howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
You can choose between a rock and a hard place now
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Which ever party your with now alexander im sure will sort it
#
just send them all YOUR policies that no one else thought of lol
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howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
don't you start keith, let's keep it to the subject - have you read the report?
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
just making a point howard
and yes i have
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
I am not a Keyseyan and do not subscribe to excessive deficit spending in recessions. But if we give Keynseyan economics the benefit of the doubt and bear in mind for most of the period in the chart Keynes theories were those they claimed to follow, then you can't just judge the rights or wrongs of this by having a deficit or increasing it. You would need to strip out the years of economic growth in which the deficit was also allowed to grow, in cash not just real terms, to see the worse period of economic irresponsibility. You will see that the worse and most irresponsible period was that from 2001. Keynes said that deficits should be reduced and the current account balanced during growth periods and his disciple Brown ignored that hence the mess we are in now.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
We have economists who are saying Osbourne has got this one badly wrong
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Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
suppose some can laugh
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Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Keith, economists are like weather forecasters, its why theres never any grit on icy roads.
I'll listen to an economist who predicted the crash, no others.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
like legal people
like doctors
there will always be differing views
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howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
barry
the top and bottom of it is that only once every 5 years has a government balanced the books in the last 40 years, economic theorists are fine but at the end of the day governments like businesses and households cannot run up deficits/losses and be called efficient.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
fair comment howard
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
That is true Keith - but can you please answer this and it is something that all economists would agree on.
In an economic cycle at what point do you close any deficit and balance the current account? What would happen if you did not do so?
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Howard - I am not in favour of running a deficit personally but the context of the economic cycle is essential for the point being made in that graph otherwise it is meaningless. Now, if you look at what I am saying as a monetarist, I am agreeing that it was not a wise thing to do.
Our problem is that too many of the establishment have been beguiled by Keynes theories that provides them justification for running deficits while then ignoring the other inconvenient half of Keynes dictum, the bit about balancing the current account.
No answer to my question then Keith?
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Barryw
I didnt realise i was here to answer your questions,
but in this instance will say;
without doubt we have a serious problem, which even in your opinion osbourne tinkers with.
The question is how do we get out of it.
Economists from both sides are telling osbourne what to do
only time will tell
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
You are still not actually answering the question Keith. It is not a difficult one.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
Barry, Keith thinks an economic cycle is something you buy in Halfords' sales.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
how sad peter you have to resort to such postings
but i didnt think it would be long before you came on to protect your buddies
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Guest 688- Registered: 16 Jul 2009
- Posts: 268
I was recently informed by someone back from Shanghi that the Chinese economy is just on the verge of going pop,interesting times
