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January 13, 2009


Tony Makara

To say the graphs are threadbare and don't exactly tell the whole story would be a severe understatement.

If only economic history were quantified in such two-dimensional monochrome terms. Were we to use employment as the only benchmark to measure economic success then Soviet Russia would probably be described as the best economy ever!

Over the last thirty years we have left the economy almost exclusively to the market, and it eventually broke down and had to be bailed out by the state. The market needed a stimuli scheme to save its neck.


The longer version is the same video. :)

Steve Tierney

The Keynesian method of approaching our current crisis Will Not Work.

You simply cannot 'borrow' your way out of debt.

You cannot get something for nothing.

The reason to bail the banks out was absolutely NOT to 'save them and get them working again'. That was never going to work and it has not worked. It was to prevent civil unrest and rioting in the streets that comes with discovering your bank account is gone and its not coming back.

But if the books are not brought back into balance, and Soon, the civil unrest is still not too far away. It's a house of cards. Somebody needs to invest in some concrete.

Cut costs. Pay off the debt. Encourage genuine 'wealth creation' through lower taxation and deregulation. That is the long-term solution to this crisis.

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