tag:blogger.com,1999:blog-5154389358831836369.post9107073021904560415..comments2024-03-29T06:09:37.749-04:00Comments on The Slack Wire: Pain Is the Agenda: The Method in the ECB's MadnessJW Masonhttp://www.blogger.com/profile/10664452827447313845noreply@blogger.comBlogger59125tag:blogger.com,1999:blog-5154389358831836369.post-609517780430865002022-03-22T13:27:48.574-04:002022-03-22T13:27:48.574-04:00This is pretty well impressive thing I have found ...This is pretty well impressive thing I have found here. It looks cool and I agreed with the topics you just said. Thanks for the share. but if you guys want <a href="https://www.elitesign.co.uk/" rel="nofollow"> Led Shop Sign in UK </a> then contact Us.EliteSignhttps://www.blogger.com/profile/08101099410676053114noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-44643241284643729932021-11-29T07:28:34.983-05:002021-11-29T07:28:34.983-05:00Hey admin
What a Great article keep it up with aw...<br />Hey admin<br /><br />What a Great article keep it up with awesome stuff like this.<br /><br />You have clearly mentioned all the things and guys if you want<br /> <br /><a href="https://24newsdaily.com/" rel="nofollow"> 24newsdaily </a>, How to Put a Curse on Someone than visit our blog as well thanks.<br />24newsdailyhttps://www.blogger.com/profile/00409020668812662465noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-74348435655799337162014-05-02T12:49:05.648-04:002014-05-02T12:49:05.648-04:00The bosses are stupid. This vision is also a visi...The bosses are stupid. This vision is also a vision where the workers are happy to see you murdered in your bed, and will occasionally do exactly that. Make the 99% unhappy enough and they are fertile ground for recruitment by would-be warlords, who don't give a damn about the welfare of financiers and are happy to kill the lazy slobs.<br /><br />But the financiers seem incapable of thinking long term; they lack the wisdom of the Whigs of the 1830s in England; they have not learned the lesson of the French Revolution.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-85383145974293745232013-03-08T14:38:09.966-05:002013-03-08T14:38:09.966-05:00"What about the standard central bank argumen..."What about the standard central bank argument of the fiscal authorities tightening their belts to create more room for monetary activism. "<br /><br />That's just a variation on 'crowding out', and would only apply *before* a recession or collapse.Barry DeCiccohttps://www.blogger.com/profile/04735814736387033844noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-48174413656527320332013-03-08T14:37:07.195-05:002013-03-08T14:37:07.195-05:00"A good test of the national interest vs clas..."A good test of the national interest vs class interest hypotheses is - what does the average non-capitalist German voter think? There's good reason to believe that he/she actually believes that the ECB has already gone too far. Merkel faces tremendous domestic heat for making even the small-ish concessions that she has until now. "<br /><br />Check out what the German press is telling ' the average non-capitalist German voter'.<br />Sight unseen, I'll wager that it's (a) it's all *their* fault, (b) only 'reforms' will save the day, etc.Barry DeCiccohttps://www.blogger.com/profile/04735814736387033844noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-65750456801361654672012-11-13T13:01:54.792-05:002012-11-13T13:01:54.792-05:00No doubt you did say it first -- I make no claims ...No doubt you did say it first -- I make no claims to originality.JW Masonhttps://www.blogger.com/profile/10664452827447313845noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-29235018400210141782012-11-12T22:29:48.771-05:002012-11-12T22:29:48.771-05:00Just bear, sorry, BEAR, in mind that we are so muc...Just bear, sorry, BEAR, in mind that we are so much wealthier now than in the thirties? This is not as cruel a policy as it seems. The Anglo-Saxon disease, the banking/Stock Exchange weapon, has to be nullified some way. Trostkyite policies are appropriate?<br /><br />USA entered Depression in 1999, Japan in 1989. So did Europeans think they were immune? So urbane, so stupid!Fungus the Photo!https://www.blogger.com/profile/14879977479841544025noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-40072733181559595172012-11-12T22:25:43.086-05:002012-11-12T22:25:43.086-05:00Well said, even if I said it years ago!
