Monday, February 2, 2009

Willem Buiter article

YES WE CAN!! have a global depression if we really continue to work at it…

We can go down in history as the generation that created the Great Depression of the Noughties. Just keep on beating the protectionist drums. Keep on the footdragging that prevents effective qualitative and quantitative monetary policy easing in the Eurozone and the UK. And go ahead with unsustainable fiscal stimuli in the US, the UK and elsewhere that will spook markets, push up long-term interest rates and raise the spectre of sovereign default by countries not belonging to the group of usual suspects. Yes we can! I hope we won’t.

Posted by gardeniadotnet @ 07:40 AM (764 views)
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4 thoughts on “Willem Buiter article

  • I lost interest 3/4 of the way through. He seems to be deeply ingratiated with the technical minutae of central bank measures.

    Cynicus Economicus seems to be much better at outlining what might and might not work, without the jargon.

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  • Eternal Sceptic says:

    Not a question of we can have a global depression, it is a reality that we have a global depression. What is worse is that there would appear to be no blueprint for fighting our way out of it, despite the posturing of flash gordo.Furthermore, the pathetic statements by mandellson and gordo on the situation at the total refinery would seem designed to enrage the average worker and to bring the entire country out on indefinite strikes.Are the two of them attempting to bring the country to a state of anarchy, so they can walk away and say ‘not my fault’?

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  • Protection isn’t an ism. We need protection from government debasing currency, from competitive devaluation stealing our productive capacity, from practices that discriminate against British workers. Its our only hope.

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  • One always has the impression from articles of this sort of self-interest, or at least the interests of a fairly narrow group of people, of which – going by the list of advisory positions, some no doubt well remunerated – he appears to be a member. In general protectionism worsens economic productivity overall, but since the benefits of globalisation have gone predominantly to holders of capital, notably the bankers (spit on floor), I can see why workers are unimpressed by these arguments. They no doubt feel that protectionism is in their better interests, and they may well be right.

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