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Harry Sacks

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Posts posted by Harry Sacks

  1. 23 hours ago, Captain Kirk said:

    OK, but it's a bit far fetched to believe that people would be starving within days, rioting and raiding supermarkets, like a meltdown of the banking sector would have been akin to an asteroid or nuclear strike. That is the propaganda behind 2B2F.

    The banks should have most definitely have been allowed to fail. They may have to this time around, although now most of them have offloaded their fraudulent loans onto central banks. Criminals, the lot of them.

    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. 2 minutes ago, Si1 said:

    Complaining that austerity affects different people differently. But so does any economic policy. What's his point? And he ignores degree as well as detail. Which is funny considering he emphasises detail elsewhere in his anti statistical stance. And again generalising 'those at the top'. Who. Specifically? It's way more nuanced than that but he doesn't tell me much new. And misunderstanding one of Margaret Thatcher's most important statements, cryptic that it was but still English.

    And the Euro currency cage. The Greeks could still establish a Greek Euro currency free floating against the main euro. They'd be in trouble with Brussels for sure but it's not logically clear why it can't be done. Nuance - maybe it would cost more then leaving a gold standard by then again the eurozone is a deliberate economic cage compared to this. Just not for the simplistic reason he cites.

     

    I respect the fact that this is all debatable stuff. At the same time I can see why this guy's career is limited to academia.

    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. 6 minutes ago, Si1 said:

    Ok. As an example. The Bill Gates story. The mean average is a very crude statistical measure and in reality you'd try to characterise such a data set with a mix of statistical measures. A good statistician knows his data. And I'm not a statistician btw :)

     

    Of course this is a limited example and I'm demonstrating bad stats of my own by extrapolating this to my general view of professor Blythe. Can of worms.

    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. 2 hours ago, Bland Unsight said:

    Here's the thing. If you argue that you don't have austerity until the budget is balanced then sure, there's been no austerity but read something like The Secret Barrister and you'll see that if you allow that a policy of austerity has been enacted if public spending has been radically cut then it's clear that we have had (and continue to have) austerity.

    The argument that there's no austerity because the state's provision of services is still a significant part of GDP or because the tax base won't cover the expenses we do incur always rings a bit hollow with me.

    I think the underlying weakness of the 'this isn't real austerity' argument is that it both alludes to and ignores the obvious fact that austerity can be pursued aggressively or lackadaisically. I'm pretty sure that the people who were really relying on public services that have now been cut are not buying the "what austerity" banalities.

    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. 5 minutes ago, stuckmojo said:

    Quick reply. The article is one dimensional; it could be summarised with "tax rich *****" and all would be better off for it, with no 2008 crash either.  It also stupidly considers "all those at the top" as people whose assets were saved by state spending, which is obviously ********.

    yes, the banks were bailed out at huge cost to ALL, but the fabric of business and society wasn't. 

    If I were a teacher my 14 year old student's essay on this would get a B.

    ****** 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?

  6. "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

  7. 1 hour ago, ftb_fml said:

    “Were interest rates to return to pre-crisis levels or higher, which may prove necessary if there were a sharp fall in sterling after a General Election, for example, then house prices could fall by around 40 percent.”

    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.

  8. 11 hours ago, hurlerontheditch said:

     three-bedroom flat in Ealing that has been on the market since August 2016, for £1.2m (RightMove )

     

    its not even a modern apartment with a gym and pool, just half of a house!

     

    in Ealing!!

     

    the world has gone mad!

    I was in Ealing last weekend for the first time in over 20 years. Loads of charity shops, independent grocers and pigeon shit.

     

  9. 1 minute ago, Hullabaloo82 said:

    Not sure if twice the content but one of the benefits of the dark web is that there's certainly a lot of much better quality es around.  

    The free party/rave scene has also made a come back in a big way (albeit even more underground now owing to surveillance etc). 

    Problem is that clubbing is dying is on its **** thanks to a combination of, you guessed it, house prices (gentrification really), smoking ban (no more cheeky spliffs), anxiety about health and money but mainly an increasingly conservative outlook amongst the young.

    Where this myth about kids being overwhelmingly "pc snowflakes" comes from is beyond me. Look at stuff like the recent student racism issues at various universities or just read a 4chan messageboard for ******s sake. Being a racist is now a trendy, "edgy" thing to do.

    This kind of shit just did not exist when I was a "yoot" back in the late 90s/early 00s. Even the football hooligans in my town were into the rave scene (in fact they were pretty much the main instigators in our area). 

    I was 16 back in '88 when it all started. Casual violence was the dominant youth culture before Es came along.

  10. 21 hours ago, chronyx said:

    Why, was snapchat down?

    (Sorry can't take HuffPo seriously :lol:)

    How will they cope when they hit 30+, poor little lambs. 

    You're a working man, you can't tell me their problems don't sound laughable compared to running a business, complying with all regs and requirements, paying all the bills, etc etc.

    I don't understand it either. Apparently the ecstasy has twice the MDMA content of the early 90s.

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