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(Washington Post)   IMF: "Did we say austerity would help Greece? We meant hurt Greece, badly. Sorry for the confusion"   ( divider line
    More: Obvious, International Monetary Fund, Greece, Greek economy, bond markets, scientific journals, advanced economies  
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8257 clicks; posted to Main » on 04 Jan 2013 at 9:08 AM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-01-05 07:04:51 AM  

imontheinternet: Wait... so, slashing budgets and firing everybody during hard economic times is a bad thing now?

It is if the people are not producing anything of economic value. The best year-over-year gain the US economy had in its history was 1946. That's right... the year that saw more government employees laid off and more government contracts cancelled than any other year (tens of millions of jobs lost). Think about it.
2013-01-05 07:08:23 AM  

Coming on a Bicycle: stratagos: I'm still unclear where the Fark Economist Posse thinks Greece should have gotten funds - they were (and are) spending more than they take in. Is the magical Euro fairy just going to sprinkle money into the treasury?

Eh yeah it does. If you allow it to be printed. But if the Northern countries (of which I am a member) call your bluff on this and say: not gonna happen we like our pensions and savings, then this is the result.

At least you are honest enough to admit that bailouts merely move wealth from Place A to Place B, and don't really boost the overall economy.
2013-01-05 07:10:11 AM  

Carth: hasty ambush: NewportBarGuy: I think that's 13,783rd time the Republican Economic Model has been blown out of the water.

Yup, because massive government spending has been so successful in Japan. Well if by successful you mean continuing recessions and a National debt exceeding 200% of their GDP then yes successful.

You mean Japan the country that recently topped the healthiest country list with the highest life expectancy, Japan the third largest economy in the world with an unemployment rate of 4.1%... that Japan?

You forgot, "the Japan that's entering its third 'lost decade.'"
2013-01-05 08:33:02 AM  

CPT Ethanolic: ...because it did not fully understand how government austerity efforts would undermine economic growth.

  So, in other words, the head economist at the  International Monetary Fund knows less about economics than I do?

No, they're talking about factors you don't even know the words for.
2013-01-05 09:25:29 AM  
This is a brilliant piece of propaganda. Central Planners are trying with all their might to force people into behaviors and financial assets that are in direct contrast to their logic as well as long term financial well being. This is the height of immorality, not to mention hubris. In the end, there is no chance of any of this working as the reality on the ground will overwhelm all of the manipulations and lies of the corrupt oligarch class.

From the Washington Post/Bloomberg article "Almost All of Wall Street Got 2012 Wrong as Markets Saved World":

Blankfein was more prescient. "I tend to be a little more positive than what I'm hearing from other people," the 58-year- old CEO told Bloomberg Television in an April 25 interview at Goldman Sachs's New York headquarters. "One of the big risks that people have to contemplate is that things go right."
Well of course Mr. Blankfein was optimistic. He knows he has the Treasury Department and the Federal Reserve in his back pocket and they will do whatever he says with one phone call. Furthermore, if things go wrong you just get a bailout. Crony Capitalism 101. That's how the World's 100 Richest People Got $241 Billion Richer in 2012.

Stocks rose as Federal Reserve decisions to keep benchmark interest rates at record lows while buying more than $80 billion a month of mortgages and Treasuries boosted confidence in the economy.

"In general they're trained to analyze the economic data, balance sheets and so on. They're not trained to predict political decisions. These factors have ruled the lives of fund managers in a more significant manner than what used to be over the past 20 or 30 years."

The paragraph above pretty much sums it up. There are no markets, there are manipulations. As for the nonsense going around yesterday about a Fed exit, this is what I tweeted:

There is a 0% chance of any FED exit ever. This entire experiment ends with civil unrest and martial law. That is the exit strategy.

Liberty Blitz

Bloomberg Full Article
2013-01-05 12:27:35 PM  
Greece should have never been accepted in to the Euro. They didn't qualify. It was the helpful bankers from The City (namely, Goldman Sachs) who helped them hide their debt in obscure bonds. When these derivatives decoupled their rates exploded, and the couldn't afford the resulting fees to the banks.

The world of Finance got the world in to this mess.
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