April 28th, 2011

Keynes vs. Hayek, Round Two


159 Comments

  1. 1
    Lord Mandelbum of Fondleboys says:

    When is Will Straw going to try doing a real job?

    Might serve him well if he plans to pontificate like his father does.

  2. 2
    Lord Bowden of Middlesex says:

    Yes, socailisim is also evil and runs out of other peoples money, they need to keep the poor poor.

  3. 3
    Lord Bowden of Middlesex says:

    I think he waiting for a safe seat to open up, Maybe one in Scotland that has a MP that does not turn up for work?

  4. 4
    White Van Man says:

  5. 5
    Bob Diamond says:

    Hear! Hear!

  6. 6
    What it would take for me to ever vote Labour says:

    My cock between Lisa Nandy’s lovely melons.

  7. 7
    Lord Bowden of Middlesex says:

    But didnt Keynes also advocate balanced budgets, So that if the shit hit the fan then there was room to borrow?

    What the left and Will straw are saying is, Borrow more regardless of how much you borrowed in the good years.

    I think if the left had followed the firstexample then it would have been ok, But they spent the good years rasing taxes, spending and selling gold.

    Oh and dont forget those good old golden rules.

  8. 8
    Will, your dad Jack is a cunt says:

    Will Straw? Didn’t he get done for dealing the white stuff? Did daddy help get him a lenient ticking off?

  9. 9
    beast says:

    I reckon that Will is waiting for a nice safe” seat” in Brighton that he can gently ease himself into
    This will involve KY jelly and another serious young man

  10. 10
    Lord Wayne of Trombone says:

    lets get some stuff straight

    1. ed balls is a Hunt
    2. harriet harman is a Hunt
    3. andrew marr is a two faced hypocrit and a Hunt

    4. The BBC is shit

    I thank you

  11. 11
    William Hague says:

    ‘appen I’m getting an erection lad, ba goom!

  12. 12
    Lord Bowden of Middlesex says:

    I thought it was cannibis?

  13. 13
    Will Strw says:

    I don’t go north of Islington

  14. 14
    George and Dave's white lines says:

    sniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiifff + + +

    Top Hole!

  15. 15
    Up sh1t creek says:

    Newsnight (27/4) had three “experts” discussing the UK economy. If we followed the advice of Lord Myners (failed Labour city minister), Nicola Horlick (whiner that she’s a woman and better than anyone else, left employer in a huff), and Andy Bind (ex Asda CEO), the UK REALLY WOULD be f*cked.

    Their conclusion, take money via taxes from the wealth shrinking private sector, and spend it on building more infrastructure projects. Yeah, that will help small businesses survive.

    After the earthquake and tsunami in Japan, Japanese manufacturers are having difficulties because so much is needed from small businesses by big businesses. In the UK, big businesses went abroad to China, they don’t give a shit about small businesses.

    Japan out produces the UK for a reason, they love small business, the UK hates them (at least, since Labour got back in in 1997). The coalition have not reversed that thinking.

  16. 16
    Steve Miliband says:

    How can we forget QE

  17. 17
    Jack Straw says:

    There’s no practical limit to the number of immigrants we can bring into this country.

    Mainly because they bring lots of Bolivian Marching Powder for my son.

  18. 18
    Letter of apology to Angela Eagle says:

    Dear Miss Eagle

    May I say on behalf of the Prime Minister that I am deeply sorry for the offence caused by his referring to you as dear. He accepts he was wrong and out of line to call you that.

    The Prime Minister wishes to extend his apologies and he promises that in future he will refer to you in the proper manner by saying “Shut your trap you fucking rancid old ugly c unting minger”.

  19. 19
    Lord Bowden of Middlesex says:

    didnt the coalition lower a buisness tax?

  20. 20
    Adler nur fur uns says:

    Simple question. Has Will Straw EVER had a proper job? I suspect he is another one of these socialists who learnt his dogma on daddy’s knee, at university (where he seemed to spend most of his time organising boycotts on behalf of the union). Not a clue about the creation of wealth. Not a clue about small businesses winding their way through the maze of red tape that he and his ilk lay down on a daily basis.

