Author Topic: Winning!  (Read 1521 times)

0 Members and 1 Guest are viewing this topic.

Offline Weisshaupt

  • Conservative Superhero
  • *****
  • Posts: 5731
Winning!
« on: April 28, 2013, 08:59:27 AM »
Game Over. Krugman Wins

Quote
An academic paper that found that a ratio of 90%-debt-to-GDP was a threshold above which countries experienced slow or no economic growth was found to contain an arithmetic calculation error.

Once the error was corrected, the "90% debt-to-GDP threshold" instantly disappeared. Higher government debt levels still correlated with slower economic growth, but the relationship was not nearly as pronounced. And there was no dangerous point-of-no-return that countries had to avoid exceeding at all costs.

You see the entire probability curve of default just evaporated. No country in the history of the world has ever defaulted or partially defaulted. Ever. Because of a math mistake in one paper. The other papers calculating the point of no return at 105%  or 120%  don't matter.  The countries defaulting in Europe right now, don't matter. After all, a 99.999999% chance of default means there is a chance it won't- so it isn't a point of no return.  This is great news. If we can simply print and borrow  money with no limits we can abolish income tax - after all there is no  point in burdening the economy with taxes if the debt can grow infinitely.  Or perhaps there just has to be a point where this fails. Our numbers already are worse than those in Cyprus.  Add in  the unfunded liabilities of entitlement programs ( as any corporation would have to do) and there is another 30-60 Trillion to pay off over the next 30 years. The Dollar is  the world's reserve currency and that will certain extend the limit past the historical norms. It also means that when it goes that its effects will be global- killing millions by starvation and poverty. This to the left is called "Winning !"


Online Pandora

  • Administrator
  • Conservative Superhero
  • *****
  • Posts: 19529
  • I iz also makin a list. U on it pal.
Re: Winning!
« Reply #1 on: April 28, 2013, 09:23:36 AM »
Quote
... "stimulus" spending, economists like Paul Krugman argued, would help reduce unemployment and prop up economic growth until the private sector healed itself and began to spend again.

Even if this worked, ever, to today's statists, "Winning!" is making sure they've thoroughly destroyed what enabled "the private sector" to function at all, nevermind heal.
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63671
  • Alea iacta est! Libertatem aut mori!
Re: Winning!
« Reply #2 on: April 28, 2013, 12:04:45 PM »
Let them win.  Nobody putting up a fight anyway...
We are now where The Founders were when they faced despotism.

Offline Weisshaupt

  • Conservative Superhero
  • *****
  • Posts: 5731
Re: Winning!
« Reply #3 on: April 28, 2013, 01:56:35 PM »
Let them win.  Nobody putting up a fight anyway...
They have won against us for all practical purposes.  Now they face reality, and I think that will be a much harder task for them.
Popcorn, check
Booze, check
Lawnchair, check
Firearm, check.

Okay, let it burn.

charlesoakwood

  • Guest
Re: Winning!
« Reply #4 on: April 28, 2013, 02:12:49 PM »

Is that what they call a hockey puck graph?

Online ToddF

  • Conservative Superhero
  • *****
  • Posts: 5812
Re: Winning!
« Reply #5 on: April 29, 2013, 07:52:51 AM »
That's just a piece of low information media going Full Retard, in promoting more printing of money.

Whoops, I thought you linked the original story about the error in the economics paper.  You linked the followup just as I did.  OK, I'll link the next version of the story.

Democrats ask: What debt crisis?

Why?  Because

Quote
This group got a huge boost this month with the very public demolition of a sacred text of the austerity movement, the 2010 paper by a pair of Harvard professors arguing that once debt exceeds 90 percent of a country’s gross domestic product, it crushes economic growth.

And here I thought my "sacred text" was Weimar Germany and Zimbabwe.

« Last Edit: April 29, 2013, 08:16:11 AM by MNHawk »

Offline Weisshaupt

  • Conservative Superhero
  • *****
  • Posts: 5731
Re: Winning!
« Reply #6 on: April 29, 2013, 08:16:17 AM »
That's just a piece of low information media going Full Retard, in promoting more printing of money.

Here's Another

Quote
It also, in my opinion, settled the "stimulus vs. austerity" argument once and for all.
 
The argument is over. Paul Krugman has won. The only question now is whether the folks who have been arguing that we have no choice but to cut government spending while the economy is still weak will be big enough to admit that.

They really aren't doing anything to hide themselves, anymore.

The Science is settled. Hey let them have it. We aren't going to get out of this while they still have power, and its wise not to interfere with the enemy when they are committing suicide.  The utter ruin  happening in Greece, Italy, Spain, and Cyprus was caused by "austerity"  - the fact that the "austerity" is being imposed from outside the country by their creditors who refuse to loan them more money never actually dawns on these morons.  We of course have the Fed, and it will always loan us more money. So nothing bad can happen here..



Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63671
  • Alea iacta est! Libertatem aut mori!
Re: Winning!
« Reply #7 on: April 29, 2013, 11:29:27 AM »
Hilarious.  The same party that beat on Reagan and Bush for deficits created by chickensh*t Dem's in Congress are the same ones now all for supply-side economics without the reduction in taxes?  Beyond full-retard!

And the eeeeevil GOPer's are just big mean Euro-style growth-crushing austerity pimps?

Awesome.

Last I checked the Euro-tards are still pretty socialist, just less so than the freer spending morons they are scolding of late is all.

So, the GOP is like Euro-tard Lite, yeah, now that I'll go along with!

And both central banks like printing Obamaloads of currency.

Awesome!

Pull up a chair and crack one, this show is going to be epic!
We are now where The Founders were when they faced despotism.

Offline Glock32

  • Conservative Superhero
  • *****
  • Posts: 8747
  • Get some!
Re: Winning!
« Reply #8 on: April 29, 2013, 12:05:59 PM »
To summarize this argument, the cure to heroin withdrawals is to shoot up a bigger dose.  Guess what?  Entire economies will find that "terminal limit" just like the heroin addict eventually does.
"The Fourth Estate is less honorable than the First Profession."

- Yours Truly

charlesoakwood

  • Guest
Re: Winning!
« Reply #9 on: April 29, 2013, 12:17:05 PM »

Most certainly, however, tolerance will increase exponentially until terminus is attained.

Offline Glock32

  • Conservative Superhero
  • *****
  • Posts: 8747
  • Get some!
Re: Winning!
« Reply #10 on: April 29, 2013, 02:06:33 PM »
And that's just the thing isn't it? Once an economy becomes accustomed to massive government spending, it can't go back to functioning without it, not without significant pain that everyone will avoid at all costs.

It's not just that government spending represents a bonanza to the economy, once the economy becomes accustomed to the presence of government money entire business practices are altered in ways that can now "afford" to be less efficient because they are depending upon government subsidy. Sort of like a car on a trailer being pulled by another vehicle gets really awesome gas mileage!
"The Fourth Estate is less honorable than the First Profession."

- Yours Truly

Offline Libertas

  • Conservative Superhero
  • *****
  • Posts: 63671
  • Alea iacta est! Libertatem aut mori!
Re: Winning!
« Reply #11 on: April 30, 2013, 07:17:42 AM »
More spending, more debt, more printing and more free shyt!

Winning.

Heck of a show I say!
We are now where The Founders were when they faced despotism.