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European Austerity

I think there's been enough discussion about the Boston bombings and gun control in my country, now let's talk about yours. What are your thoughts and opinions about this conservative championed economic austerity that has swept through the Euro Zone? Does anyone here believe that continuing deep cuts to lower the deficits actually works to fix the economy? Doesn't seem like it's doing much good in either Spain or Greece. And I heard Cyprus has its own problems as well, although I haven't heard much about them since the Boston bombings have happened.

http://www.huffingtonpost.com/2013/..._n_3153508.html

quote:

More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent, the highest since records began in the 1970s. The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors' confidence have left it deep in recession. Unemployment - 6.2 million in the first quarter - has been rising for seven quarters and the latest numbers will fuel a growing debate on whether to ease off on the budget austerity which has dominated Europe's response to the debt crisis. "These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy," strategist at Citi in Madrid Jose Luis Martinez said. The collapse of a property boom driven by cheap credit has seen millions in the construction sector laid off since 2009 and private service sector, worth almost half gross domestic product, has followed as Spaniards tightened purse strings and investment plummeted. The malaise has been made worse by billions of euros in state spending cuts and tax hikes to reduce one of the euro zone's highest deficits and convince nervous markets Spain can control its finances.

See, the �austerity = fixed economy� wasn�t something I�d gathered from all the debates on the topic. I thought it was purely a �gotta get spiralling government spending under control�, particularly in the Eurozone where things really were ridiculous. I dunno how anyone could conclude that massive government cutbacks would achieve anything but poor economic outcomes, lol.

Austerity = Austrian Economics slipped under the door = Idiocy.

quote:

Originally posted by Joss Weatherby Austerity = Austrian Economics slipped under the door = Idiocy.

Nah I think that�s too simplistic.

austerity especially when it is collective and used during a recession has never worked. It isn't supported by any competent economist.

quote:

Originally posted by pkcRAISTLIN Nah I think that�s too simplistic.

Well yea. It was an explanation involving two equal signs.

quote:

Originally posted by Looney4Clooney austerity especially when it is collective and used during a recession has never worked. It isn't supported by any competent economist.

And yet all the leaders of the Euro Zone are steadfast to believe it will work. Well I guess America isn't the only country to have fucked up economic principles, hooray.

fuck austerity; i'm losing my shirt in gold LOL

keep printing money, that's the way to go.

quote:

Originally posted by Nrg2Nfinit i'm losing my shirt in gold LOL

pretty sure i've pointed out to everyone that gold is a lousy investment. tsk tsk.

politics isn't my thing really, all this speech of peace and prosperity and whatever the hell else is today's propaganda. There haven't been any remarkable changes in the whole economic situation in EU, those who are fucked, are still fucked and those who are rich are still rich, just get richer, but statistically that's only a few % increase.

Reinhart and Rogoff have a lot to answer for. Of highly educated harward economists i would expect either properly learning how to work in excel or not cherry picking data points so that you get a desired, not a factual result.


Anyway, speaking of austerity, there have been talks here in recent days of blanket 30% cuts to all public sector workers and pensioners. Thats after a pay freeze some years ago to public sector workers and a 10 to 20% cut in public sector salaries and pensions already (dont know the exact number). Well that's just fucking brilliant isnt it. Dad is retired, mom works in medicine so the cuts will do just wonders for them.

You call that Austerity? Lmfao

Zharen, you're an idiot of epic proportions.

If you haven't lived in 'Europe'...abstain from commenting on it.

quote:

Originally posted by Lagrangian Zharen, you're an idiot of epic proportions.

i would be stunned if there was a single poster in the whole COR that rated your opinions above anyone other than The William Ashley.

Nrg2nfinit

Trading in May? Tsk tsk tsk not good!

Stop doing that.

quote:

Originally posted by Moongoose Reinhart and Rogoff have a lot to answer for. Of highly educated harward economists i would expect either properly learning how to work in excel or not cherry picking data points so that you get a desired, not a factual result.

The fucking thing that pisses me off about R&R is not that they messed up Excel, which is stupid and embarrassing for them, but how much importance was given to the paper in the first place. It was never peer-reviewed and all it ever showed was a correlation, not causation. The fact that it was given so much weight the last three years in policy discussions is ridiculous.

Pay attention, Lews. This is how you hippy AND CT at the same time:

http://www.rollingstone.com/politic...al-yet-20130425



Naturally, Rolling Stone is not bound to be the most unbiased source. But holy shit.

quote:

Originally posted by Halcyon+On+On Pay attention, Lews. This is how you hippy AND CT at the same time: http://www.rollingstone.com/politic...al-yet-20130425 Naturally, Rolling Stone is not bound to be the most unbiased source. But holy shit.

Also they don't know how to read between the lines. Noone is talking about a day old sushi in that sentence lol.
The stuff about the isdafix was new to me. I've been saying hang the banker for at least a year now, and now I'm gonna start yelling it out lol. I'm so using this as evidence that banks are just fucking people over, when they one day come to ask me to pay my (legal) debt. That will happen the same day I win the lottery lol.
Fucking shysters.

Also, I think it's disgusting that they're not going after the guilty parties, claiming that the "bank is too big to fail". It wasn't the bank that did anything illegal. In fact, banks do not possess the ability to do anything illegal as they are inanimate objects, at best. The people working in the bank sure can do illegal shit though, and they should be charged to the fullest extent of the law. There's a billion fuck-nuts who can step right into the position, if someone has to be fired for malfeasance in office.

But this is apparently logic higher than what the judicial system is equipped to process. Alternatively, they're on the pay by the bankers.

quote:

Originally posted by Lagrangian You call that Austerity? Lmfao Zharen, you're an idiot of epic proportions.

Coming from you, I'll take that as a compliment.

2nd amendment! 2nd amendment!

Christ, everything is a media manipulation. The only way we can speed up the sort of liberalism that�s hanging foul in the air at the moment is to speed up the progress of a right-wing, totally dictatorial tyranny and get it over as fast as possible. People have always responded with greater efficiency under a regimental leadership. A liberal wastes time saying, �Well, now, what ideas have you got?� Show them what to do, for God�s sake. If you don�t, nothing will get done. I can�t stand people just hanging about.

Television is the most successful fascist, needless to say. Rock stars are fascists, too.

Adolf Hitler was one of the first rock stars.

Follow the money, folks! Where does it lead to? Who controls it?

Hmm... I wonder...

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