There was one victory the neo-Confederate Republicans can claim that even the old Confederacy could not: the ability to shutdown the federal government, a symbol of their supreme distaste for both union and democracy.
If it were my decision, first I would try to talk Ben Bernanke out of leaving, since he is the closest thing to a "Depression scientist" that has ever been in the job.
Ideas and ideologies are rarely if ever free from class interests. If there ever were a controversy that validated the truth of that, the continuing "debate" over austerity fills the bill.
The austerity regimes imposed on the European working class have resulted in millions of working people rejecting the traditional mainstream capitalist parties .
Republicans are committed to the belief that the only way out of the economic crisis is through austerity for the people. Clearly many Democrats as well buy into this profits-before-people policy.
In 2010, economists Carmen Reinhart and Kenneth Rogoff (know in the econ trade as "R & R") released a paper, "Growth in a Time of Debt."
Victims of Margaret Thatcher's attacks in the 1980's against workers and their allies showed little sorrow. Celebrations actually happened in communities across the UK.
It's clear that the wealthy backers of the "tear down every advance for working people since the New Deal" crowd have lots of phony arguments about debt and austerity.
In the early aftermath of World War II, the Truman administration was hell bent on reversing U.S. foreign policy from wartime cooperation to unrestrained hostility.
The European Union's response to the economic chaos gripping the continent seems a combination of profound delusion, and what British a reporter called "sado-monetarism" -- endless cutbacks, savage austerity, and widespread layoffs.