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talkpoliticsIn the light of this, does the panel think:
1 - Obama's got it just about right?
2 - Osborne has got it just about wrong?
3 - That the US with its economies of scale, and the currency of which is the world's reserve currency, distorts the normal economic models which apply to the UK?
4 - That such analysis will figure at all in the upcoming US Presidential election?
My own opinion is that it appears the bail-out may have kept the US from the worst ravages of the recession thus far. Even if Europe now upset the applecart, I am of the opinion the US will still be better off for the bail-out than otherwise.
I also reckon George Osborne needs a rethink.
And I am of the opinion that the US' economic woes are far from over, but that structurally it can do perhaps what the UK, Germany/France, and Japan can't do, thanks to the positioning of the Dollar. Which means, from a practical perspective, Obama and Bernanke et al got it more-or-less right: for a given value of right, devoid of ideological normatives, that is.
Of course I'm certain that there is someone would care to argue that the US recovery would have been faster and bigger had strict Austrian principles been adhered to…something closer to the way that G. Osborne Esq. is doing things, perhaps.
But somehow or other I might just point out that events sometimes favour the opinions of folk who hold those opinions for no good ideological reason, and therefore such events can be discounted as being either not germane, or anomalous. So you don't have to argue with me. Obviously your ideology is purer than my brute empiricism and general rules of thumb.
And you know what? I'd have a tenner on Obama winning the election: and as of now it's as close to a fifty-fifty bet as I can reckon. But if Europe tanks, I'd say all bets are off.
(no subject)
Date: 27/1/12 19:36 (UTC)(no subject)
Date: 27/1/12 20:46 (UTC)Fundamentally, GB is in the same position the US is, we're inefficient and arthritic dinosaurs that have spent the last 30 years living off our fat reserves. Now those are running/have run out, and we're looking at getting back into the game. It isn't going to happen.
There is no way that a british worker at a minimum wage of L6 per hour is *ever* going to take a job away from a chinese worker who will do it for $1/hour. Particularly since the supply chain has moved to china, and china has the ability to staff production lines in days rather than months.
This is made *worse* by the fact that the chinese worker works 6, 12 hour days per week, has virtually no "worker safety standards", china has no "environmental protections", a chinese factory is able to start construction of a new wing by making one phone call to a contractor, in the UK, the permit process will last months to years.
The war is over. The west lost. It's time to quit pretending we're the "rich" people in the world, and start accepting that we're in irrevocable decline. Nothing that the currency can do will make the slightest difference. Nothing that Anyone is supporting will either. We are *fucked*. Great Britain is more-so.
www.businessinsider.com/you-simply-must-read-this-article-that-explains-why-apple-makes-iphones-in-china-and-why-the-us-is-screwed-2012-1
(no subject)
Date: 27/1/12 20:50 (UTC)(no subject)
Date: 27/1/12 21:38 (UTC)(no subject)
Date: 28/1/12 01:29 (UTC)(no subject)
Date: 28/1/12 00:18 (UTC)(no subject)
Date: 28/1/12 01:20 (UTC)We've been partying instead of working, in short. That is over, now or soon.
(no subject)
Date: 28/1/12 01:29 (UTC)(no subject)
Date: 28/1/12 01:35 (UTC)(no subject)
Date: 28/1/12 01:59 (UTC)(no subject)
Date: 28/1/12 02:02 (UTC)(no subject)
Date: 28/1/12 03:24 (UTC)(no subject)
Date: 28/1/12 03:30 (UTC)(no subject)
Date: 28/1/12 03:34 (UTC)(no subject)
Date: 28/1/12 03:36 (UTC)(no subject)
Date: 28/1/12 03:45 (UTC)I was just asking to find out what you meant. I suspected it would be something like what you said. Suspicion confirmed, I have no further urge to converse. It isn't that I don't *have* sustantive rebutals, but I don't like throwing words at walls.
The fact that I disagree with what you said...
Ah.
(no subject)
Date: 28/1/12 13:28 (UTC)So.....thanks for simply stating what I knew you were doing the whole time and for indicating you're not interested in a discussion of two people except insofar as they meet your particular arcane "standards" of discussion that don't have any relevance to how two humans interact with each other.
(no subject)
Date: 28/1/12 14:26 (UTC)(no subject)
Date: 28/1/12 15:30 (UTC)(no subject)
Date: 28/1/12 17:27 (UTC)(no subject)
Date: 28/1/12 17:32 (UTC)