Saturday, May 12, 2012
Do we really believe these politicians?
Broken banking system is keeping growth at bay
"In reality, though, "growth versus austerity" is a false and dangerous dichotomy, a misleading policy choice that has been formulated and fed to electorates in Britain and elsewhere by opportunistic politicians and their pet intellectuals".
Posted by alan @ 09:29 PM (2869 views)
13 thoughts on “Do we really believe these politicians?”
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miken says:
>Last weekend’s election results in France and Greece, we’re told, show that eurozone voters want “growth, not austerity”. In the UK, too, the >deficit-cutting coalition Government is being widely castigated for “lacking a growth policy”.
Hollande is France’s Obama. Someone who is clueless about the way free markets work and who will keep spending regardless.
stillthinking says:
When Spanish gov. bonds collapsed, the Spanish banks took further losses.. I have a feeling that there is nothing good in the wings for the UK banking system.
Also I don’t feel that austerity is avoidable anyway, Halligan just introduces another false dichotomy. To clear up the banks means accepting and writing off the losses, losses -are- austerity thats the whole point. You can only shift them about.
sneaker says:
The idea that we are all spoon-fed is that the government controls the economy and indeed all aspects of life it chooses to address.
He reality is it absolutely does not. First of all, government spending as a proportion of GDP is not 100% – although it is over 50% in some countries. The rest of the 100% is beyond explicit govt control. Whatever black economy there is is of course out of government control but in many countries the only way to make an income – demonstrating that the government-controlled part of the economy has failed such people.
Secondly, government policies and spending programmes are often demonstrably counterproductive or even the cause of a future problem. The Savings & Loan crisis of 20 years ago led to huge bailouts and then policy on both sides of the political spectrum stoked the housing and credit boom, in the name of giving the poor access to houses. And we all know where that ended up: where we are now with property prices unaffordable and a classic credit bust.
So this idea that government spending produces “good” growth and that governments only do good is something that is demonstrably false and we really need to ask ourselves why public debate hinges on this unspoken and false set of assumptions.
nomad says:
Was this site hacked into yesterday?
I had a look last evening and the New Blog section was empty except for the line “No articles was added” or words to that effect, complete with bad grammar. Also all historical articles were obliterated. Today there are only two blogs featured and the history remains bare.
Are hackers house price bulls?
little professor says:
Not hacked, just a technical snafu. All the news blog articles from 2005-april 2012 are gone. Fubra are working on it.
ant says:
“Broken banking system is keeping growth at bay”, sorry, it is a bit frustrating, but is it not something glaringly obvious for the last three years. Revisit Pytel’s “The largest heist in history”: http://gregpytel.blogspot.co.uk/2009/04/largest-heist-in-history.html – or more recent “Economy: what a beautiful catastrophe”: http://gregpytel.blogspot.co.uk/2011/12/economy-what-beautiful-catastrophe.html It is just all too obvious.
libertas says:
The banking system is only broken because Government became lawless and refused to allow bancruptcy laws to occur, thus transferring risk and liabilities from those who screwed up, to the tax payer at large. This lawlessness and failure to trust free market economics, resorting instead to Marxism and Keynsianism is what has caused the banking system to malfunction, because failure has been rewarded and risk is no longer properly reflected in the system.
paranoia blue says:
Greg, please get somebody to proofread your website contributions: the syntax; grammar; and even spelling, is absolutely appalling, in most of your articles.
It really does cause a major distraction to the content, that is often quite astute.
techieman says:
LProf – any chance of them getting anything back? First we lost all comments on articles per Feb this year, now we have lost more or less all articles and their comments full stop. What is the sense in posting to a blog when posts dissapear into the ether ? Mods??
stillthinking says:
I don’t think there are any mods, just the owner. Also you can pull back, or you used to be able to, previous posts by just searching on your username and whatever you remember from the topic in google.
What I find a bit annoying sometimes, is that sometimes an interesting thread falls off the bottom due to new article links being posted. So it would be better to keep articles posted for 2 days, not a fixed number.
techieman says:
ST yes re the Google thing, but then when u click on the link to it, it says “article not found”. We are talking re 2 different things, if the posted articles fall off the bottom you can easily see them by using “week” or “archive”, and still read them… now you cant!
sibley's b'stard child says:
On the plus side Techie it will now enable convenient revisionism….
techieman says:
Sibs – obviously took a while to load the back-up tape but seems thats now been done. Cheers to all.