    Oh well! Cannabis anyone?

  21. 21
    Public Sector says:

    oink oink oink
    snuffle grub grub
    fart fart belch
    bark bark bark
    money money money

  22. 22
    Labour's general election strategy in 2015 or whenever the next election takes place says:

    Free tit wanks from Lisa Nandy for every voter! She’ll even give you head if you register non-existent people for postal votes!

  23. 23
    Wavy Davy says:

    public relations is a proper job when daddy arranges it

  24. 24
    Eeu to me says:

    The real question Billy after collecting all this money where the hell has it gone, any reciepts to show where the money went if not why not, why hasn’t Brown, Bliar and the Liebour party and anyone who voted for the Liebore party been contacted and made to pay for the missing money.

  25. 25
    stun says:

    Mainly for the larger corporates (>£1m a year profit), by several percent over two years. Small biz tax was dropped by 1% though from the beginning of this month.

  26. 26
    Fatfuck Pickles and his Bumbling Buffoonery says:

    That’s the mating call of Eric Pickles when he’s fucking a pork pie.

  27. 27
    COMRADE BOB CROW (ANNUAL SALARY £95K) says:

    YOR TORKING MY LANGWIDGE.

  28. 28
    Lord Bowden of Middlesex says:

    Look they are nice tits,But not that nice.

  29. 29
    Brussels Louts says:

    Cameron hasn’t.
    He agrees with it’s use and it’s still on the books to be used again in case of emergency.

  30. 30
    Lord Bowden of Middlesex says:

    Where is the serious fraud office when you need them?

  31. 31
    retardEd Miliband says:

    You thay that in jetht, but it jutht might work. I’ll propothe it to Ed Ballth when he holdth hith next thadow-cabinet meeting. Brownie-pointh for me, I think.

  32. 32
    Public Sector says:

    you cannot be trusted to spend your own money

  33. 33
    Public Sector says:

    aaaarrrrrrrrrrrrrrrrrrgggggggggggggghhhhhhhhhhhhhhhhhhhhhhhhhh

    i cannot enjoy the money i am paid as i don’t earn it

  34. 34
    The Serious Fraud Office says:

    We’re at an Equality and Diversity Awareness Agenda Meeting.

    In the Seychelles.

  35. 35
    Saltire 1 says:

    Is that Will Straws the Dopehead? You have to be a dopehead, kokehead, junkie, alky to support Labour and the BBC. It’s compulsory.

  36. 36
    No help from beyond the grave says:

    Well, you’re a bit fucked after 2015, aren’t you, c’unt?

  37. 37
    Lord Bowden of Middlesex says:

    Better than raising taxes.

  38. 38
    Graham Snortin says:

    Oh ducky!

  39. 39
    Tony Blair says:

    I made Diana into the people’s princess and forced her children to mourn in public and what thanks do I get for it?

  40. 40
    Wavy Davy says:

    Calm down dear!

    I won a massive majority against a stupid idiot like Brown so the public loves me.

  41. 41
    Stephen Frybrain says:

    Hypocrisy! Kerrrchiing!

  42. 42
    Gordon Brown says:

    Tax-cuts take money out of the economy.

  43. 43
    100,000 dead Iraqis says:

    You made quite a few children mourn in public.

  44. 44
    Wavy Davy says:

    or VAT

  45. 45
    Cat Moon says:

    Snort*Snort* oink! oink! I love Charlie Slater!

  46. 46
    Lord Bowden of Middlesex says:

    we have a deficit denier here, Must Ed Balls.

  47. 47
    The British Public says:

    We’ll love you even more if your head explodes tomorrow, spraying bits of brain all over the dress.

  48. 48
    Blinky says:

    Shut it lispy. You know you’re not allowed at shadow cabinet meetings.

  49. 49
    Gordon Brown says:

    Tax cuts take money out of the economy, ergo tax rises put money into the economy.

