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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (717360)	5/23/2013 4:19:57 PM
From: i-node	Read Replies (2) \| Respond to of 1583869

>> At the same time, however, he is also not backing down from his core idea, that too much government debt is a bad thing that slows growth and must be eradicated posthaste. How does one "back away" from this idea? It is fundamentally stupid to think that government debt is a GOOD thing, and of course it slows growth, which should be intuitively obvious to an idiot, if not from the understanding of decades of economics history.

To: Alighieri who wrote (717360)	5/23/2013 6:08:52 PM
From: tejek	Respond to of 1583869

Ken Rogoff, Author Of Discredited Austerity Research, Angrily Blasts Keynesians Kenneth Rogoff is mad as hell, and he's not going to take it any more. lol. The Harvard economist has taken a beating since the discovery that much of his research on government debt and growth, which was used to justify austerity measures in the U.S. and Europe, was mistake-based. He and co-author Carmen Reinhart, also of Harvard, have defended themselves repeatedly, and on Thursday Rogoff struck out on his own, with a piece of commentary blasting the Keynesianeconomists, such as Paul Krugman, who have been dancing on his career's perhaps premature grave. But Rogoff seems to have let his understandable fury at the intellectual heirs of the British economist John Maynard Keynes, who advocated stimulus over austerity, cloud his judgment: His piece doesn't exactly make sense. Instead it is a big ball of defensiveness and range and inconsistency, with some good ideas mixed in. Why do these people never admit when they are wrong.........or at least shut up about their screw ups. Their egos have to be as big as the solar system. He seriously undermines himself right away with the dubious claim that austerity is not hurting Europe. Not even former austerity fanatics such as Olli Rehn -- who once approvingly quoted Rogoff in pushing austerity -- believe this any more. As the Financial Times' Martin Wolf argues convincingly, with many brightly colored charts, austerity brought the eurozone's recovery from the financial crisis of 2008 to a screeching halt. No kidding.