Global Financial Crisis (19 Viewers)

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Dostoevsky

Dostoevsky

Tzu
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Thread Starter #302
May 27, 2007
88,993
  • Thread Starter
    • Thread Starter #302
    And just as the Keynesians were wrong three decades ago, they are wrong now. The UK has been in Keynes overdrive for the past 18 months. The budget deficit is already more than 12% of gross domestic product. The British deficit is widening. Figures for January showed another fiscal blowout. At the same time, interest rates have been slashed to 0.5%.
     
    IrishZebra

    IrishZebra

    Western Imperialist
    #305
    Jun 18, 2006
    23,327
    #305
    We're talking about the Us :p

    BTW it's crooked Finnancial Regulators that crash the irish market not their existence in the first place, our Debt is big because lending was irresponsible not because of regulation itself.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #308
    Mar 16, 2004
    116,017
    #308
    IrishZebra said:
    Keynesian as in John Maynard Keynes, the government regulation Keynes?

    Are you contending the United State academic economics is not Neo-Liberal?
    Click to expand...
    Neoclassical synthesis is really what is considered present-day economics, which is a mix of Keynesian and neoclassical beliefs.

    If we had Neoliberalism in the United States we wouldn't have a Federal Reserve and massive government deficits. What is taught is that we need the government to step into the markets and spend heavily, ie Keynesian economics. And the theory is garbage, IMO.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #309
    Mar 16, 2004
    116,017
    #309
    Dooz said:
    And just as the Keynesians were wrong three decades ago, they are wrong now. The UK has been in Keynes overdrive for the past 18 months. The budget deficit is already more than 12% of gross domestic product. The British deficit is widening. Figures for January showed another fiscal blowout. At the same time, interest rates have been slashed to 0.5%.
    Click to expand...
    Keynesian economics end up destroying governments in the long run.
     
    IrishZebra

    IrishZebra

    Western Imperialist
    #311
    Jun 18, 2006
    23,327
    #311
    InsouciantTerrorist said:
    Neoclassical synthesis is really what is considered present-day economics, which is a mix of Keynesian and neoclassical beliefs.

    If we had Neoliberalism in the United States we wouldn't have a Federal Reserve and massive government deficits. What is taught is that we need the government to step into the markets and spend heavily, ie Keynesian economics. And the theory is garbage, IMO.
    Click to expand...
    I appologise, that is the opposite that I was taught by an American lecturer in economics.

    Anyway, the insanity of unfettered market reign still stands.
     
    IrishZebra

    IrishZebra

    Western Imperialist
    #315
    Jun 18, 2006
    23,327
    #315
    Eliminating it should be Economic priority number one, take care of abuse and properly regulate (put a communist as head of regulation, I'm serious), no point in build a new system when you know it'll be just as corrupt.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #316
    Mar 16, 2004
    116,017
    #316
    That's why I want government out. They are the instrument by which all this fraud is occurring. All of those banks should have failed but instead they remain marginally alive sucking the life blood out of the middle class.
     
    Enron

    Enron

    Tickle Me
    Moderator
    #317
    Oct 11, 2005
    75,661
    #317
    InsouciantTerrorist said:
    Austrian School. No Federal Reserve setting rates (or destroying the economy through perpetual inflation), have the government step out of the market, bring down deficits, et cetera.
    Click to expand...
    If the market is completely free to itself, won't that bring up some regulation issues?


    *i see it's been brought up.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #318
    Mar 16, 2004
    116,017
    #318
    Aaron said:
    If the market is completely free to itself, won't that bring up some regulation issues?
    Click to expand...
    I'm not against regulation to an extent, obviously. And we also have to express what sort of regulation we're talking about here. If it is supposed regulation like that of the Federal Reserve that caused the housing bubble and overall debasement of our currency over the past decades, then no thanks.

    A well-regulated market with transparency is the key IMO, as in shoving all the bad assets into a market to see what they're really worth. But instead the government allows banks to not only take taxpayer money to use in speculation, but also allows them to pull accounting fraud so that the shareholders (us) have no idea what they're doing.

    Such "regulation" hasn't worked at all, and never will, because it's fraudulent.
     
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