Friday, October 22, 2010

The banks are to blame – Krugman agrees with me

British Fashion Victims

Over-reliance on the financial industry largely explains why Britain, which came into the crisis with relatively low public debt, has seen its budget deficit soar to 11 percent of G.D.P.

Posted by devo @ 08:39 PM (2167 views)
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15 thoughts on “The banks are to blame – Krugman agrees with me

  • Alternatively, you could blame some woman in a pub.

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  • “there has been a noticeable change in the rhetoric of the government of Prime Minister David Cameron over the past few weeks — a shift from hope to fear.”

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  • “What happens now? Maybe Britain will get lucky, and something will come along to rescue the economy. But the best guess is that Britain in 2011 will look like Britain in 1931, or the United States in 1937, or Japan in 1997. That is, premature fiscal austerity will lead to a renewed economic slump.”

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  • The trouble with Krugman is he writes some book called ‘The Return of Depression Economics’ eight years before the surprise of the 2007, wins a Nobel Prize for economics, and now thinks that he can tell George Osborne that he’s running the risk of screwing up our economy just by sacking half a million people and paying them dole money and raising taxes – the man is clearly an idiot who got lucky.
    Just one look at Georges wonderfully expressive face assuages any doubts that our great British Public have about the purity of his intent, or the efficacy of his final solution in resolving the drain on our limited resources. The disabled will thank him as they read classic novels on their 1 and a half hour journey to their McJobs, and poor people will discover the drive and inventiveness of entrepreneurs such as the magnificent bankers and estate agents. Then we’ll see how clever Krugman is.

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  • “the surprise of the 2007”

    What surprise?

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  • How will we get out of this?
    Tell Sid he’s got atax rebate coming May 2015

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  • 5. devo said…

    “the surprise of the 2007”

    What surprise?

    This surprise

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  • 6. braindeed said… How will we get out of this?

    Nationalise all UK banks on Monday. Problem solved.

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  • The 2012 olympics will save us.

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  • 2012 is a LONG way away.

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  • Butn the clocks, Devo

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  • @braindeed

    Nice track 🙂

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  • the number cruncher says:

    Nice one braindeed, I think this track by Freeland is one more for HPCers

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  • It’s time to leave the country. Except that there seems to be the same neo-liberal poison screwing things up everywhere.
    Can anyone think of a decent destination?
    N

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  • nickb:”Can anyone think of a decent destination?”

    Sweden? Bit chilly though.

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