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IMF admits it got the effects of Austerity wrong

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Matt1970 said:
Spend, Print, Borrow, Repeat.
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"But, but, but... Krugman says we must, therefore we must! Krugman is respected by other establishment economists, so he must be correct in what he says! He's featured on TV all the time, and people who are on TV are smarter than everyone else! He's also in the New York Times! Big corporations who own Big Media news outlets never lie to us! Anybody who disagrees with Krugman is obviously in need of medication!

Excuse me while I go drink some fluoride and eat some high fructose corn syrup! The new episode of Jersey Shore is on!"
 
drebo said:
If you don't have any money, it's ALWAYS the time to stop spending money.
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why?? I was broke and I went to a car dealership and told the salesman I wanted that car.
He told me the price i said-- i am broke!! The salesman said OK -- take it home with you today -- tomorrow we will worry about who will pay for it!!
 
Throckmorton said:
Who gives a fuck? Money is imaginary. It only stands in for tangible things to make bartering easier, which you Ron Paul nerds have forgotten. What really matters is quality of life for real people, not some arcane economic theories.
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How long do you think you can have a high quality of life without producing tangible goods? How long do you think other people will trade their goods for your increasingly worthless IOUs?

I know, I know... who gives a fuck, right? Just as long as you get your quality of life right now, screw everyone else who has to pay for it later!

A lesson in Moron Economics 101.
 
"The IMF has admitted it completely underestimated the effects of austerity on the Irish economy and believed the tax increases and spending cuts would not have cost so many jobs."
No Shit.
 
Juror No. 8 said:
LOL. There isn't going to be an economic recovery, there's only going to the illusion of an economic recovery.

An economy based on borrowing and spending instead of real production is what got us into this predicament. Your solution is to do more of the same. You want more borrowing and spending based on the unsupported hope that there will be some mythical recovery.

LOL. All you can say to this kind of insanity is, "derpity derp derp".
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The only 'derpity derp' comes from you and your ilk.

It's really amazing that rightwing economists can turn their back on the idea of austerity when reality smacks them in the face and ti turns out austerity doesn't work, yet idiots such as yourself continue to cling onto the idea that Austerity would be a good idea RIGHT NOW. Stephen Colbert was right, reality does have a liberal bias.

Also, WWYBYWB?
 
brencat said:
Except... we NEVER do. NEVER. Because what will happen when someone says "now that the economy is humming, we have to raise taxes to pay for the debt we incurred during the recession," BOTH parties will say..."No way! You'll kill the recovery!"
Keynsian economics sounds great on paper, but ultimately fails because of the above... namely, that NO ONE ever wants to pay the piper. So we get stimulus spending paid for with borrowed money, which becomes the new baseline for all govt spending going forward into perpetuity, and no new revenue to pay for it.

Therefore, the only solution is not to do it.
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This.
 
brencat said:
Except... we NEVER do. NEVER. Because what will happen when someone says "now that the economy is humming, we have to raise taxes to pay for the debt we incurred during the recession," BOTH parties will say..."No way! You'll kill the recovery!"

Keynsian economics sounds great on paper, but ultimately fails because of the above... namely, that NO ONE ever wants to pay the piper. So we get stimulus spending paid for with borrowed money, which becomes the new baseline for all govt spending going forward into perpetuity, and no new revenue to pay for it.

Therefore, the only solution is not to do it.
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Except YOUR idea is FUCKING WORSE.

You want to not only crash the economy, you want to ALSO INCREASE THE DEBT. Guess what happens when jobs are lost due to austerity - there goes your tax base as well.

Why don't we hear from the right that we should do ONLY long term cuts while increasing short term spending? That's actually what democrats have proposed. But the GOP renegged (see my sig)
 
Throckmorton said:
Conservatives don't believe in macro economics. They believe government is like a family and should budget like a family. Of course they ignore the fact that families regularly go into debt because it will benefit them in the long term, like investing in a house or a college education.
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+1
 
Juror No. 8 said:
How long do you think you can have a high quality of life without producing tangible goods? How long do you think other people will trade their goods for your increasingly worthless IOUs?

I know, I know... who gives a fuck, right? Just as long as you get your quality of life right now, screw everyone else who has to pay for it later!

A lesson in Moron Economics 101.
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Pay who later?
 
buckshot24 said:
I don't trust anybody who can't look people in the eye. Every time I see him he's looking at the table when he speaks.
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Probably because deep down, he knows he's a court jester shilling for the ruling elites/international financial coterie.

A natural sociopath can look people in the eye when telling a lie. Krugman looks kind of nervous and bashful when he lies, so maybe there's at least a little humanity in him.
 
Phokus said:
Except YOUR idea is FUCKING WORSE.

You want to not only crash the economy, you want to ALSO INCREASE THE DEBT. Guess what happens when jobs are lost due to austerity - there goes your tax base as well.
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Take it down a notch. I've had it up to here with both parties and their holier than thou stances on 'no new taxes ever' (Repub) and 'more govt is the solution to our lives' (Dems).

I don't want to crash the economy. But how can that be avoided Phokus? We are nearing the point of no return. This debt is going to crush us if not dealt with and no one wants to deal with it for the reason in my first post in this thread... namely, people want free shit and don't want to ever pay for it. Just because you've jumped out the window of an 80 story skyscraper and haven't hit the ground yet doesn't mean everything is fine.

This is nothing new of course, but it has gotten worse in the last 20 years specifically as selfishness and apathy among the voting public has risen.

And Democrats have NOT proposed cutting long term spending. Because if they had, then serious cuts to Social Security and Medicare would be on the table and they are not. Ditto for the Repubs not wanting to take a serious bite out of the military budget. So instead of dealing with this, our politicians say "who cares, as long as I get my goodies, borrow the money!".

It's complete insanity what we are doing to ourselves in this country. But eventually, the debt has to be paid. Deflation... and yes, most likely Depression are the only cures to getting rid of this debt. There is simply no other way, barring a miracle or divine intervention where all of society suddenly decides at the same time they are willing to sacrifice now for the good of future generations. We haven't done it yet, and my bet is we won't ever do it.
 
Phokus said:
Just as the pro-austerity economists that advocated Austerity in the UK reversed stance, it looks like the IMF is admitting that Austerity is more destructive to Ireland than they had first admitted.

http://www.irishexaminer.com/archiv...-we-got-effect-of-austerity-wrong-210285.html

Maybe if these idiots would just listen to REAL economists like Paul Krugman, we wouldn't have these economic tragedies. Krugman correctly predicted these austerity measures would fail, that we're in a liquidity trap, and now is not the time to cut spending.

IDIOTS.

And now we have more retards in this country (lets call them, 'republicans') who want to try it out here in the US, even though it's failed time and time again. That's the definition of insanity.
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Wasn't it the IMF or some group of "real economists" that basically forced Ireland to bend over and take it up the rear for the banksters which is why they are in the position they are?
 
Throckmorton said:
We ARE the creditors. Lost buying power? Buying from whom?
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Are you talking about the fact that the Fed has been purchasing large quantities of US debt?

And you realize that we import a fuckload of stuff, even if internal inflation is kept at bay somehow all of that stuff we import will definitely be affected by any inflation.

ETA:

Also, you do realize that over the last 10ish years or so Americans, especially the middle class, have lost purchasing power because wages have been flat at best and inflation has not been.
 
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