Are Plutocrats Sacrificing Financial Gains for Political Interests?

Is austerity in the financial interest of global plutocrats? This is hard to square with the fact that austerity pushes down real returns on financial assets owned by the plutocrats. Why then is there a consensus in plutocratic circles for balanced budgets in the midst of slowdowns and recessions?

Let us begin by debunking some voodoo economics. First, t…