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Does austerity work?

Discussion in 'BBS Hangout: Debate & Discussion' started by Faust, Jul 4, 2015.

  1. justtxyank

    justtxyank Contributing Member

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    It depends on what your definition of "work" is.
     
  2. Sweet Lou 4 2

    Sweet Lou 4 2 Contributing Member
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    Got to love it when someone tries to win a debate by claiming they won because they supposedly have an MBA from Chicago. Next up someone whips out their Wharton MBA and based on school rankings claim they are now the winner.
     
  3. SamFisher

    SamFisher Contributing Member

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    Not sure if Executive MBA's really count in this dick-off - it's sort of like claiming an LLM is a JD.

    I do know that if you spout stupid **** like "well everybody should just save everything all the time and everythign would be good!" - you wouldn't even get a BA in economics from the lowliest school around.
     
  4. Sweet Lou 4 2

    Sweet Lou 4 2 Contributing Member
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    At a company I worked at many years ago, someone thought it was a great idea to bring in MBA interns straight from their programs and have them try to "apply" their knowledge. They only tried that program one time.
     
  5. SamFisher

    SamFisher Contributing Member

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    Heh, I was right, it was the Executive MBA program, actually the "Global Executive MBA" program.

    Heh, does that sound like a real Booth MBA to you? Sounds more like a part-time daycare service to part foreigners with their cash.
     
  6. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    University of Chicago MBA >>>>>>>> SamFisher's verbose, envious, frustrated BBS posts
     
  7. SamFisher

    SamFisher Contributing Member

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    I've fixed it for you, *snicker*.

    That sounds like a fun summer program though - do you think I should apply?
     
  8. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    I think you should.

    Yes, it was the Global Executive MBA program.

    Chicago Booth tops ranking of world's best exec MBA programs

    The University of Chicago Booth School of Business EMBA is the oldest Executive MBA (EMBA) program in the United States. Our eMBA curriculum, a 21-month, part-time program, exposes you to the intellectual intensity and world-changing ideas that will transform your thinking. You'll become a more confident and effective business professional.

    In our EMBA program, you will participate with fellow top executives from varied backgrounds and perspectives in a dynamic, collaborative environment that will challenge you at every turn. Through lively debate, a constant flow of new ideas and active participation, our EMBA program will challenge you to think more deeply than you ever have in your life as you become the best business leader in your chosen profession.

    Get on the EMBA e-list and receive updates on the latest information on our EMBA program, or sign-up to attend an information session today. Sessions are held in Asia, Europe and North America.

    The University of Chicago Booth School of Business is consistently ranked as one of the top 10 business schools in the country. We are also the first and only business school with permanent campuses on three continents: Asia, Europe and North America. Our school is proud to be a school of firsts:

    First business school to have a Nobel laureate on its faculty (George Stigler, 1982)
    First business school to have six Nobel Prize winners on its faculty
    First to initiate a PhD program in business (1920)
    First to offer an executive MBA degree program (1943)
    First to establish a minority relations program (1964)

    https://www.chicagobooth.edu/emba-rankings/

    It's not cheap, though - $ 174,000 last year.

    And whether you qualify academically - only you know. They don't take everyone.
     
  9. bingsha10

    bingsha10 Member

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    I love the valiant defenders of the status quo.
     
  10. Invisible Fan

    Invisible Fan Contributing Member

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    Pretty scathing interview of a French economist against the Germans... Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"


    As for the topic, it seems austerity policies are tools enforced by the IMF/World Bank to build credibility in the system by dangling the carrot of credit. When it works, the country that falls in indebtedness has no other options to borrow because of a **** credit rating. Sometimes this is deserved because the leaders terribly mismanaged the economy or couldn't anticipate a black swan and had to do something risky and desperate.

    But I think it's the mere act of getting a loan (therefore opening credit lines again) and the government overturning the riskier policies that sets the play of rebuilding a nation's credit rating rather than the actual austerity policy itself working through some macro-economic theory.

    Nations don't live in a vacuum, and now it's easier to make plays on specific aspects of a nation's economy. I mean the sequester was one giant pay and hiring freeze that many on the left were forecasting doom. Instead it just ripped the poor another one by removing more social services, but apparently the poor were already dead weight in the results only numbers we report.

