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The Economist – “The magazine irrationalis”


I’m perplexed by the ideological coherence of this widely read -and
respected- magazine that preaches logic, rationalism and economic liberalism.

Not too long ago -one month- it was still preaching free market, no regulations, no intervention of the state and that the government should work only in those areas where it is not profitable for the private sector to operate.

This same magazine has always preached globalisation without regulations, without institutions responsible to monitor anything and has been actively campaigning against any political integration in Europe because that could “undermine” economic competitiveness in the continent…

For them, democracy is only valid as colonialist tool when the western countries intervene in countries such as Afghanistan and Iraq, but they will never advocate for democracy at supranational level, putting the economic powers under democratic scrutiny is “nonsense” according to the prestigious magazine.

The big laugh about all this comes in times of crisis like the times where we are now. The financial crisis has changed all the ideological rational of this very theoretical magazine: from asking the state to stay away from private sector is now applauding the big bailouts and nationalisation of private banks.

The time to privatise profits is over, now it is time to nationalise debts and make the people, the “consumers” as they call them, pay the price of private businesses mismanagements.

Now it is time to promote fiscal authority intervention, meaning the finances ministries will use taxpayer money to nationalise the banks. Beyond that they are proposing that it would be good to have the possibility to act as financial authority at European level, in other words, the need to collect
takes at European level and “de facto” launch an European economic policy which is something that they have always opposed based on ideological grants.

In a rational world, once this crisis is over, the magazine would learn from its mistakes and move to ask for a minimum regulation at supranational level on the financial markets and for the EU to have economic governance.

Unfortunately this magazine is as rational as human beings.

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