Sunday, February 01, 2009

Cameron vs Hutton


Interesting exchange between these two in the Observer. Cameron's economic proposals also got trashed by economist Paul Krugman in an exchange with Johann. Strong work those two!

Interesting facts here too. Eg:

According to the Bank for International Settlements, foreign assets of UK-owned banks stand at 145% of UK GDP, which is well above the level for other major economies.

Joseph Stiglitz contributes to the issue:

With private rewards so markedly different from social returns, it is no surprise that the pursuit of self-interest (greed) led to such socially destructive consequences.
Stiglitz also had several words of caution, however:
Today, the risk is that the new Keynesian doctrines will be used and abused to serve some of the same interests. Have those who pushed deregulation 10 years ago learned their lesson? Or will they simply push for cosmetic reforms – the minimum required to justify the mega-trillion dollar bail-outs? Has there been a change of heart, or only a change in strategy? After all, in today's context, the pursuit of Keynesian policies looks even more profitable than the pursuit of market fundamentalism!

A decade ago, at the time of the Asian financial crisis, there was much discussion of the need to reform the global financial architecture. Little was done. It is imperative that we not just respond adequately to the current crisis, but that we undertake the long-run reforms that will be necessary if we are to create a more stable, more prosperous and equitable global economy.

All this macroeconomics even drove me to research the difference between monetary and fiscal policy.

Basically, the upshot of all this is that Brown in specific and Labour in general may be fucking useless at running the economy but Cameron and the Tories would be worse. So punkscience would like to remind everyone to vote for anyone BUT Labour and the fucking Tories (and the BNP and other, similar, semi-fascist cunts like the New Party, obviously).


More fuckyounomic deconstruction.
Slating the growth obsession.
Keeping Directors in check with more shareholder responsibility.
Guardian editorial on corporate tax avoidance.

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