that IS success, how they define it. Real wages falling, productivity rising, profits increasing.
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- Thread starter bit_pattern
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- #177
I know. Meds and placebo are the useful idiots of vampire capitalism.
They don't realise that those whose agendas they deserve despise them.
They don't realise that those whose agendas they deserve despise them.
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- #178
Its certainly been driven by acolytes of that economic perversion.
Depends which time frame you use. ie wages rose under Reagan
Not only that but you have to take in to account the fall in unemployment ie there is a trade off between wages and employment.
The current UK situation is a good example ie unemployment has fallen far less than expected due to wage cuts in the private sector.
Hahahahahahaha!
Yeah, the Austrian School totally supports mass government spending, corporatism and an increase in government regulations...
- Banned
- #181
Unemployment has fallen? Above ten per cent in the US now.
The last 30 years have seen an enormous transfer of wealth from the middle classes to the very rich, all orchestrated by a class of people (I use the term VERY loosely) all acolytes of the Austrians.
As Greg Palast has very carefully noted, the nice public writings and theory differs very greatly to what they put into practise.
No it's not. I dont think you understand what the Austrian School stands for.
The investment banks made a fortune out of easy monetary conditions (and are doing so again now). They also had the government bail them out.
Neither of those things would happen under Austrian School policies.
Ron Paul sums it up well
http://www.lewrockwell.com/paul/paul454.html
The current market crisis began because of Federal Reserve monetary policy during the early 2000s in which the Fed lowered the interest rate to a below-market rate. The artificially low rates led to overinvestment in housing and other malinvestments.
The net effect of all this new funding has been to pump hundreds of billions of dollars into the financial system and bail out banks whose poor decision making should have caused them to go out of business. Instead of being forced to learn their lesson, these poor-performing banks are being rewarded for their financial mismanagement, and the ultimate cost of this bailout will fall on the American taxpayers.
In a recession. Structural unemployment has declined alot since the 70s
You need to stop using the Austrian School in your rants. It is clear you don't understand what their theory of economics is about.
They are the arch enemy of loose monetary condiitions.
From The Observer?
- Banned
- #185
Yes I can.
Its the intellectual inspiration for the scum who have ****ed our world.
As I said earlier, Marx most likely didn't envisage Stalin's Great Terror, but that's what those who followed his ideas ended up putting in place.
Same with the Austrian School - the intellectual placenta of vampire capitalism.
Its the intellectual inspiration for the scum who have ****ed our world.
As I said earlier, Marx most likely didn't envisage Stalin's Great Terror, but that's what those who followed his ideas ended up putting in place.
Same with the Austrian School - the intellectual placenta of vampire capitalism.
And Peter Schiff in 2004
http://www.businessweek.com/the_thread/hotproperty/archives/2008/12/peter_schiff_wa.html
The reality is that such absurd comments by Greenspan further reveal that his statements are more propaganda than sincere expressions of opinion. He says whatever he thinks he has to say to sustain the bubble economy, regardless of his personal beliefs. Everything he says is designed to postpone the day of reckoning as long as possible, no matter how much worse that day will become as a result. It is only when viewed from this perspective that Greenspan’s comments make sense.
You are absolutely wrong. Such capitalism relies on easy monetary conditions.
Banks make money on the expansion of credit
The Austrian School / Gold standard is all about restricting the amount of credit.
Do you not understand this?
Please go and research what the Austrian School actually is or just stop talking. Your ignorance is showing.
See chart 1 below and you get an idea of what they are on about
http://www.parliament.uk/commons/lib/research/rp99/rp99-020.pdf
http://www.parliament.uk/commons/lib/research/rp99/rp99-020.pdf
2008? There was a crash in 87. Fed drastically lowered rates which then led to the early 90s recession.
Fed reacted to a similar way to the Dotcom bust, sowing seeds of later crash.
One stuff up after another.
Now resorted to zero rates and printing of money
That does not sound like the definition of good work to me.
- Banned
- #192
But Austrians always argue that the business cycle can't be defeated (and that recessions are a good thing).
That in no way means the govt should make things even worse by interfering.
Good article recently in The Economist (the Schumpeter page) on recessions and the benefits that come out of them.
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- #194
Way to miss the point.
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- #195
Yes, innocent people's lives must be ruined by unemployment and poverty to maintain the intellectual purity of the theory.
You see now why I compare you lot to the Communists and Maoists?
No, I didn't.
You claimed that the people who were the major part of this economic collapse were inspired by the Austrian School. That is completely false.
This is utter nonsense. You have been hanging around SNP types too long.
A high level of employment can be maintained with a lower growth in the money supply
One minute you argue that recent times have no seen no real wages growth and all the cash going to bankers now you are criticising the theory of sound money as per the Austrians.
You are contradicting yourself
Because you have no idea of what the Austrian School is on about.
To compare that to totalitarian dictatorship is absurd. Printing money on the other hand as per Weimar/South America/France etc often did lead to revolution and dictatorship.
- Banned
- #198
You just said government must not intervene in recessions. Creative destruction I believe the vampires called it.
That destruction is people's lives.
According to the THEORY, we'll come out better on the other side.
And **** those who got crushed - usually innocently - in between.
That's why its a vile theory.
The reference to marxism etc is the continuecd insistence by your lot that ALL must be sacrificed, no matter how great the suffering, to maintain the purity of theory.
The Great Famine in Ukraine was creative destruction to prove the purity of the collectivist theory, and screw the millions who starved.
Your lot would do the same with a vaguely capitalist spin.
a) historical evidence vindicates that. Why do something that doesnt work?
b) it was with reference to Greenspans monetary policy being kept too low
c) creative destruction is apt. It does produce benefits.
Tosh. Utter tosh. Recessions are inevitable. You cant manage away the business cycle. Government intervention as per Greenspan and Rudd only makes things worse. In any event spending naturally goes up due to welfare spending.
According to practice if the right policies are in place
Hard to know whether you are trolling or are just ignorant of history. Take the UK. Time and time again govts bailed out the car, ship building, coal and other industries. All it did was waste money. It was doomed to failure.
All you do is make the entire economy worse. Helping those people (temporarily) merely hurt even more people elsewhere.
That is not being kind. That is being stupid.
I dont know why you persis with this. History shows neo liberal policies work. You cant stick your head in the sand ala Whitlam and simply spend your way in to the land of milk and honey
It has been tried over and over and over again
Each time it fails.
Why would you even bring up collectivism to attempt to disparage neo liberalism?
One minute you talk of "purity" of theory, now you talk of "vaguely".
You can't seem to make up your mind.
- Banned
- #200
LOL. History shows neo-liberalism works. Hilarious.
History shows neo-liberalism takes economies that have been built by a variety of methods at a variety of different times, and ****s them up.
Isn't it funny how the greatest period of sustained American economic growth came in the 50s and 60s?
History shows neo-liberalism takes economies that have been built by a variety of methods at a variety of different times, and ****s them up.
Isn't it funny how the greatest period of sustained American economic growth came in the 50s and 60s?
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