Skip to main content

View Diary: Warning: Swallowing the President's Bitter Pills May Cause Harsh Austerity (246 comments)

Comment Preferences

  •  Please. You celebrate failure and ignorance. (1+ / 0-)
    Recommended by:
    shaharazade
    You spend so much time carping about the Obama administration, that you have no idea that austerity measures imposed on Greece were so imposed to prevent the breakup of the Eurozone.
    There was a bailout package orchestrated and agreed on by the EU finance ministry and the ECB to make bond holders whole while digging pounds of flesh from the Greek people. No it is not going to keep Greece or the Eurozone in tact in the long run.

    The Greek economy just shrank 7.2%. Austerity is not working. Stop professing proud ignorance ; the most dangerous ignorance of all.

    But according to your completely bogus ideology, austerity has no conceivable benefit for anyone anywhere.  Greece should just default on its debt and see the collapse of its formal economy because anything is preferable to austerity.  According to your knee-jerk bullshit, austerity measures being discussed here in the US can be compared to those in Europe (even though this country does not exist among a union of countries that share a common currency) such that if austerity is bad here, it must be bad there.
    Show me a country with full employment and it's own currency and then I'll endorse some measures of austerity so as to keep inflation in check. Anyone who can read my comment can clearly see I acknowledged the differences between the eurozone and the US,
    It's not meaningless at all and there is no currency crisis in the EU. Not yet anyway, the crisis is fiscal with countries that do not control the euro and can't inflate their debts just like states here have to balance their budgets but the federal government doesn't have to and passes aid to them unlike the European Central Bank who is more worried about inflation(which is not happening in a meaningful way) so they are not buying up bonds as they should from countries indebted and there s no fiscal authority allowed to step in and spend money in the countries that need it in the eurozone many because of our housing bubble like Spain that we exported over there.
    but also compared it to out fiscal authority in our federal government which provides aids to individual states whereas the Eurozone does not have a similar fiscal authority allowed to do so and the countries are on their own in the eurozone and they get no help from the European central bank to inflate debts because they have an irrational fear of inflation(it's an overall bad model). So no, anyone who can read knows my comments is right on.

    Spending is income. My income. Your income. When a country doesn't spend when there is no demand, there is no growth. When there is no growth, there is no revenue. Therefore the same revenue individual states need here in the US, countries also need in the eurozone except their central bank is terrible and there is no fiscal authority that can spend euros like the US Congress can spend dollars. I'm sorry you have such a hard time understanding that, but you'll never learn with your putrid attitude which makes me wonder how old you really are every time I see any of your chicken scratch commentary.

    And yes Greece ultimately would be better off if they left they defaulted, brought back the Drachma, and left the eurozone because this will happen again. Argentina defaulted in 2001 and told the IMF(which also now even agrees that austerity is a failure) to shove it and they were better off. I'm not the only one who thinks so either via Marshall Auerback.

    And it's been pointed out multiple times that the UK has its own currency like us and imposed austerity and also fell back into recession so your magical belief in austerity to protect the one you idolize above all economic facts and reason is a failure like your attempt to misread and misinterpret my comment which was and is clear as day.

    Only dogshit ignorance thinks sucking income out of an economy that needs the consumption of goods and services somehow "works" as you say. Falling into recession is apparently "working" in your world.

    If the fiscal problems in Europe are related to those here through the housing crisis that must mean that all of our problems are the same, and that, oh no! poor grandma might die because Obama aided and abetted the same greedy bankers that forced austerity on US and on the Europeans.
    Our monetary and fiscal systems are not the same but either way austerity fails the same way. The Housing Bubble infected public pensions in Spain like it affected public pensions in WI and other US states causing shortfalls. So you are clearly out of your element.

    You are not qualified to speak on these matters. that's for sure, but frankly I know you don't care. But I do care about the people affected by the failures and those celebrating the failures of austerity such as yourself. You lack all sorts of knowledge and specifically etiquette. Always have. What's worse is that you are proud of it.

