Corbynomics: A Dystopia

Eric_the_half_a_bee

Rusty_Shackleton wrote: »

Eric Bee, they are leading economists, have held the most senior posts in the IMF and World Bank, and advised a lot of western govts. Granted, Theresa May is hardly going to start singing their praises, butin terms of economic theory and policy, yes they are very well respected

You keep on changing your argument, which is not the sign of a rational or genuine debater. You said:

This is literally nothing to do with left or right, the sources Ive given you are respected internationally and across the political spectrum.

Now you're saying something completely different

Rusty_Shackleton

My apologies that is bad phrasing, by political spectrum i meant in terms of economists... While both are keynesian economists, theyre respected across the economic field. Hence why, even though theyre left leaning politically, theyve been hugely influential in the IMF and World Bank, organisations that would not be considered left politically, or typically keynesian.

Rusty_Shackleton

In fact the IMF have been notoriously pro-friedman beliefs and pro-austerity at various times. Thats because as organisations they employ experts to try policies and when evidence suggests something doesnt work, they adjust their worldview.

Thrugelmir

cogito wrote: »

It was actually Alastair Darling wot dun it as he was Chancellor at the time. Brown put up a lot of resistance but then caved in and subsequently tried to take the credit. Darling's book is a pretty good read if you disregard the self-congratulation.

Incidentally, I have never seen so much tosh on a single thread on here from economic illiterates. No wonder so many people voted for Corbyn.

Darling did indeed come up with plan. My error. As you say Brown attempted to deflect criticism by appearing to be the saviour. Though for a man who preached prudence. The bridge was already starting to burn behind him.

Thrugelmir

Thread appears to have veered totally off topic.Time for it to be sent to the MoneySaversArms one feels.

Eric_the_half_a_bee

Thrugelmir wrote: »

Darling did indeed come up with plan. My error. As you say Brown attempted to deflect criticism by appearing to be the saviour. Though for a man who preached prudence. The bridge was already starting to burn behind him.

All that stuff about prudence was utter rubbish. Half the of the new mortgages taken out in the UK in 2007, before the crash, were self-certification. Half, when the self-employed count for less than 2 in 10 workers. When at least one third of house purchases are financed by borrowers lying about their income, a big credit crunch is inevitable. Nothing to do with "it came from America".

Thrugelmir

Eric_the_half_a_bee wrote: »

Nothing to do with "it came from America".

It did indeed come from America. From the concept of mortgage securitisation (Bradford and Bingley who coined the phrase BTL ) to Brown's close friendship (and idolisation of) with Greenspan.

antrobus

Thrugelmir wrote:

;..Bradford and Bingley who coined the phrase BTL

No, BTL was coinded by the Association of Residential Letting Agents - ARLA. Although I suspect that the B&B did a lot to popularise it.

antrobus

Rusty_Shackleton wrote: »

Calling something a straw man doesn't make it so. ...

I disagree.

In any case, in the post that I responded you basically arguing that fiscal deficits were self-financing.

That is stupid, dangerous, and wrong.

Rusty_Shackleton wrote: »

..As for Venezuela, the comparison to Corbyns policies is absurd.

I did not compare Venezuela with Corbyn's policies. Stop making things up.

It was you that said "I dismiss Friedman because its outdated - Reagan and Thatcher tried it, a lot of Latin America tried it, and it has produced some truly disastrous results."

Take a look at this report from the IMF. It has the GDP growth rates for Latin America. Some countries are up, some countries are down. But I see only 'one truly disastrous result', and that's Venezuela. The IMF seems to believe that around one-third of GDP is going to be wiped out over four years.

ttps://www.imf.org/en/News/Articles/2017/05/18/NA190517Latin-America-and-the-Caribbean-Bouncing-Back-from-Recession

I didn't make that point to knock Corbyn, I made that point to show that you have no idea of what you are talking about.:)

bobbymotors

'I disagree.

In any case, in the post that I responded you basically arguing that fiscal deficits were self-financing.

That is stupid, dangerous, and wrong.'

Indeed. It's ok...sort of ok ISH, as long as next years pay rise / interest rates stay low/ the economy grows at a faster rate than the debt etc.

But when it does't, there are no reserves and no plan B.

Never, ever borrow to fund a depreciating asset. It's something our chancellors should have engraved on their foreheads so the see it every time they look in a mirror.