Financial Times’ Hysterical Lies about the New Deal and FDR Aim To Stop Boris Johnson
July 8, 2020 (EIRNS)—Under the headline “Lessons for Today from FDR’s New Deal,” the FT issued a wild string of fantasy declarations today about the New Deal, clearly aimed at preventing British Prime Minister Boris Johnson from carrying out his announced turn to an FDR-style New Deal build up of infrastructure, re-industrialization, science centers, education and health facilities. They start by comparing Johnson’s clear intention to follow the FDR model to its opposite, the European Commission’s President Ursula von der Leyen’ genocidal “Green Deal.” They then drop a whopper, describing FDR’s policies during the Depression as having “helped birth modern macroeconomics through the scholarship of John Maynard Keynes and Milton Friedman.” FDR, of course, waged economic and political battle before, during and after the Depression with Keynes and those who would later be associated with the fascist libertarian Friedman. The FT warns: “We should be suspicious of modern-day politicians who lay claim to FDR’s mantle”—certainly referring directly to Lyndon LaRouche as well as Boris Johnson. They then declare that “some people” argue that Roosevelt’s New Deal was ultimately a failure, since his “fiscal stimulus did not work during the Depression,” because “FDR attempted to balance his program of spending with tax rises too soon, choking off the recovery.” But not to worry, the FT claims, because today “Public deficits have exploded across the world. Never before in peacetime have governments spent as much money without taxing as today.” Happy days are here again, it would seem, as long as Trump or Johnson don’t put on the brakes of the “floodgates” opened by the central banks, or raise taxes. The chief lesson from the 1930s, according to the FT, is not to reverse course too soon: “premature tax and interest rate increases will delay the recovery. If politicians want to demonstrate they truly are heirs to FDR, however, they must propose a new social contract, enact the legislation to enable it and build the institutions to sustain it. That, rather than half-baked analogies, would really be a modern-day New Deal.” That “new social contract” desired by the FT has been declared by the then-Bank of England Governor Mark Carney and just today by European Commission President Ursula von der Leyen as the “Green Deal”—deindustrialization, depopulation, and a New Dark Age, which FDR actually prevented.