Does austerity work?

Yes, this has a lot to do with her statements advising caution on austerity and the multiple IMF statements that highlighted their own failures forecasting the devestation of austerity and warning that further austerity would crush growth.

You did not address point 1 at all.

Again:

Here is the IMF's appraisal of their own error in Greece: https://www.imf.org/external/pubs/ft...13/cr13156.pdf

Here is the IMF's chief economist warning that more austerity will crush growth: https://www.imf.org/external/pubs/ft/wp/2013/wp1301.pdf

Am I then to assume that you think Spain chose to continue to expect handouts and that's why they're in worse shape with defecits?

So you think a Greek Depression that started in 2008 and continued through 2013 was started by the new Greek government?

That was your answer to "Greece is undergoing something greater than the Great Depression thanks to fiscal adjustments, which you think is "positive"."

I never knew Syriza had time travel powers. care to rethink?

Um, yes they have--are you even responding to the statements?

Again--

"Greece has undergone pension reforms that will make the average age of retirement significantly higher than the European mean."

http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/ee8_en.pdf

"On July 2010, the Parliament adopted a comprehensive pension reform.", page 39.

https://medium.com/bull-market/the-...ain-francesco-giavazzi-on-greece-92988bc675eb

No, you'll just cite a study of stereotypes.

Thanks for citing more facts as to why stereotyping Greeks as lazy is wrong-headed btw:

Regardless, according to your own cited data set, Greek men and women work more than the European average in full-time jobs (if you wish to exclude self-reported own accounts as "unreliable" in LFS studies and only work from established convention, apples-to-apples "full-time work") and only 0.2% less than Germans: hardly the picture of laziness if one were to go on your stereotypes. This is based on actual hours. With usual hours, Greeks work more but of course, because Statista is citing actual hours, let's go there!

What's the difference?

As the ONS from Britain helpfully flags:

http://www.ons.gov.uk/ons/dcp171766_359687.pdf

but hey, original sin of miscitation right

Now digging deep into the LFS, you can see the sampling methodologies deployed across Europe:

http://ec.europa.eu/eurostat/docume...EN-N.pdf/39a79a33-4442-49b6-b83f-f0a5e81b02ef

Would you think that stereotypically, a Greek sample would be more likely to lie than a German sample about their # of hours worked, even in full-time conditions?

If so, would you care to highlight what other systematic basis for Greek over-reporting work hours would exist vs other nations? Greece only has one question with abnormal non-response rates, and Germany and Greece have similar data requirements/procedures on quite a few levels.

 

It's hard to take a self-appointed economist seriously who cannot even spell "deficit".

 

Ok so you admit that austerity actually makes things worse??? And your justification is that it's like withdrawal symptoms???

 

I love it Sir Jackie Child, love it when you admit that you just got schooled. You don't respond because the chart was game set match.

 

I have no idea what you are referring to, as I generally just gloss over your posts. Same as the intern. The funny difference between you and the intern is, he actually puts so much effort into his nonsense. You just post crap so that someone, anyone in the world notices you and gives you a few seconds of attention.

 

which is what we did with our chinese comrades.
you have to borrow. it's a must.

 

It's easy to back down after you failed to address any substance.

 

You would have to pay me to further educate you. I understand that you are making an effort to get attention, but I am not in the mood to explain things to a kid that barely seems to know the difference between deficit and defecate.

 

As to those of you kids who claim that the IMF supports Syriza's line:

http://www.newyorker.com/news/john-cassidy/greeces-debt-burden-the-truth-finally-emerges

And yeah, of course they will never be able to pay it back. Everyone should stop pretending that.

 

I have never said the IMF supported Syriza but you're the one who has somehow initimated that the Great Greek Depression which started in 2008 was caused by "the new Greek government acting extremely irresponsibly, thinking this is something where they can try some game theory shenanigans in order to blackmail the rest of Europe into giving them what they want."-- which defies time and logic.

You've made this about Syriza rather than any sort of logic. Instead of acknowledging that the IMF was wrong on austerity you've decided to embark on a red herring that doesn't even make temporal sense.

 

There's no can, there's only a road.

The austerity cure is to get off the road and cut your foot off.

This is why it's a failure.

 

When you no longer have a bottomless line of credit, things are worse in the short term.

But the first rule of holes is to stop digging.

This is the real-world manifestation of the old Thatcher adage that the problem with socialism is eventually you run out of other people's money.

Or in this case, other people are no longer willing to give you their money.

 

What does that have to do with Austerity measures?

The Greeks would have been much better off if they could just print money and devalue their currency so they could be more competitive. But the course of history has shown that cutting gov't spending during a downturn makes things worse, not better.

Haven't we learned this from Hoover? Guess what he did when things started going south - he CUT spending and put the world into something called the GREAT DEPRESSION.

So much for junkies and heroin additions. No good if you kill the patient.

 

Ha - you can lie all you want but your psychotic obsession with New Yorker is always worth a few laughs. You're "austerity works" nonsense has soundly been disproven. You're laughable ignorance is only scary because of how much damage you are capable of doing.

The only attention w**** here is you.

 

My last note on "it was going so well until Syriza showed up!"

 

Not true for the Eurozone banks who received what were effectively bailouts from European public institutions.

https://en.wikipedia.org/wiki/Greek_government-debt_crisis

 

<iframe width="400" height="325" frameborder="0" scrolling="no" marginwidth="0" marginheight="0" src="https://www.google.com/publicdata/embed?ds=d5bncppjof8f9_&amp;ctype=l&amp;strail=false&amp;bcs=d&amp;nselm=h&amp;met_y=ny_gdp_mktp_kd_zg&amp;scale_y=lin&amp;ind_y=false&amp;rdim=region&amp;idim=country:USA:GBR:FRAEU:GRC:IRL:ITART:ESP&amp;ifdim=region&amp;tstart=1183521600000&amp;tend=1372910400000&amp;hl=en_US&amp;dl=en&amp;ind=false&amp;icfg&amp;iconSize=0.5"></iframe>

You can see in the graph above that European "austerity" measure put in place in 2010 hurt growth in every major European economy. The U.S. which had instead had a stimulus package, a bailout, and federal quantitative easing - was the most stable economy and returned to stable growth the fastest. Gee wiz.

Anyone else thing the 2010 austerity was a smart idea?

https://www.google.com/publicdata/e...00000&hl=en&dl=en&ind=false&icfg&iconSize=0.5

 

The other rule of holes is to not hit yourself on the head with a shovel repeatedly, and then set your shovel on fire, in the misguided belief that your suffering will lead to "confidence"

Ain't no riches in ditches, b****es

 

Fatality

 

Well, Jed Clampett disagrees. It just all depends on what you dig up.