  50. 50
    Paul Marks says:

    A very good short film – both entertaining and informative.

    What more can anyone ask for?

    Listen to both sides – and then make your choice.

  51. 51
    Prof Nutt says:

    Drugs are harmful unless you are the offspring of a politician or work for the BBC.

  52. 52
    Will Straw says:

    I am having a whitey, I can’t move. Got the munchies too.

  53. 53
    Loungelizard says:

    Whilst on the subject of Keynsian economics, I’m disappointed that the Queen hasn’t arranged to publicly behead Blair and Brown at some time during tomorrows ceremony, as a gesture of thanks to her loyal subjects.

  54. 54
    Herman Achille Van Rompuy's Cat says:

    I iz in your budgetz spending your monies.

  55. 55
    Up sh1t creek says:

  56. 56
    jgm2 says:

    I think now be an appropriate moment to pause and have a good laugh that the Queen, Prince Charles, Prince William and the entire British establishment have given the architects of 13 years of economic idiocy, Tony Blair and Gordon Brown, the appropriate number of invites to the royal wedding.

    In order to properly thank them for their contribution and to show the high esteem in which they are held by the British people.

    Hahahaha. Get it right up you, you c*unts.

  57. 57
    Sir William Waad says:

    Sticking employer’s NI up more than recouped a minor concession on corporation tax, particularly for businesses that employ people and actually do stuff, as opposed to the spivs.

  58. 58
    Angela Eagle says:

    Squeak. Squeak. Squeak. Who wants to see my fud? Squeak!

  59. 59
    Sir William Waad says:

    If Brown had gone, what would have happened?

    1. He would have turned up late.
    2. He would have been scruffy.
    3. He would have looked grumpy, except for the occasional vampire’s leer.
    4. He would have spent the entire time hunting for Barack Obama.
    5. Kate would have tripped over her dress.
    6. The Abbey would have burnt down.
    7. It would all have been the fault of (cont. p. 94)

  60. 60
    Sally Bercow tweets says:

    I’ll be going, although as a soc’list I don’t believe in the monarky.

  61. 61
    David Camoron (traitor, thief and liar) says:

    Fine by me. Have another £50million. That should see you until tomorrow.

  62. 62
    Anonymous says:

    Did this Horlick woman play Queen Elizabeth in Blackadder 2 ? The resemblance is startling.

  63. 63
    Tony Blair says:

    My wife and I couldn’t help noticing that we’re considerably richer than the Queen, and we didn’t want to show her up.

    And besides, Cherie and I are busy hiding all our millions from the taxman that day, so we’re otherwise engaged.

  64. 64
    Rap is Crap says:

    Sorry, can’t stand rap music so I didn’t watch the vid.

  65. 65
    the last quango in paris says:

    now the silly dear is complaining about being referred to mrs john bercow on her wedding invite – why the hell is she going?

    http://twitter.com/#!/sallybercow

    oh yes, BECAUSE SHE’S MRS JOHN BERCOW.

  66. 66
    Steve Miliband says:

    He would have accidentally got locked in a cupboard at the Palace, then gone walkabout in the kitchen wearing a crash helmet looking his friend and finally he would have wished Harry and Crate good luck.

  67. 67
    spelling bee says:

    Billy,

    It’s

    S O C I A L I S M

  68. 68
    Tessa Tickles says:

    The playing of rap music should be a capital offence. And the law should be applied retrospectively, to about 1980.

  69. 69
    bergen says:

    Yes.Straw snr and jnr have never created a penny of wealth but are mustard keen on spending other people’s hard-earned readies.

    Still,at least they believe in the hereditary principle.

  70. 70
    Steve Miliband says:

    She is common

  71. 71
    Jack Dromey champions Wimmins Rights says:

    I told Harriet she must get her t*ts out to up Labour’s chances of winning the next election.

