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Mark Blyth probably explains this better than anyone here will: https://www.youtube.com/watch?v=JQuHSQXxsjM
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Jul 17, 2015 09:07
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Pohl posted:I was going to watch about 5 minutes of that and ended up watching the whole thing because it was great. Yeah, it really is very good. He does an amazing job of synthesizing the philosophy and reality.
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Jul 17, 2015 15:23
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Blowdryer posted:Does anyone have links to/know of any economic experts critiques of austerity? Literally three posts above. A big YouTube.
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Jul 17, 2015 15:35
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wateroverfire posted:Austerity in an economy that's going through some rough times but otherwise is structurally fine, sure. That's because that bottomless pit isn't in Greece. 90% of that 'bailout' went to recapitalising banks and fiscal institutions (ECB, IMF etc). There's no such thing as 'bringing spending into balance' when all your spending is to creditors who insist, on pain of economic death, on being made whole. Unless the entire 100% of Greek GDP (including profits, pensions, personal income, EVERYTHING) is used to service loans it will just go from bad to worse. The reason they have to come back for more and more is because what's being forced down their throat, austerity, is exactly the thing that prevents the economy from growing and 'genuinely' reducing the debt load. As it's been called before ITT; this is the austerity death spiral.
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Jul 17, 2015 16:44
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ColoradoCleric posted:Seems like there is several types of austerity going on here, the low taxes and low public spending in America, the privatization in the U.K., and the restructuring of Greece's debt. America's not doing austerity, never has. Their problem is that their tax rates are far too low.
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Jul 17, 2015 17:02
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IAMNOTADOCTOR posted:Good post, thank you. I think it is necessary for everyone to keep in mind that austerity in the most recent European scenarios is not primarily meant to increase the GDP, but to prevent a sovereign default. And in both cases it is a spectacular failure. Remember that Greece already had 2 very big rounds of austerity politics - how did that work out for them, either in terms of GDP or preventing a sovereign default?
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Jul 19, 2015 09:17
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asdf32 posted:Austerity prior to the debt crisis would have prevented the debt crisis. No it wouldn't have. Austerity only works if it's executed by a bunch of unicorns with MBAs.
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Jul 24, 2015 12:46
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asdf32 posted:How do you think most countries avoid debt crisis? By not doing austerity? Or are we going into the household finances = state finances thing?
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Jul 24, 2015 14:46
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With the exception of the Michael Foot vid, this page has been utter dross thanks to the above slapfight.
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Jul 26, 2015 18:04
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ColoradoCleric posted:I wonder what Greece would have had to do to rack up so much debt where this even becomes an issue. Ah yes, I completely forgot about the sound economic concept of original sin.
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Jul 30, 2015 09:32
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