything to do with dividing individuals against each other in a never ending competition and one-up-man-ship.
Is valuing people as individuals bad?
@@schwarzerritter5724 Selfish rugged individualism is not about valuing the individuality of others.
@@prschuster What is the difference?
Whatever it is, it's been very successful. I'm grateful for it.
No. America in the last 50 years is in decline of competitive private business economy.
Look at government participation in GDP.
The FED alone did all these corporate and banks bailouts.
Is that how enterpreneurship works?
This is so pertinent given the recent US railroad labor settlement in order to literally keep the wheels turning.
The problem I see is a lot of ppl getting mixed between productivity and austerity, if you want profits you look for productivity not for austerity.
WOW! She gave a blurb of this book so eloquently. Can't wait to read the book.
Agreed. I've never been so excited to read a book from an author like this!
Please present an audiobook with the author reading. I love her passion
Very interesting analysis. It ties in with what *Gary Stevenson* is saying (Gary's Economics - You Tube channel) and what *Naomi Klein,* and *Professor Richard Wolff* are all saying. I would say that Neoliberalism is a logical - albeit iniquitous development of the austerity agenda we see so clearly in countries such as the UK, the USA, India, France, The Philippines, etc.
Excited about this book!
Interesting title of your book. Love to know more about the results of research. 👏👍💪
I don't think the book includes any original empirical results. It's a theory.
The things you are saying, just wow. This is the first time any economist has ever made sense to me, congratulations.
That's maby because she is not an economist. She is philosopher sociologists
Try Thomas Sowell's Basic Economics.
Dividends are what got me into investing in the stock market. The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. Have over $600K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further.
As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. It's unnerving to see your portfolio go from green to red but as mentioned if you have invested in quality names just have to keep adding to them and stay the course.
@@TeresaBrickle I see any market condition as an opportunity. So far I've made north of $260k in raw profits from just Q3 of 2022 under the guidance of my Financial-Advisor "Cathy Louise Locke ". Am I selling? Absolutely not. I have purchased growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out.
@@Curbalnk WOW!! Please how can i reach this advisor of yours as i will be retiring soon?
@@velayuthman Look her up on the web as she is renowned and has an official webpage for consultations. Mind you, carry out your own DD to see if she's the right fit for your long-term goals. NOT FINANCIAL ADVICE!
Passive income is key. And do is generational wealth
She’s very knowledgable, love to hear it, will buy the book
Excellent video. That is the reason the Belfast pogroms of 1920 began in the shipyards. The wealthy shipyard owners broke the trade unions by dividing the working classes on sectarian lines. They feared the unity of the working class. They warned in the House of Commons of the dangers of what they termed 'Larkinism' - agitation by militant unskilled workers whose leader was Big Jim Larkin.
Marvelous! Thank you Clara, I'm looking forward to ordering your book.
Great talk, Thank you.
Coherent and exceptional. Good talk.
This was fantastic thank you for your hard work!
When economists began to be treated like gurus who had the answer to everything, unscrupulously greedy businesses and crooked politicians ran away with it.
The rich always need the poor to frighten and keep docile the working and middle classes. Also full employment brings strong worker rights and wage inflation. The poor have their uses.
I remember a Norwegian colleague saying to me when she came to work in our London office "Why do you have people sleeping on the streets in a country like the UK?" I didnt know what to say. Now I would know what to reply " Because it is a political choice and the UK Population seem to tolerate it".
I watched this video one year ago and it saved me from the alt-right pipeline descent into Daily Wire and Neoliberal BS. My country's economy suffered a lot after the government cut healthcare, education, and infrastructure investment. Thankfully we are changing course and the economy AND people's welfare are both improving.
The hard thing about economic theory is that it is trying to make sense of human financial behavior in a generalized form. I think there are some valid points brought up here, but personally I believe that no matter what system you have it boils down to individual behavior, morals, and group trust. You can have bad and good actors in each system as is obvious. I can completely imagine a company going through a difficult time, and a noble leader who has earned the trust of his/her team asking everyone to pull harder and survive with less to get to a specified goal. This might be defined as austerity. If the leader gives honest metrics and has a real plan showing by what metrics and defined goals to achieve more success again it can be legitimate. It does no one any good to attack the plan just for accusing the leader of trying to take power away from the worker because the plan involves tightening belts. She seems to be saying all austerity is for that nefarious purpose. But to be clear it should be everyone tightening belts including or especiallythe leaders. If there is substantive criticism of the plan itself on how it will actually achieve the stated goal then an open discussion and defense should be provided. Situations like this do happen. At the same time, yes I see it is true that selfish and greedy leaders will use the notion of austerity to make everyone else suffer and do with less so that they can have more. How do you tell the difference? Usually the ones bellowing the loudest about how they care the most but refuse to allow diversity of thought are the most dangerous. The ones who attack substantive criticism to their plans as dangerous and immoral who refuse to provide discussion or defense of their plans or adjustments to their plans because they believe they know best. Do you really think that in a socialist or Marxist system selfish and greedy leaders have less opportunity to steal? Don't those systems actually perpetuate and encourage the development of leadership who can refuse to hear opposition and behave badly while shielding themselves with theoretical and moralistic language?