  72. 72
    Concrete Pump says:

    Three women are talking about their husbands’ involvement in a ten-pin bowling team.
    “It’s terrible,” says Mrs Osborne. “George comes home after the bowling pissed out his head, strips off his clothes and falls asleep in the kitchen.”
    “That’s nothing,” says Mrs Clegg. “Nick comes home after the bowling pissed out his head, strips off his clothes, pukes down the toilet and falls asleep in the bathroom.”
    “You’re lucky,” says Samantha Cameron. “David home comes after the bowling pissed out his head, strips off his clothes, strips off my clothes, throws me on the bed, rams three fingers into my pussy and shouts: New ball, please! This one’s wet!”

  73. 73
    WVM says:

    Hayek for the win!

  74. 74
    Tessa Tickles says:

    How come she’s got an invite, but important people such as my dustman didn’t?

  75. 75
    the stench of hypocrisy says:

    Is Will Straw one of the Labour off-spring who’ve enjoyed an internship?

  76. 76
    AC1 says:

    As does Kim Il Sung and Kim Jong Il in the starving peoples republic of North Korea.

  77. 77
    An Iraqi orphan with only one eye & one arm awaiting deportation. says:

    Thank you Queenie. I would courtsey but I have no legs.

  78. 78
    Boudicca says:

    Dear Miss Eagle and the Labour Front bench,
    Get a fucking sense of humour.
    You give women a bad name.
    Yours,
    B

  79. 79
    Mr Nice says:

    So how did you manage to get here? Fuck off.

  80. 80
  81. 81
    AC1 says:

    IIRR Myners was in charge of Pensions “Simplification”.

    It more than doubled in complexity.

    He’s one of those “Experts” who’s advie it’s sensible to always do the 180o opposite of.

  82. 82
    jgm2 says:

    I bet she was practising her ‘Sally Bercow’ signature for weeks before her own wedding.

    If she wanted to keep her maiden name then she could have done like Yvette Cooper and Harriet Harman. But she didn’t. She loved the idea of being Mrs John Bercow.

  83. 83
    COMRADE BOB CROW (ANNUAL SALARY £95K) says:

    I GOT A INVIGHT BUT I SPAT ON IT AND WYPED MY ARS ON IT AND FREW IT IN A BIN.

    THE QWEEN NO’S NOTHING OF WURKING HARD 4 A LIVING

  84. 84
    AC1 says:

    You are John Major and I claim my Best of Trance album.

  85. 85
    Boudicca says:

    Doesn’t mind calling herself Bercow though does she?
    Her feminist principles didn’t prevent her from abandoning the name she was born with and adopting the one that allows her access into high society.
    What’s the bet she’ll be twittering during the ceremony, with her usual pathetic attempts at humour.

  86. 86
    jgm2 says:

    Good point. He’ll be operating under the ’90-Day Rule’ so won’t want to spend any more days than necessary in the UK for tax purposes. Plus he has to keep a few days spare in case he gets called back for yet another quizzing about what he knew and when regarding Iraq.

  87. 87
    Iraqi orphan says:

    I crawled and dragged myself through seven safe countries.

  88. 88
    Lord Mandy says:

    My sentiments exactly

  89. 89
    Tessa Tickles says:

    That’s you off my Christmas Card List.

  90. 90
    Phantom says:

    Austrian economics is the UK’s only real salvation now.

    The US will default, be it by inflation or a full blown bondholder strike.

  91. 91
    Sally's Life Choices says:

    “Sally Bercow, Wife of the Speaker” or “Sally Illman, checkout assistant at ASDA”.

  92. 92
    Tessa Tickles says:

    ;-) BTW

  93. 93
    PigShit says:

    not surprising you londoncentric fuck

  94. 94
    QE3 Hair of the Dog says:

    Still, I think they’ll raise the debt ceiling next month and try their luck.

  95. 95
    PigShit says:

    Dear Labour Party

    Please all take your seats on the royal wedding Labour Party float.

    Thank you

    Call the Sergeant At Arms

    FIRE

  96. 96
    jgm2 says:

    Inflation is the UK’s preferred method. It’s been under way for several years now and will continue for several more.

