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View Diary: Bill O’Reilly Gets Smacked By Economics Professor - Nanny States Actually Do Better (VIDEO) (82 comments)

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  •  I think both Wolff and O'Reilly are wrong (0+ / 0-)

    O'Reilly is obviously wrong since countries like Spain, Greece and Italy have a fascist background, an oligarchic background, which burbles just below the surface of gov'ts that repeatedly throughout the last century either use gov't bureaucracies to press citizens or else as clients in power grabs.

    But the northerners are not immune to any of this either since they are all part of a currency system, and vendor-financing deals with the south, that allow for the sort of social programs we see in the north. Without these systems, it is entirely questionable whether a country like Germany would even see eye to eye with a country like Sweden. I believe it wouldn't but it has the luxury of vendor-financing (which hurts the south) and also a weaker currency than the d-mark, as well as deflationary policies against wage growth. These all come at a cost to someone else, usually poorer someone else's. Put it this way: if the north of Europe ran the same kind of surplus distribution policies that America runs between, say, New York and Arkansas, the core of Europe would have a real decision to make regarding social welfare. And I think it would take the O'Reilly view at that point.

    Now Norway is an excellent example to counter O'Reilly--but Norway also has legacy energy resources that provide a kickback for every Norwegian. That in and of itself is remarkable given the private ownership of American energy resources.

    There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

    by upstate NY on Tue Mar 26, 2013 at 08:13:26 AM PDT

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