'no matter what system you have it boils down to individual behavior, morals, and group trust'. Yes, Stephanie, that's right. The author of the book wraps her theories around social class, but the abuses of wealth also involve morality and the false idolization of markets as an expression of freedom, when they should only be a means to a practical end. Economics, morals and political philosophy are all intertwined in real life, and yes, extreme socialist systems with highly centralised power are open to the Putins of our world. I am deeply disappointed that in Russia, the Orthodox Church has been conned by Putin's version of history and has lain down to him. Equally, I am disappointed that the Pope and other Christian leaders, such as the Archbishop of Canterbury or his US equivalents have not attempted to apply pressure to the Orthodox leaders. Enjoyed your post.
I didn’t make it all the way through your comment because it was one long paragraph.
She's indeed a collectivist who is pretending to be an economist
@@sammckinstry The State is a false idol, not the market.
@@hklinker You dont do well with books do you? 1 paragraph, 17 sentences. 371 words. I'm sure such a paragraph falls below 12th grade comprehension.
Brilliant explanation! Thank you for this great work 🙏🏼
It was indeed very good
Just compare her brilliance to clowns like Trump, MTG and Lauren Boebert.
You mean stupid work?
Thank you for your work it's absolutely necessary to understand and promote a different system that works for the 80% of people world wide.
Tell us, when you found it ..
Wonderfully explained.
It really pisses me off when I hear people blaming workers wanting better pay for inflation!!! It certainly is a component but wages have been stagnate for way too long and corporate profits and administrative salaries play a much bigger role.
Agreed. Mick Lynch recently gave a great explanation of this to one of the select committees.
Because inflation does not trickle down as socialists promised.
Money should be taken from hands of government and central banks. They failed us.
It's not a component, not once in us history did employer pay influence inflation, not once in all of us history
I can't help but underline the linguistic register used by our brilliant teacher in this case which I would describe as pure international English without americanisms or anglicismes of any short. Great work.
Her English is superior.
That's called an accent
She sounds like a Quebecor.
Umm..kinda coming off as grammar snob. Just sayin.
Wouldn't a "pure" international English have some of its own pecularities though? (Like how she pronounces Chicago "Tchicago" instead of "Sheh-cago")
Thank you Prof.
I will share it between frinds!
Thanks!
As a graduate of the New School I am proud of you. The New School remains on the ramparts of Political Economy! Well done!
The divide is too extreme between the everyday, average person in society. There are casual relationships between workers which must exist-- at least on some minimal level where they are in direct contact with each other in spite of racial, ethnic and income differences.
The crowd who spouts off about these issues relentlessly, like this woman here, wouldn't be caught dead within reach of even middle class blacks or poor hispanics and whites unless she's elevated above them on some socio economic level as some aid worker or to bestow some charity upon them but never as a peer-- never an equal.
The assumption of racial and class superiority amongst these liberal elitist types preaching all this big talk is far too ingrained in their heads and they will never see untermenschen like myself as fully human.
@@AlexGarcia-ze4yg You think a researcher qualifies as an elitist? That the problem. We have lost sense of what an elitist is. We think elitism belongs to a political party or side. Have you ever been around rich conservatives? The ones that pass on boring businesses to their children, buy their children homes, send their kids to the best schools in their area, and will tell you to your face that the problem with poor people is that they just don’t work hard enough? These people all vote Republican. The air of racial and class superiority is even more entrenched on the other side. In the US, if a millionaire drives a truck and supports right wing causes, we think he’s down with the common man. People wouldn’t call him an elitist even if he is in a much higher economic level and looks down on the low income classes when no one is around. That’s how in the US, at least, we ended up with Trump.
@@AlexGarcia-ze4yg who do you know this about her?
@@free22 The point being that there is a strong line of hypocrisy in these snobbish circles of people who constantly talk a liberal-open mindedness game to present a moral face to the world and to divert attention away from themselves as they gentrify communities, gate themselves off primarily from people of color in urban spaces, limit their actual social contact with the poor and the black until their neighborhoods resemble gated, miniature Apartheid encampments throughout the big cities in America.
This bitch would clutch her pearls if I so much as stepped into an elevator with her or she spotted me in her parking garage even if I'm dressed like Steve Urkel.
@@free22 You MFs are just as racist and hateful as the so called "rednecks" you criticize. Only they don't call cops when my black ass walks into their bars and coffee shops. All this "open minded" jibberish is just a smoke screen for an unrequited superiority complex which the actual ruling elite denies you access from being able to live out in reality.
Just go away.
So the idea is that austerity is secretly preserving the use of money as a medium of exchange between independent parties, and the ability for individuals to build their own products and services that they then own?
I always thought of austerity as the ultimate price paid by the voter for asking for things that destroy capitalism.
Brilliantly explained. Such an important concept that is usually obscured by smoke screens of double talk or nationalism or scape goating.
