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A Point of view: What would Keynes do?
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Prof Eman
Posted: 20 August 2012 19:58:54(UTC)
#52

Joined: 08/04/2010(UTC)
Posts: 480
Just had a look at - Chancellor George Osborne needs a radical rethink on policy, top economists say. 19/08/2012 - The Telegraph by Angela Monaghan no 9486463.
It seems just about everybody has changed their minds and are looking for a path to return to growth, except so far Mr Osborne.
Mr Darling included, and others, as well as 17 of the 20 economists who put us on the original road of austerity.
Signs of change around the corner?
Rather a Keynesian approach so it seems to me.
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Jeremy Bosk
Posted: 20 August 2012 22:27:53(UTC)
#53

Joined: 09/06/2010(UTC)
Posts: 1,316
Prof

The Germans are winning at the moment in terms of employment and living standards. But austerity and financial crisis caused by their policies are destroying Germany's markets. There will be lay offs in Germany soon enough - just about the time half the population of peripheral Europe arrives in the land of plenty looking for work but staying for the dole! What goes around comes around.

Graham

Most people have made a lifestyle choice to leave their brains permanently in bed. They decide to believe something without any evidence and continue to believe in it despite ever more evidence to the contrary. It is the same with economics, shares, football teams, political parties, religion...

Don't lose money in the stupid corner

What is your Financial IQ?

This is a most enjoyable and educational site:
The Psy-Fi Blog
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Prof Eman
Posted: 21 August 2012 21:48:27(UTC)
#54

Joined: 08/04/2010(UTC)
Posts: 480
Jeremy
Thank you for your last post. Very interesting.
Will have to read the Psi-Fy Blog again to digest it all
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Prof Eman
Posted: 22 August 2012 10:23:54(UTC)
#55

Joined: 08/04/2010(UTC)
Posts: 480
Dear all
Just had a look at citywire's Wednesday papers.
The Daily Telegraph (Comment) makes very interesting reading.
Unlike Team GB, the UK economy made no progress since 2008. Quite the reverse.
Should we be considering QEP and a UK version of TARP, to get things moving again?
Comments?
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Prof Eman
Posted: 22 August 2012 21:40:28(UTC)
#56

Joined: 08/04/2010(UTC)
Posts: 480
On USA
Someone I know has made the statement that in the US more people have been killed unlawfully under their gun laws, than under WMD in the rest of the world since the War.
Has anyone got any figures for comparison?
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Prof Eman
Posted: 23 August 2012 09:36:52(UTC)
#57

Joined: 08/04/2010(UTC)
Posts: 480
Just had a look at citywire Thursday papers under Business and Economics.
The Daily Telegraph article-British UK Govt quantitative programme risks becoming self-defeating by Kate Baker.
Very interesting. Under the article the comments of PayGuy are also worth a read.
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Jeremy Bosk
Posted: 23 August 2012 21:13:39(UTC)
#58

Joined: 09/06/2010(UTC)
Posts: 1,316
Prof

Ms Barker was objecting to the austerity measures of Osborne the Obtuse. These affect fiscal policy i.e. the cuts in government spending, reductions in benefits etcetera.

She is obviously correct in that waging economic war against the British people is likely to lessen growth, increase unemployment and the concomitant social security costs while simultaneously cutting tax receipts.

She said nothing about QE which is a Bank of England monetary policy aimed at lowering interest rates to encourage private sector investment.
Kate Barker on Austerity
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Prof Eman
Posted: 23 August 2012 21:30:04(UTC)
#59

Joined: 08/04/2010(UTC)
Posts: 480
Jeremy
There are several references to QE in the article, for example, her statement
"There is concern that more QE will not prove sufficient" etc
Also In the comments following the article there are numerous references to QE. I suggested to yourself and others to look at these, some are very enlightening. Personally I found the comments of Payguy, as for example the one labelled to-day at 02.51, interesting, which can be found on page 2 of comments.
He has made a number of comments which I think are very revealing.
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Prof Eman
Posted: 24 August 2012 22:23:18(UTC)
#60

Joined: 08/04/2010(UTC)
Posts: 480
Jeremy/Others
To make reading some of the comments of Payguy easier I have identified the following which relate to austerity/QE and matters relating.
His contributions yesterday at 09.50 am, 11.21 am, 11.25 am, 11.27am, 01.22 pm 02.51 pm and 05.17 pm.
Jeremy with your super fast reading speeds they should not take more than a minute or two to read.
I would welcome your comments on his submissions as well as those of others who can find the time.
Finally, to-day's Independent article business news no 8076938, is also useful in the above context. - Bank's stimulus plan 'has lined the pockets of the rich' Report shows wealthy do 240 times better out of QE than the poor by Ben Chu.
Well worth a read.
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Jeremy Bosk
Posted: 25 August 2012 10:54:35(UTC)
#61

Joined: 09/06/2010(UTC)
Posts: 1,316
Prof

You are correct, Ms Barker does mention QE. My apologies.

Payguy is also substantially correct in his points about taxation and QE and about free trade.

Free trade does tend to equalise wages which causes suffering for workers in the UK who either take pay cuts or the dole. But protectionism merely raises the cost of imports and thus the cost of living for us while increasing the profit margins of those exporting to us. A rise in the cost of living for us is equivalent to a pay cut so we are back to square one. For the exporting countries, their national income stays the same but fewer workers are employed so inequality increases unless there is redistributive taxation.

The only answer is better education and training, more investment and redistributive taxation. The present level of world output could be achieved with far fewer workers or as many workers working far fewer hours. Paying people to work inefficiently so that they have a job is silly. There is no dignity in make work.

Government policy is insane.
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