All my co...Well said, even if I said it years ago!<br /><br />All my comments on Irisheconomy.ie were erased without warning ..... too close to the bone, perhaps?<br /><br />Ireland received permission from the EU to make a massive subsidy to its banks! Savers were guaranteed a 25% return on total savings made over a 5 year period, in banks! Boom! No wonder debt expanded at 30% pa, after it went through the multiplier! <br /><br />Suckers!Fungus the Photo!https://www.blogger.com/profile/14879977479841544025noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-60670394075798542152012-10-12T22:42:10.471-04:002012-10-12T22:42:10.471-04:00 European Elites And Debt Crisis
http://w... European Elites And Debt Crisis<br /> http://www.coolissues.com/government/europeanelites.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-60878723163572510892012-08-10T11:28:30.583-04:002012-08-10T11:28:30.583-04:00I intended to write you a mash note telling you ho...I intended to write you a mash note telling you how much I appreciated this post, and then got busy with other things.<br /><br />That Paul Krugman and others on the neoliberal "left" choose a narrative trope, in which the technocrats are somehow inexplicably stupid, instead of disciplinarians, attempting to enforce a new plutocratic order, seems like a remarkably important distraction. Many well-intended people take their cues from Krugman (or DeLong or Thoma, etc.), including myself, but it just isn't working. As far as we have come, in waking up, first, to movement conservatism and, more recently, neoliberalism, we've got a long ways to go.Bruce Wilderhttps://www.blogger.com/profile/09631065564839959376noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-14470058337126550092012-07-31T05:25:38.878-04:002012-07-31T05:25:38.878-04:00I am officially fucking scared again
Great, lucid...I am officially fucking scared again<br /><br />Great, lucid and terrifyingly understated postAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-45079022223142740072012-06-28T07:38:28.692-04:002012-06-28T07:38:28.692-04:00Best blog post of the year IMHO.Best blog post of the year IMHO.Erik Bengtssonhttps://www.blogger.com/profile/00845215693027665090noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-64395111631556430062012-06-19T05:55:33.107-04:002012-06-19T05:55:33.107-04:00In a rare instance for me, I thought of more nice ...In a rare instance for me, I thought of more nice things to say. What I like about this post is that it concentrates on the key actor, the ECB. Most discussions get bogged down in nationalist issues like "hard-working Germans bailing out lazy Greeks," or "mean Germans forcing the Greeks to starve." The political issues of what fiscal policies to take are thorny, but they're also besides the point. The ECB deliberately raised rates in the middle of a recession, _even though_ a sovereign debt crisis was a predictable outcome. This isn't a question of not responding to a crisis -- this is a question of deliberately provoking one. The ECB is the villain here, not "the Greeks" or "the Germans".waltnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-55929968106360553982012-06-17T01:30:14.734-04:002012-06-17T01:30:14.734-04:00Well, the way I see it, welfare states there have ...Well, the way I see it, welfare states there have never been organic anyway; just a bribe to prevent them from behaving badly. From turning communist, mostly, and now it's just a 'cold war relic', as they say. Regardless of what motivations of the ECB are, I don't think those welfare states are worth preserving. Let them find their own way, create their own destiny. And if they have to quit Euro, hey, so what.abb1noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-36926185939297098792012-06-16T18:21:20.842-04:002012-06-16T18:21:20.842-04:00Its also notable that one of the few concrete prop...Its also notable that one of the few concrete proposals(beyond quantitative spend limits etc) that the the so called trioka tried to impose upon my country(Ireland) was a cut in the minimum wage. Ireland has some of the most over payed professional, civil servants etc. But the thing that the Europeans insist on is a cut to the minimum wage.ciarannoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-68153482895925291732012-06-16T18:15:57.571-04:002012-06-16T18:15:57.571-04:00Of course neither Sweden, Denmark, or Norway are ...Of course neither Sweden, Denmark, or Norway are eurozone countries so the ecb is pretty powerless over them. German is in some respects an admirable society but its success has been built on pretty vicious wage repression (http://www.irishtimes.com/newspaper/world/2012/0330/1224314097416.html) <br />not exactly what we would classically term social democracy.ciarannoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-82582983481978742992012-06-16T17:59:29.679-04:002012-06-16T17:59:29.679-04:00Sorry for the very late reply.