  97. 97
    Phantom says:

    And I think the Chinese will start to use their substantial commodity holdings to start selling US Treasury debt to test the waters.

    That’ll learn them to debase their currency.

  98. 98
    Drop a Daisy cutter on the BBC says:

    Should have been poisoned dwarf and his fucking ugly bitch.

  99. 99
    PigShit says:

    Well

    that’s the tall blond one sorted

    now, for the red haired one

    OOOOPPPS

  100. 100
    Drop a Daisy cutter on the BBC says:

    8. He’d have gurned every 30 seconds at the camera

  101. 101
    mrs william hague says:

    rather her than me though

    just a thought

  102. 102
    Alex says:

    The likes of Will Straw love twitter, as they can come out with all their garbage and then just ignore any responses they can’t argue with.

    No way would the little twat have the balls to debate someone face to face.

  103. 103
    AC1 says:

    Sort of. Those Gold Bug is the only “real money” people will really mess things up (except for miners).

  104. 104
    Tessa Tickles says:

    I don’t know. I was checking his website but found the following; a kind of roll-call of the living dead:

    http://www.leftfootforward.org/biographies/

  105. 105
    Spanking Labour's Rump with my Large Super-injunction says:

    Good Will hunting Guido!

  106. 106
    ichabod says:

    …and the marriage wouldn’t have been a success…

  107. 107
    Maria Eagle says:

    Vote Labour or i will strip!

  108. 108
    ST says:

    And it’s employment taxes which matter, most businesses can maneuver around corporation tax.

  109. 109
    Phantom says:

    No.

    The UK also debased their currency though QE and sent the cost of its imported raw materials and imported unfinished goods through the roof. It destroyed the value-add, that destroyed any semblace of growth.

    15% annual inflation on producer prices? So that’s half of CPI.

    Then add to the mix income and consumption taxes that account for half of CPI.

    Look at CPI-Y to see core inflation around 2.5%.

    You do not inject 20% GDP of money into an economy without getting inflation.

    That’s why interest rates are 0.5% – no one wants it.

    Best thing that can happen now is hike rates up to 2%, let the over-leveraged idiots default, create a value-base and create a stable price mechanism and see the economy grow.

    There is zero confidence because no-one knows who is holding the bad hand, flush them out, they go bust and the rest of us can carry on knowing the bad guys are out of the game.

    It is that simple.

  110. 110
    Tessa Tickles says:

    That, and with a 140-character limit they don’t have to think too hard about what to write.

  111. 111
    ichabod says:

    Apparently wikipedia entries were suitably altered this morning for someone named Bonneville, also a Mr R. Giggs, and a BBC employee named Shearry, or something similar. But they’ve been doctored since…

  112. 112
    AC1 says:

    Bondholders might insist on a higher yield sometime soon. Gordo tried to keep the game going by making Pensions scheme “invest” in this area.

  113. 113
    University of St Andrews says:

    We support the atrocities taking place in Syria. We hope Syrians in power will continue to fund the University.

  114. 114
    Spanking Labour's Rump with my Large Super-injunction says:

    But sell to who? And then do what with the dollars? Only one place you can spend greenbacks, but China still seem happy to stock up on them through trade.

  115. 115
    AC1 says:

    Who debased their currency? China kept their people poor to fund Americans. how stupid was that?

  116. 116
    Phantom says:

    Oil, more commodities.. after all, aren’t these all priced in dollars?

    You can do more with oil and commodities than you can with toilet paper.

  117. 117
    misterned says:

    The bankers have taken billions of it and will ultimately take it all in debt repayments and debt interest.

    Labour, billions for bankers and bugger all for anyone else!

  118. 118
    Gordon Brown, IMF (failed) says:

    Nobody likes me, everybody hates me
    Think I’ll go and eat worms
    Long thin skinny ones, short fat juicy ones
    See how they wriggle and squirm
    Bite their heads off, suck their juice out
    Throw their skins away
    You should see how well I thrive
    On worms three times a day!

