Friday, Jun 12, 2009
Follow up on Paul's earlier Post
Debtonation: The Global Financial Crisis: No, the recession is not over
I enjoyed reading Paul's post from 2003 by Ann Pettifor - what memories you all have - and found her current blog. Interestingly she sides with the public spenders, chastising the fiscal conservatives who will halt any tentative recovery with spending cuts. I'd like to hear more about how government spending "pays for itself". She particularly fears rising IR that will also stifle recovery.
Posted by nomad @ 09:39 AM (479 views) Add Comment
4 Comments
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1. Jayk said...
I'm sorry, we're supposed to take lectures and read criticism of bankers and economists from a woman who advised Red Ken and his corrupt socialist cronies in the GLC, then went on to provide political and, yes, economic advice to ..... wait for it ..... New Labour when it took power in 1997? And what newspaper does she write for? The New Labour Parish Gazette.
Talk about pots and kettles. Nearly as stupid as expecting us to click on a link to an article in the Express or Mail............
2. mountain goat said...
He is criticising fiscal conservatives. So he wants more government spending? I disagree. This guy, Doug Casey, understands - “The way a society, like an individual, becomes wealthy is by producing more than it consumes. In other words, by saving, not borrowing. But you don’t become wealthy by spending and consuming; you become wealthy by producing and saving. Inflation encourages people to borrow, because they expect to pay the debt off with cheaper dollars. It encourages people to mortgage their future. The basic economic fallacy in this is that a high level of consumption is good. Well, consumption is neither good nor bad. The problem is the emphasis on consumption financed by debt -- which leads to the national bankruptcy we’re facing. It’s much healthier to have an emphasis on production, financed by savings.”
3. mountain goat said...
Sorry author is a woman, should have written "she is criticising fiscal conservatives...
4. nomad said...
Thanks Jayk, that goes a long way to explaining the "government spending pays for itself" comment.