As a Brazilian, I witness my country increasing government spending on non-essential areas year after year. There is a lot of corruption behind the scenes, tax incentives for friends of the rulers, impediment of foreign companies to compete in the national market and defend the national industry even today we pay 50%+ of import taxes and 34% in the consumption tax of 100 % of products traded nationally, which ends up preventing the industrialization of the country along with our labor laws that generate the most number in % of labor lawsuits in the world, and this has a cost. The speech of first world scholars as in the video above is very beautiful, for underdeveloped countries like Brazil to show this type of video wins the support of 50% of the population, just the poorest who have never run a business and paid the taxes within the law . Today, we have over 90% of the annual budget locked in with old laws and expenses that do not generate returns for the population, and there is only close to 7% of the budget left for the Government to invest, with Bolsonaro being the only president to reduce the public machine since redemocratization to the end of the 80's. With the entry of Lula now, there will be no fiscal austerity, because he has the same opinion as the woman in the video, follow how our economy will be, how Argentina's is going and decide for yourself if austerity should be an obligation of those who do not know how to make an account, as is the case of the Government of South American countries such as these two. Personally, I have always only gathered dollars and bitcoin hoping my country will not have austerity, printing money year after year through the printing of public bonds paying today around 18% per year in Brazilian real and I can say that I am the richest in my social circle , family, and local in the city where I live and hearing everything said in the video makes me sick, since I live around misery, but having the contrary belief of the majority of the population and my Government. I advise you to visit a favela around here, if you still have doubts about the disgrace that public accounts without austerity, which generates a lack of focus on what is really essential, and prevents the country from growing since dollars do not enter the country through investments, for the first time in the last 4 years we had austerity through the Minister of Economy Paulo Guedes (Liberal graduated from the Chicago School) and made us the strongest currency of the year 2022 until the election where his candidate lost and the dollar already started to shoot in just 1 month after the election, and he hasn't even taken office yet. You who live in the first world need to get out of your box and start traveling the world to see how local problems are, and stop talking so much nonsense, I got really sick watching and couldn't even finish.
Every time I hear these marxists I have the sense that all they do is a lot of cherry picking and then they create a story that fits their narrative while in reality things are much more complicated, like you said the examples of socialism (the attempt of it or whatever the name you wanna call it) and fiscal irresponsability here in South America are atrocious.
Cattle
Você só esqueceu que no últimos seis meses seus lindos liberais paulo guedes e Bolsonaro rasgaram a cartilha de austeridade e queimaram o orçamento público e estouraram o teto de gasto em quase R$ 800 Bi, na tentativa de se reeleger.
Inclusive tivemos alguns exemplos de liberalismo econômico no combate ao desmatamento com Sales sendo pego no maior roubo de madeira ilegal da história.
Ou Milton Ribeiro negociando construção de escolas em troca de barras de ouro.
Em suma. Perdeu mané, não amola.
@@suleymangabriel5250 Esse papinho só cola com petista, já que não sabem somar nem analisar dados públicos e ficam tentando justificar as falas de um ladrão analfabeto condenado em todas instancias . Já saí do país financeiramente dia 30 junto com 134 clientes, difícil vai ser gastar esse tanto de bitcoin nessa roça agora, a Trezor ta até pesada :p
Parabéns pra você, só deveria saber a esta altura que todo liberal e self made man brasileiro adora uma mamata na teta do estado, são raríssimas excessões. O que não cola é o papo de neo liberal da boca pra fora.
How long can war economies persist, and how long can they persist without the perception of an existential threat?
I too was thinking along these lines. Unfortunately, from the little I understand, the great concern over capitalism's ability to support the great war, was replaced by the realisation that the war was incredibly good for business.
We now have huge corporations whose business models are not only based on war, but now also illness and infectious disease.
Bailing out the banks due to them being "too big to fail" has given terrible incentives for financial risk of economic disaster too.
I see these as problems of monopolies and corruption rather than being of capitalism per sé though. Does that make sense? 🤔
🙏🙏🙏
@@gnoelalexmay The phenomena you perceive seem indisputable. The speculation you present in your last paragraph is sensible. I guess neither of us knows whether this speculation is definitive.
@@midlander8186 Thanks for the reply.
With these observations, I'd say the last thing we should even entertain is a technocracy built around the 'experts' we've experienced in recent years.
It hard coded in our brains because acting like that in a tribe or village would of gotten you exiled or killed. Imagine being in a tribe picking all the berries then denying others the right to pick and forcing them to give you something to get berries.
Great lecture! This neo-classical, marginalist economist enjoyed Clara's perspective on austerity. I too took it as part of the natural order and not as a social construct. Very interesting ideas.
Maybe it’s time to drop neo-classicism then. It’s never too late to make peace with old Marx
this amateur history buff understood all of this when I read Marx in junior high school
It is insane that anyone's brain could accept it as natural order. I was 18 when I figured out it was obviously not - I dropped out of economics and I don't regret it. Shady stuff this society is built on. Even shadier reason for it.
Wym natural order? nature is not this ugly, stop making things up. This was mainly about the flawed nature of capitalism
Is there any plan in motion to translate Mattel's book into Portuguese? (Brazil)
Wow, absolutely amazing, think I'm in love. Such a passionate and intelligent dissection of austerity, I wish I could upvote this multiple times tbh.