phoenix Posted April 25, 2012 Share Posted April 25, 2012 When David Cameron became PM, and announced his austerity plans Link to comment
tup Posted April 25, 2012 Share Posted April 25, 2012 This worldwide crisis in banking and now economic circles is being orchestrated from on high. To be frank, austerity is welcome from my point of view, far too many people have far too much in today's materialistic society, and they've lost sight of what's really important in return for that gross over consumption. Link to comment
Site Sponsor Dom Sullivan Posted April 25, 2012 Site Sponsor Share Posted April 25, 2012 This worldwide crisis in banking and now economic circles is being orchestrated from on high. To be frank, austerity is welcome from my point of view, far too many people have far too much in today's materialistic society, and they've lost sight of what's really important in return for that gross over consumption.Hello Frank Link to comment
The Boofon Posted April 25, 2012 Share Posted April 25, 2012 Hello Frank He's morphed into Millertime. A bit like Jeff Goldblum in "The Fly". Link to comment
SAFandthedons1983 Posted April 26, 2012 Share Posted April 26, 2012 When David Cameron became PM, and announced his austerity plans — buying completely into both the confidence fairy and the invisible bond vigilantes — many were the hosannas, from both sides of the Atlantic. Pundits here urged Obama to “do a Cameron”; Cameron and Osborne were the toast of Very Serious People everywhere. Now Britain is officially in double-dip recession, and has achieved the remarkable feat of doing worse this time around than it did in the 1930s. Britain is also unique in having chosen the Big Wrong freely, facing neither pressure from bond markets nor conditions imposed by Berlin and Frankfurt. Now, the defense I hear from Cameron apologists is that the austerity mostly hasn’t even hit yet. But that’s really not much of a defense. Remember, the austerity was supposed to work by inspiring confidence; where’s the confidence? Basically, the expansionary aspect should already have kicked in; it’s all contraction from here. Needless to say, Cameron and Osborne insist that they will not change course, which means that Britain will continue on a death spiral of self-defeating austerity. http://krugman.blogs.nytimes.com/2012/04/25/camerons-remarkable-achievement/?smid=tw-NytimesKrugman&seid=auto it might interest you and Mr Krugman to know that the 1930's saw greater economic growth than any other decade since they began taking figures. Krugman is clearly very intelligent- unfortunately his writing has become coloured entirely by his political bias, he was writing in 2005 about how government deficits were unsustainable- suddenly the Democrats are in and he thinks they could run even bigger deficits. As for the UK, the government currently runs a budget deficit of circa 8%- hardly biting austerity there. The fact is that unless debt levels are reigned in we will spend more servicing debt than on anything else, and the more debt we have the more we will have to pay for each bit of debt. We're going through a market correction, not much more, the so called cuts are largely the Government keeping spending at exactly the same amount, whilst inflation and (they hope) growth reduces it as a % of GDP. Link to comment
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