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The EU should never have expanded to Greece, and some other countries.Is Greece's crumbling economy in dire straits because of austerity cuts?
In part, yes. Greece is in trouble for four reasons:
1) they spent too much and ran up too much external debt.
2) they don't control their own currency, so they can't use monetary policy to ease the pain.
3) the other EU countries control their fiscal policy now, and those countries would rather see a million Greeks impoverished than a single German or French lose their jobs - because Germans vote in Germany, not Greece.
4) the policies being enforced by these outside nations (austerity) are causing the economy to crash even deeper because the private sector won't invest a wooden nickel in an economy without the support of it's own government.
Britain meets zero of those reasons.
And Greece should have never dropped the Drachma in place of the Euro. They would be much better off right now with the Drachma, despite the inflation.
No, austerity was a choice.
It wasn't economic growth policy. Austerity cuts implies a country is forced to make cuts out of possible default.
England was not facing a possible default.
Blaming the austerity cuts for a bad economy is crazy. They made those cuts for a reason, and they have to live with the consequences of making or not making them.
no, failing to see that removing aggregate demand from a depressed economy amplifies a recession is crazy.
You can't ignore what put them in a position to decide on making the cuts.
What "put them in a position" was an election. The people chose the party that said it would slash government and cut demand.
First, I never lie.
But you must claim so because the facts don't support your propaganda...
This is so very easy to prove....as follows:
1. Was there a recession/depression in 1920 as well as one in 1930?
2. Did the Republican institute laissez-faire free market strategies, and
did the Democrat institute Keynesian command and control strategies?
No.3. Was not the Republican successful in solving the crisis, i.e., ending same in
18 months?
And was the Democrat a woeful failure, leaving Americans to suffer for almost
a decade and a half?
The Fed strangled the US economy nearly to death by not only withdrawing 1/3 of the money supply but they let Bank of United States fail when it was able to pay of 95%+ of all deposits.
This whole thread is like listening to an addict explaining why now just isn't the right time to quit.
The EU should never have expanded to Greece, and some other countries.In part, yes. Greece is in trouble for four reasons:
1) they spent too much and ran up too much external debt.
2) they don't control their own currency, so they can't use monetary policy to ease the pain.
3) the other EU countries control their fiscal policy now, and those countries would rather see a million Greeks impoverished than a single German or French lose their jobs - because Germans vote in Germany, not Greece.
4) the policies being enforced by these outside nations (austerity) are causing the economy to crash even deeper because the private sector won't invest a wooden nickel in an economy without the support of it's own government.
Britain meets zero of those reasons.
And Greece should have never dropped the Drachma in place of the Euro. They would be much better off right now with the Drachma, despite the inflation.
The 'weaker' economies in Europe are starting to learn that hitching your wagon to the whims of larger economies works great...until it doesn't. Greece is in economic crisis and they can't use a single monetary tool to relieve the situation - and now they are being required by the larger economies to leave fiscal policy off the table as well.
It's a travesty for the people of Greece. And it didn't have to be this way.
US Gross Domestic Product (billions):
1929: $103.6 <-Contraction begins
1930: $91.2 <- it continues...
1931: $76.5 <- and gets worse...
1932: $58.7 <- and worse still!
1933: $56.4 <-FDR Takes office
1934: $66.0 <- Economic growth.
1935: $73.3 <- More grwoth (record growth!)
1936: $83.8 <- More record growth!
1937: $91.9 <- What's this? More growth.
1938: $86.1 <- The Austerity Caucus takes over, New Deal programs repealed and an attempt to balance the budget
1939: $92.2
US GDP had fallen from 103.6 billion in 1928 to 58.7 billion in 1932, 43% before Roosevelt took office due 12 years of failed Republican control of government. After Roosevelt took office and the voters threw the Republicans out of Congress, GDP increased every year of the Roosevelt administration.You seem to forget 12 straight years of Republican control of the government that ushered in the Great Depression.
Do you believe that recessions, 'corrections,' are a natural part of the business cycle?
FDR's well-deserved criticism is that he took a recession and turned it into a 'Great Depression' by operating as though he knew better than the free market.
Did you want to take a crack at a, b, c, above?
in 1933: $56.4 billion
in 1934: $66.0 billion
in 1935: $73.3 billion
in 1936: $83.8 billion
in 1937: $91.9 billion
in 1938: $86.1 billion
in 1939: $92.2 billion
in 1940: $101.4 billion
The Great Depression Statistics
Lol...are you fucking kidding me, Frank?US GDP had fallen from 103.6 billion in 1928 to 58.7 billion in 1932, 43% before Roosevelt took office due 12 years of failed Republican control of government. After Roosevelt took office and the voters threw the Republicans out of Congress, GDP increased every year of the Roosevelt administration.Do you believe that recessions, 'corrections,' are a natural part of the business cycle?