  119. 119
    misterned says:

    More lefty fuckwits who pay off their credit cards each month with their credit cards and then wonder why they are still in debt!

  120. 120
    AC1 says:

    LOL.

  121. 121
    Mrs. E. Windsor says:

    Well, if Slotgob refuses to acknowledge the Monarch by not cutseying, what does she expect? And you should have heard the chambermaids’ comments about the state of their room when they stayed – contraceptive devices everywhere. Not pleasant, you know.

  122. 122
    Fa Kin Su Pah says:

    Heard it. Shocked by it. Then noticed
    their loser – b list stylee, disregarded all their
    comments and had some jelly from the fridge.

  123. 123
    Tessa Tickles says:

    Mr Bonneville is famous on both sides of the Atlantic, apparently.

    Ha ha haa ha ha ha! Well, he’s famous on this side of the Atlantic. Now.

  124. 124
    Solly says:

    You can’t be trusted to spend my money either. That’s why I’ve stopped giving it to you.

  125. 125
    Solly says:

    You get a new aircraft each week. Your daughter likes the taste of LearJet too much.

  126. 126
    AC1 says:

    Not really. The bankers have taken Millions in false bonuses, but it’s the Bondholders that have taken the Billions.

  127. 127
    Tessa Tickles says:

    Plus, England post-’97 is a complete shit-hole and he likes to avoid it these days.

  128. 128
    Winny in a wheelchair being wheeled about by Michael Winner. says:

    Does dope ease chronic neck & back pain?

  129. 129
    Sir William Waad says:

    Socialism explained.

  130. 130
    HMQ says:

    Well hop awf then.

  131. 131
    Drop a Daisy cutter on the BBC says:

    Too late she just stripped

  132. 132
    That Angela Eagle's one Ugly Pig, Calm down dear! says:

    He needs to practice some criminal damage first!

  133. 133
    Engineer says:

    Alongside Keynes and Hayek, we must now add another economic theory – Ballsian economics. The basic theory is that you spend everything in sight (doesn’t matter what on, just spend it), then borrow up to the hilt and beyond, and spend that too. All this will be perfectly OK, because you simultaneously relax banking regulation such that a bubble is created in the banking sector, thus producing spiralling (taxable) profits. If it all goes to ratshit before you can do a runner, just deny everything.

  134. 134
    Sir William Waad says:

    Cripes! One of them has held a proper job.

  135. 135
    Engineer says:

    Yes, usually by easing you gently into the next world.

  136. 136
    Tessa Tickles says:

    Socialist ex-brained.

  137. 137
    Winny in a wheelchair being wheeled about by Michael Winner. says:

    @engineer. I am on a morphine based painkiller, prescribed. A legal junkie! Not good. Dope is non addictive and less harmful(-not smoked-) than morphine. If it eases pain then it should be made available legally.

  138. 138
    Tommy Rott says:

    You forgot, they also nicked your nice little boat , Ma’am.

  139. 139
    The London School of Eunuchonomics says:

    No Balls!

  140. 140
    Alex says:

    Amen to that :-)

  141. 141
    Lilith says:

    Aren’t the bankers the bondholders too?

  142. 142
    Engineer says:

    “Dope is non addictive and less harmful….”

    Not sure that the evidence supports that assertion. Drug addiction seems to be a major problem. I’d stick to the prescribed medications, if I were thee.

  143. 143
    Martin Luther says:

    A diet of worms? Been there. Done that.

  144. 144
    Spanking Labour's Rump with my Large Super-injunction says:

    But Phantom, that doesn’t change the external dollar balance. It just diverts it to other commodity export countries. What effect on the US.

  145. 145
    Freddie says:

    Calling Obama a Keynsian is not a Birther conspiracy

    Also if anyone actually like political hip hop take a look at http://thejuicemedia.com/

  146. 146
    Loungelizard says:

    Class, Bob, class!