    So in the case of Greece, it's bleeding blood out of a turnip. They still need massive reforms and house cleanings, and debt relief at this time seems to be a "reward" in principle, but that's the thing. Neither side are closing in on those points of negotiation.

    Furthermore, I don't know how weaker Eurozone nations can compete with Germany's or France's (on a good year) economies under the current ECB regime. It just seems like a recipe waiting to repeat itself even if the current situation is resolved.
     
  11. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    Piketty is a super-left-wing Krugman ass-licker. Clearly, he thinks that he has standing to lecture other nations (such as Germany).

    Plus, he is factually wrong.

    http://content.usatoday.com/communi...ar-i-reparations-debt-on-oct-3/1#.VZxQBhOqqko

    http://www.spiegel.de/international...arations-to-holocaust-survivors-a-902528.html

    etc.
     
  12. B-Bob

    B-Bob "94-year-old self-described dreamer"

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    Delete
     
    #192 B-Bob, Jul 7, 2015
    Last edited: Jul 7, 2015
  13. Invisible Fan

    Invisible Fan Contributing Member

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    I could see Piketty assertion based off Germany of not having to pay debts in full (still false?), but I can't take that Seth McFarlane **** eating smirk of his seriously.

    I remember reading something like this years before and far less inflammatory.

    It turned out to be this article on Der Spiegel Economic Historian: 'Germany Was Biggest Debt Transgressor of 20th Century'

    I'm now wondering about what Ritschl refers here wrt the article you posted:

    SPIEGEL ONLINE: The Germany of today is considered the embodiment of stability. How many times has Germany become insolvent in the past?

    Ritschl: That depends on how you do the math. During the past century alone, though, at least three times. After the first default during the 1930s, the US gave Germany a "haircut" in 1953, reducing its debt problem to practically nothing. Germany has been in a very good position ever since, even as other Europeans were forced to endure the burdens of World War II and the consequences of the German occupation. Germany even had a period of non-payment in 1990.

    SPIEGEL ONLINE: Really? A default?

    Ritschl: Yes, then-Chancellor Helmut Kohl refused at the time to implement changes to the London Agreement on German External Debts of 1953. Under the terms of the agreement, in the event of a reunification, the issue of German reparations payments from World War II would be newly regulated. The only demand made was that a small remaining sum be paid, but we're talking about minimal sums here. With the exception of compensation paid out to forced laborers, Germany did not pay any reparations after 1990 -- and neither did it pay off the loans and occupation costs it pressed out of the countries it had occupied during World War II. Not to the Greeks, either.​

    Maybe the Ristchl controversy-then shamed the government into the Holocaust reparations a couple years ago, but I'm sleepy so I'll just fart in the wind.
     
  14. dmoneybangbang

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    Uhhh, we had more boom and bust under the gold standard with very little government spending.
     
  15. dmoneybangbang

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    Lolz.... Do you just hope no one will.actually click on your links.....?

    So they paid off WW1 debt.... What about that second world war.....,

    They teach you have to be dishonest at Chicago?
     
  16. SamFisher

    SamFisher Contributing Member

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    Maybe that's the difference between the Global Executive Sumner MBA seminar and the *actual* MBA program from Booth?

    :confused:
     
  17. Air Langhi

    Air Langhi Contributing Member

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    EMBAs are all BS. Basically you pay for a degree.
     
  18. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    The guy's statement was "Germany has never...". How is WW1 not relevant then? Also, did you click on the second link? Did they teach you to make premature statements without researching the facts at whatever your local elementary school is (as I cannot imagine you can have gotten a lot further than that, based on your moniker and your posts).
     
  19. AroundTheWorld

    AroundTheWorld Insufferable 98er
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    And you know this because, of course, you have done them all.

    The degree of your envy and frustration makes me chuckle.
     
  20. SamFisher

    SamFisher Contributing Member

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    The fact that you did a summer "Global Executive" MBA and tried to pass it off as a real Booth MBA doesn't make me chuckle any more because it took about 5 seconds for me to guess and one cf.net search to verify. Things aren't funny when you know the punchline.

    The chuckle part is that you stumbled into this while trying to defend some Ron Paul Internet dip**** posting nonsensical trash on basic macro.

    Bad move, jack.

    Gonna head over to linked in now....
     

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