I don't have a...Sorry for the very late reply.<br /><br />I don't have a clear answer from your point, however my gut feeling is that, ultimately, interest on debt is paid from from the money that is used for consumption (not from capital investiment), and that money is mostly composed by wages. Thus, while it is possible to rais demand through keynesian stimula of sorts temporaneously, this won't be enough to put the economy on a solid footing unless this stimulus trickles to wages and rises nominal wages (inflation).<br /><br />By wages I mean wages in the whole EU (also German wages, so that it is easier for GIIPS countries to export), but since the immediate crises in the GIIPS the first problem is to stabilize and possibly increase wages in GIIPS.Random Lurkernoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-9074082770107392002012-06-16T17:19:43.114-04:002012-06-16T17:19:43.114-04:00This post is completely right. I'm kind of fa...This post is completely right. I'm kind of fascinated with Weidmann, because he's this obscure technocrat, yet he's clearly one of the key decision-makers for the ECB's stance. I think that after the whole thing goes down the crapper that historians will paint him as one of the major villains of the era.waltnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-92022348936929521272012-06-16T16:59:30.169-04:002012-06-16T16:59:30.169-04:00It doesn't mean (or doesn't have to mean, ...<i>It doesn't mean (or doesn't have to mean, anyway) "low wages", or "low income taxes", or "reduced public spending", any of these things. What it does (or should, anyway) mean is less corruption, more accountability. If you keep bailing out dysfunctional governments, they'll only get more dysfunctional. Damn right they need structural reforms. </i><br /><br />A lot of work is being done by those parentheticals, comrade. Maybe the bourgeoisie should want well-functiong government. What they -- or at least their agents in the ECB -- are actually demanding, is lower wages and a truncated welfare state.JW Masonhttps://www.blogger.com/profile/10664452827447313845noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-34233078528508112812012-06-16T05:08:14.793-04:002012-06-16T05:08:14.793-04:00"...says that the ECB should only cut rates &..."...says that the ECB should only cut rates "as part of a quid pro quo with governments agreeing to more far-reaching structural reform," what do you think he means?"<br /><br />I think it has nothing to do with your "social democracy". What they want is responsible, well functioning, and yes, business friendly governments. <br /><br />But "business friendly" is not the opposite of "social democracy", or else they would've been attacking Sweden, Denmark, and Norway. And, for that matter, Germany.<br /><br />It doesn't mean (or doesn't have to mean, anyway) "low wages", or "low income taxes", or "reduced public spending", any of these things. What it does (or should, anyway) mean is less corruption, more accountability. If you keep bailing out dysfunctional governments, they'll only get more dysfunctional. Damn right they need structural reforms. <br /><br />And when you equate your "social democracy" with corruption, lack of accountability, and berlusconismo, you are not doing it any favors.abb1noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-87391303863546993512012-06-14T05:21:07.702-04:002012-06-14T05:21:07.702-04:00@JW Mason
It seems epistemically problematic to s...@JW Mason<br /><br />It seems epistemically problematic to suppose assess whether the broad capitalist class is better off for the Volcker recession: what if RGDP would otherwise have been much higher, sufficiently so to offset the lower Gini index under such a scenario?<br /><br />Perhaps the issue is that human nature - with capitalists representing its purest incarnation - is more focussed on distributional concerns than on overall growth. Perhaps a capitalist will always choose higher income inequality (as long as she benefits from it) over a more equal scenario where she has higher real income for herself.<br /><br />This would mean that my own inclination towards maximising real income in 10 years' time - which to me seems more likely under a more equal, social democratic economic framework with lower unemployment etc - is simply anomalous.Andersnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-3290670873979013762012-06-13T18:47:06.774-04:002012-06-13T18:47:06.774-04:00Really good post. Makes me kick myself for not get...Really good post. Makes me kick myself for not getting to the same conclusion earlier. <br /><br />Stepping back, it's hard not to see this as part of a larger story, accompanied by the rise of inflation hawkery, adoption of the "natural" rate of unemployment thesis, and glorification of our social betters in independent central banks and banks generally: a generation-long assault on social democracy and the working class.Willhttps://www.blogger.com/profile/14943136764424893492noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-35563960452224788462012-06-13T15:47:23.365-04:002012-06-13T15:47:23.365-04:00Wow! Great post!Wow! Great post!Detroit Danhttps://www.blogger.com/profile/03718490473585220856noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-89442115151856952172012-06-13T14:14:39.927-04:002012-06-13T14:14:39.927-04:00@Ritwik - it sounds like you've played with th...@Ritwik - it sounds like you've played with the numbers in excel like I have. But there are some critical differences at 150% starting debt/GDP. Getting a 0.5% additional "space" on your primary balance is I think worth imposing ceilings for.Andersnoreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-87845338923009094442012-06-13T14:13:26.694-04:002012-06-13T14:13:26.694-04:00excellentexcellentOwen Painehttps://www.blogger.com/profile/13675803406994867138noreply@blogger.com