The Austrian Schools record stands. Their predictions are always right in the end and every Chigago or Keynesian school prediction and anylysis is always wrong.
But if you want to continue to follow those who are wrong and you want to learn nothing about real economics then that is your right.
Are you aware that there is different schools of macro economics ?
Probably not because you are brainwashed into this big government military industrial complex nonsense.
Quite something considering you are so anti military..You are anti military yet you carry their water by buying into their garbage.
You are clueless.Originally Posted by socal
Elaborate please.Originally Posted by socal
The Problem With Military Keynesianism
Did World War 2 really “get us out of the Depression?” According to Paul Krugman (keynesian) it sure did:
Krugman calls for space aliens to fix U.S. economy. - YouTube
Spending vast swathes of capital, labour, life, sweat, tears, infrastructure, time and effort to fight a war “brought us out.” Well, that’s news to me. World War 2 was one huge festering conflagration, diverting productive resources to global destruction. Now that was the fault of Hitler, not Chamberlain, or Churchill, or Roosevelt, or indeed Krugman. But the point stands — the opportunity cost of World War 2 was all of the productivity, all of the infrastructure, all of the life, all of the goods and services, everything that could have been created in lieu of fighting the war. Sure, the years following World War 2 were boom years — but that’s precisely because societies mobilised to compensate for the years lost to destruction, infernos, genocide and bomb building. In reality, the 1950s were a lost decade — lost in making up for the destructive excesses of the 1940s.
There's a well-known Austrian School economist named Marc Faber who has a home in Chiang Mai. He's an insightful and entertaining man who's made some uncanny predictions. But for Godsakes, when countries are already in so-called winters of capitalism (there is a depression unfolding in Western Europe and the USA) you need triage to prevent starvation and social upheaval. Do you like the way that austerity is working for Greece? If Obama had followed Greece's austerity measures, the USA would not even be a functioning society at this point. The time to consider Austrian School economic theory is when conditions are normal, not after the sh*t has already hit the fan. Those who blindly follow Austrian School economics in times of crisis and human suffering come across as rigid ideologues out of touch with the realities on the ground. Keynesians like Krugman also have their place.
That is what is so wrong with you Chicago/Keynes followers. You really do believe there is some black magic in printing money. All that printing money does is spend purchasing power that already exists in someone else's savings. The money in itself has no value. There is no choice to go by the way of Greece or not. A depression is a depression. Hyperinflation and depression looks exactly the same. The only difference is there is wheelbarrows of money in the hyperinflation.
When capital flight hits the US bond market(the debt that backs the dollar), it will not matter how much money the US prints, it wont solve ANYTHING.
Look at what happened to SE Asia during the Asian financial crisis. Capital flight hit the financial markets and it happened so fast that it found its way into the currency markets and the Baht lost half its value EVEN WITHOUT MONEY PRINTING. This is why I and most Austrian economists like Marc Faber advise to buy physical gold. Because when capital flight hits the western currency markets its game over. Western currencies will collapse.
Asia had a couple bad years but they let it collapse and in 2000, the economy was already on the upswing. Thailand paid back their loan to the IMF 4 years early.
Gosh drac thats a lot of government spending to go on food stamps. excacty what spending counts towards that 45%, care to give a break down or is this just another echo from the liberation echo chamber
really, so you worked it out yourself... thats good, then you can explain it carn't you rather than just saying CBO tables.... which does sound like you copping out when cahllenged but not wanting to silently slink off.
there is nothing wrong with data from the cob
the issue is that you have given an answer without demonstrating how that figure was derived. I.E what spending programs are included in calculating that figure. A very simple and reasobale question that you seem to be having problems answering.
you know something like
food stamps x%
medicare x%
total 45%
I did,
ok, so wheres education?
and the americans really spend 800 billion on medicare and medicaid. Thats quite socking given that the UK manages to provide universal healthcare, pro rataed to the American population for not much more than that.
Last edited by hazz; 30-04-2013 at 11:37 PM.
What a bizarre allegation. How do you know what I do or don't want to mention about the solvency of SS? Did I post something about it? Did you have a dream about it? Or did you just make it up and post that anyway?
I note you are still conspicuously avoiding answering how the defense budget is bigger than spending on social program's. and how exactly is 45% a drop in the bucket?
I haven't lied about anything. The original post was about how austerity doest work. You then come out spewing brain dead right wing talking points about how social spending is the problem when the op clearly shows that is not the case. You didn't read the op. SS is solvent until 2033 there is not need to cut it. It is an absurd comment to make.
The fact is that the government needs to either cut defense spending or raise revenue (or both). Period.
"Complete and utter nonsense. Spending on social programs is just a drop in the bucket. The military consumes vastly larger amounts of the US federal budget. You are enslaved to fox news and debunked rightwing talking points apparently."
Are you still saying you are not telling lies here?
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