FDR's well-deserved criticism is that he took a recession and turned it into a 'Great Depression' by operating as though he knew better than the free market.
Did you want to take a crack at a, b, c, above?
in 1933: $56.4 billion
in 1934: $66.0 billion
in 1935: $73.3 billion
in 1936: $83.8 billion
in 1937: $91.9 billion
in 1938: $86.1 billion
in 1939: $92.2 billion
in 1940: $101.4 billion
The Great Depression Statistics
You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
It wasn't economic growth policy. Austerity cuts implies a country is forced to make cuts out of possible default.
England was not facing a possible default.
no, failing to see that removing aggregate demand from a depressed economy amplifies a recession is crazy.
You can't ignore what put them in a position to decide on making the cuts.
What "put them in a position" was an election. The people chose the party that said it would slash government and cut demand.
The main reason why Britain is in the financial mess it is currently in is because of rampant government overspending for over a decade - under it's Labour Government. For the majority of that decade, Britain was in a huge boom.... and what did the Labour Government choose to do with the increased tax income? Did it pay down their debt? No, it grew its government, spent every damned penny and increased the debt to spend even more.
It will take them the best part of a decade to recover from that stupidity. How the fuck people miss the obvious with this is laughable.
US GDP had fallen from 103.6 billion in 1928 to 58.7 billion in 1932, 43% before Roosevelt took office due 12 years of failed Republican control of government. After Roosevelt took office and the voters threw the Republicans out of Congress, GDP increased every year of the Roosevelt administration.Do you believe that recessions, 'corrections,' are a natural part of the business cycle?
FDR's well-deserved criticism is that he took a recession and turned it into a 'Great Depression' by operating as though he knew better than the free market.
Did you want to take a crack at a, b, c, above?
in 1933: $56.4 billion
in 1934: $66.0 billion
in 1935: $73.3 billion
in 1936: $83.8 billion
in 1937: $91.9 billion
in 1938: $86.1 billion
in 1939: $92.2 billion
in 1940: $101.4 billion
The Great Depression Statistics
You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
Lol...are you fucking kidding me, Frank?US GDP had fallen from 103.6 billion in 1928 to 58.7 billion in 1932, 43% before Roosevelt took office due 12 years of failed Republican control of government. After Roosevelt took office and the voters threw the Republicans out of Congress, GDP increased every year of the Roosevelt administration.
in 1933: $56.4 billion
in 1934: $66.0 billion
in 1935: $73.3 billion
in 1936: $83.8 billion
in 1937: $91.9 billion
in 1938: $86.1 billion
in 1939: $92.2 billion
in 1940: $101.4 billion
The Great Depression Statistics
You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
Actually, maybe you're not. That might explain why you wipe Bush's ass - creating massive asset bubbles is the now considered "Conservative leadership"
US GDP had fallen from 103.6 billion in 1928 to 58.7 billion in 1932, 43% before Roosevelt took office due 12 years of failed Republican control of government. After Roosevelt took office and the voters threw the Republicans out of Congress, GDP increased every year of the Roosevelt administration.
in 1933: $56.4 billion
in 1934: $66.0 billion
in 1935: $73.3 billion
in 1936: $83.8 billion
in 1937: $91.9 billion
in 1938: $86.1 billion
in 1939: $92.2 billion
in 1940: $101.4 billion
The Great Depression Statistics
You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
Yes the awesome Conservative leadership set us up for the Great depression.
You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
Yes the awesome Conservative leadership set us up for the Great depression.
That was the Fed who started the recession by sucking 1/3 of the money out
FDR turned it into a Depression
Lol...are you fucking kidding me, Frank?You're either stupid or lying.
The 8 years 1920-28 were 8 of our best ever due to Conservative leadership.
Actually, maybe you're not. That might explain why you wipe Bush's ass - creating massive asset bubbles is the now considered "Conservative leadership"
I despise the economic leadership of Bush, Fluffler He had a real chance to turn the economy over to US entrepreneurs and instead gave us yet another economy crushing entitlement and let that fat Massachusetts murderer author the "education bill"
Harding Coolidge and Mellon presided over real growth. It sucks you have to keep lying, but that what being a Fluffer is all about
these idiots will look even fucking dumber when the debates are taking place.
Yes the awesome Conservative leadership set us up for the Great depression.
That was the Fed who started the recession by sucking 1/3 of the money out
FDR turned it into a Depression
The Fed started "sucking 1/3 of the money out"....when, exactly, Frank?
Are you denying that there was an asset bubble?
