Notable falsehoods emphatically asserted by Robert Skidelsky, a member of the British House of Lords, is Professor Emeritus of Political Economy at Warwick University. (emphasis added):
“But Merkel’s analysis is utterly wrong. It was not deficit spending by governments that fueled the economic collapse of 2007-2008, but excessive lending by banks. Government’s mounting debts have been a response to the economic downturn, not its cause. What ought to have been hard-wired into the EU’s institutional structure was not permanent fiscal austerity, but tough financial regulation. Of this there is little sign.”
LOL! Riiigghhtt – not endless spending in excess of GDP, but tricky banksters. Got it.
“When an economy shrinks, government debt grows automatically, because its revenues decline and its expenses rise. When it cuts spending, its debt grows even more, because its cuts cause the economy to shrink further. This makes the government more, not less, likely to default.”
So this so-called intelectual’s “analysis” is when your economy shrinks, spend more or else you’ll default! If these kinds of fiscal geniuses ran real corporations, they'd need bailouts too!
“So, will the single currency survive? Two policies that might, in combination, save it are off the agenda. The first is quantitative easing (printing money) on a heroic scale.”
“That is why quantitative easing should be run in conjunction with a eurozone-wide investment program designed to modernize the creaking infrastructure of eastern and southern Europe.”
Yep, that’s right – spend gazillions of euros of Other People’s Money. Pure Keynesian Drivel. ASTONISHING that people still cling to that nonsense – and claim to be our intellectual superiors!!
Though unindoctrinated into the academics of fiscal responsibility or economic pedagogy, partisan statesman adulators, with such comprehension obfusticated from one of their diminutive intellect , endeavor to ensure their perceived paramountcy in public servitude through the expectoration of verbal pyrotechnics and employment of highbrow verbiage so as to metamorphose even the most puerile and erroneous asseverations into the acme of sagacious perspicacity such that one can scarcely vacillate on their veracity.
ReplyDeleteWhat he say must be true cause he talk smart!