  147. 147
    Dirk Diggler says:

    I’ve been waiting for a Nandy nork comment all day, makes me want to move to Wigan….oh fuck I already do….shame I never voted for her, I got confused and never thought Labour would ever stick a red rosette on tits like those

  148. 148
    Cynical Old Man says:

    A little bit O/T but Ed Ballocks was interviewed by Jeff Randall last night. Randall asked Ballocks what he knew that the IMF, OECD and the Bank of England didn’t know as they all backed Osbourne’s running of the economy. Blinky spluttered a little before naming about four tame JOURNALISTS and the Marxist Nobel Prizewinner as agreeing with him.

    What a cock!

  149. 149
    Lord Mandelbum of Fondleboys says:

    Yeah, that’s what Yvette Ballocks said too!

  150. 150
    Iloathlefties says:

    Socialists always think they know best on how to spend other peoples money………….until it runs out. Twats.

  151. 151
    ovaut says:

    Would you continue to advocate ‘lower taxes, balanced budgets and an end to subsidies and bail-outs’ if, ten years into a recession, these policies hadn’t produced sufficient growth to end the recession?

  152. 152
    Spanking Labour's Rump with my Large Super-injunction says:

    Of course! Taking cash from the productive part of the economy, giving it to the government, which then recycles it back into the same economy (less admin costs) is the key to economic growth! Let’s not muck about: go the whole hog and raise tax to 100% of income. Problem solved.

  153. 153
    Spanking Labour's Rump with my Large Super-injunction says:

    Cause it’s that easy folks!

  154. 154
    QE3 Hair of the Dog says:

    Exactly, and there in lies the rub, as I’ve already said they’ll raise the debt ceiling next month. It’s not the end game quite yet but just a step along the way to the cliff edge and I think America knows full well where that edge is.

    Look at the end of the day America holds all the cards, China just thinks she does.

  155. 155
    Duncan says:

    Wait… you’re comparing Will Straw to one of the most astute economists of all time. Are you sure that’s… you know….

  156. 156
    Duncan says:

    Yeah ^this basically.

    The ‘neo-classical exogenous growth theory’ Balls and Brown self-identify with is a sensible enough Keynesian theory on the face of it where you use state jobs to stimulate growth through commerical spending due to employment in depressed local areas some of which had been depressed since the primary industry subsidies were (rightly, for those keeping score) cut under Thatcher. Unfortunately they seem to have forgotten that the goal is for this growth to be short term and for the government jobs – effectively a kind of booster – to be withdrawn and that local growth to be self-sustaining. Instead they just kept the spending going indefinitely so, surprise surprise, eventually the debt got too much and when the entire financial sector their borrowing was predicated upon remaining healthy took a tumble due to the ridiculous housing policies established in America under Blair’s pal Bill Clinton (cause, aw shucks, people who can’t afford to pay mortgages should be able to get them anyway. What’s social housing?) finally running out of steam suddenly the government was left unable to afford to even service the debt accrued over many years of mismanaging this convoluted scheme. So now Cameron and Osbourne get the blame for cutting government jobs which are keeping previously depressed local economies going by a public who a) don’t see that the real criminals are Brown and Balls for fucking up (and misunderstanding) their own economic policy and b) have become so used to the idea that government money is magic and grows on trees they don’t understand that the well has run dry and it will take a serious length of time before even the cost of servicing the debt decreases to acceptable levels.

    Which is, I take it, what you meant.

  157. 157
    Duncan says:

    Yes, well done for being a Guardian reader. Did it occur to you that on the day of the royal wedding the Grauniad might want to, say, run a few stories about the couple’s alma matter regardless of whether those stories had any basis in sanity?

    ‘The Syrian Studies Centre is partly funded by Syrians’ – Wow… really? How astonishing.

  158. 158
    chris says:

    I go with Guido

  159. 159
    Dave says:

    I see Hayek missed the verse out about collapsing the economies of every country in which his theories have been tried. Another Koch bro’s failure!


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