    Just don't expect people not to call you on your BS as I just did.

    I don't negotiate grand bargains with deficit terrorists!

    by priceman on Fri Nov 16, 2012 at 01:20:38 AM PST

    [ Parent ]

    •  Oh priceman. (0+ / 0-)
      Just don't expect people not to call you on your BS as I just did.
      I'm disappointed.  I thought you had all these new schemes to hold Obama accountable.  I was really looking forward to hearing them, but it seems that now that the election's over, you've been reduced to calling me on my bullshit.  Well I suppose I'm flattered by the attention, but I don't think you should give up so easily.  How about a drum circle at the White House as soon as Obama even thinks about stealing grandma's Social Security benefits?
      And yes Greece ultimately would be better off if they left they defaulted, brought back the Drachma, and left the eurozone because this will happen again. Argentina defaulted in 2001 and told the IMF(which also now even agrees that austerity is a failure) to shove it and they were better off. I'm not the only one who thinks so either via Marshall Auerback.
      Better that more countries be worse off in the short-run because many years from now, Greece will be better.  And you know this because a completely different country in a completely different economic context was "better off" because they told the IMF to "shove it."

      Wow, okay.  

      Only dogshit ignorance thinks sucking income out of an economy that needs the consumption of goods and services somehow "works" as you say. Falling into recession is apparently "working" in your world.
      Well yeah.  I can understand why you're confused here.  You believe that austerity "doesn't work" because it fails to "work" as a stimulus would.  Tell me priceman, do you also believe that your car key "doesn't work" because it doesn't open your front door?  My magic 8-ball tells me "definitely yes."
      •  Done arguing with a proud ignorant fool (0+ / 0-)
        Better that more countries be worse off in the short-run because many years from now, Greece will be better.  And you know this because a completely different country in a completely different economic context was "better off" because they told the IMF to "shove it."
        No, the default would probably force Portugal, Ireland, and others to do the same instead of withering on the vine which you call, "saving the eurozone." Mario Blejer, who managed Argentina’s central bank in the aftermath of the world’s biggest sovereign default, said Greece should halt payments on its debt to stop a deterioration of the economy that threatens the European Union. lol. I think he knows a little more about his "economic context" than you.

        Yeah it's the economy that threatens the eurozone as I also tried to explain to you, but "whoosh." Default because of too much debt and a failing economy is a default because of too much debt and a falling economy. Argentina's currency was pegged to the US dollar so they didn't really have control of it before they defaulted so it's really not that different when we're speaking of defaults, but I don't know why I think you care about facts so I will stop pretending that you do. It's really pathetic. And yeah, you better ignore the UK example.

        Well yeah.  I can understand why you're confused here.  You believe that austerity "doesn't work" because it fails to "work" as a stimulus would.  Tell me priceman, do you also believe that your car key "doesn't work" because it doesn't open your front door?  My magic 8-ball tells me "definitely yes."
        There is a plant watering service that consists of the public sector of watering and Private sector. Your statement to me is like magical thinking of an economy that is dying like a plant because the daily watering of that plant is cut off by the main private water source. And when those plead for more of the public watering resource to step in to compensate and save the plant because it is withering, there are those like you that say:
        "How do you know watering the plant will save it? I read some story about a plant that died because it was over-watered. IN fact I thnk we need to cut off more of the public water!"
        To which we replay to look at it! It's dying! Leaves are falling off! It is hunched over! Plants need water to live like economies need money circulated to function, you fool! This is basic demand side economics!

        So that's the metaphor, not your dumbass car/house key metaphor. lol.

        It does no good to argue with someone whom is proud of not knowing these things. Like I said, just don't expect not to be called on it.

        I don't negotiate grand bargains with deficit terrorists!

        by priceman on Fri Nov 16, 2012 at 01:58:54 PM PST

        [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site