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Harry Sacks

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Everything posted by Harry Sacks

  1. No, I don't think that's too far fetched. seeing as the asset footprint of our top four banks was almost 400% of GDP at the time. When you factor in the results of studies that show less than 10% of our policy makers understand MMT, the decision was pretty much made for them. No one in charge could have come up with an alternative economic plan fast enough.
  2. He's not complaining, he's pointing out the fact. Yes, so does any policy that he could write a book about, this one is about, guess what? You clearly haven't read the book and your respose reflects that, almost to the point where I feel bad for eliciting, when it's clear you have no idea what you're talking about.
  3. I was hoping you would explain which principles you don't think he understand. The Bill Gates example ...............https://www.theguardian.com/commentisfree/2017/jan/10/blunt-heckler-economists-failing-us-booming-britain-gdp-london
  4. The wannabe bond market vigilantes don't like what he's saying because they've been listening to that broken record, about sovereign debt, the right wingnuts have been playing over the pond for decades. The same ones who have never heard of modern monetary theory, that were advising everyone to short Treasuries and go long on oil at $135 back in 07/08. Edit: Or, what he says is too complicated. It's easier to blame immigrants and poor people.
  5. ******ing hell, wow! You really believe that. So where do you keep the time machine? No, but austerity is the next best thing?
  6. You too? You'd have to be one or the other to not see the complete truth in that.
  7. ****** me, really? Tell us what would have happened to "business and society" if they weren't bailed? I take it you've read the entire book?
  8. "Austerity is, then, a dangerous idea because it ignores the externalities it generates, the impact of one person’s choices on another person’s choices, especially for societies with highly skewed income distributions. The decisions of those at the top on taxes, spending, and investment prior to 2008 created a giant liability in the form of a financial crisis and too big to fail and bail financial institutions that they expect everyone further down the income distribution to pay for. “We have spent too much” those at the top say, rather blithely ignoring the fact that this “spending” was the cost of saving their assets with the public purse. Meanwhile, those at the bottom are being told to “tighten their belts” by people who are wearing massively larger pants and who show little interest in contributing to the cleanup. In sum, when those at the bottom are expected to pay disproportionately for a problem created by those at the top, and when those at the top actively eschew any responsibility for that problem by blaming the state for their mistakes, not only will squeezing the bottom not produce enough revenue to fix things, it will produce an even more polarized and politicized society in which the conditions for a sustainable politics of dealing with more debt and less growth are undermined. Populism, nationalism, and calls for the return of “God and gold” in equal doses are what unequal austerity generates, and no one, not even those at the top, benefits. In such an unequal and austere world, those who start at the bottom of the income distribution will stay at the bottom, and without the possibility of progression, the “betterment of one’s condition” as Adam Smith put it, the only possible movement is a violent one. Despite what Mrs. Thatcher reportedly once said, not only is there something called society, we all live in it, rich and poor alike, for better and for worse." file:///C:/Users/Home/Downloads/Mark Blyth - Austerity- the History of a Dangerous Idea.pdf
  9. Here we go. I'm surprised the Guardian haven't included this in their daily Corbyn bashing. The centre of politics, that the MSM represents, is clearly rooted in neoliberal theory. We have seen that the establishment will do whatever it takes to protect capital returns, and have done since the late 70s.
  10. https://www.theguardian.com/business/2018/aug/29/one-in-three-chance-of-london-house-price-crash-says-expert-poll?CMP=fb_gu
  11. He gives the game away in the first few minutes with the joke about the cryogenic guy. It was himself and the people he represents (rent seekers) that were getting hammered by inflation, while debtors (boomers) never had it so good. Bankers love to blow smoke up their own arses, pretending that nothing would happen without capital.
  12. Modern monetary theory is the third rail of politics. There are so many action groups trying to address all the symptoms of privatised money creation. People are ignorant and deserve to be debt slaves.
  13. The argument about state benefits and who receives them is trivial compared to the absurd benefits granted to the banking industry.
  14. people like you have no understanding of what the economy is for or what money is.
  15. I was in Ealing last weekend for the first time in over 20 years. Loads of charity shops, independent grocers and pigeon shit.
  16. This won't be a surprise to many of you. However, the sums involved and alleged collusion are fairly shocking. https://www.youtube.com/watch?v=xlhdfpWMawU
  17. I was 16 back in '88 when it all started. Casual violence was the dominant youth culture before Es came along.
  18. I don't understand it either. Apparently the ecstasy has twice the MDMA content of the early 90s.
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