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Out of the Blue

With the drama of the election concluded, this area is bracing for a classic Nor'easter today. For the unfamiliar this is the typical severe weather pattern for this area, and has many of the earmarks of a hurricane, which would be bad enough if it wasn't on the heels of an actual hurricane (much less the largest Atlantic hurricane on record). We should be fine here, but can only hope that the many people still displaced or out of power in the area are adequately sheltered, and cross our fingers that the storm is not as severe as predicted, as the timing of this is pretty terrible.

Stormy Links: Thanks Ant and Acleacius.
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Follow-up: Woman who drove on sidewalk to avoid school bus must wear 'idiot' sign. Thanks Cutter.

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78. Re: Out of the Blue Nov 8, 2012, 14:10 Mashiki Amiketo
Bodolza wrote on Nov 7, 2012, 20:06:
Well it sure as hell isn't working for Europe.
Europe's plan for Austerity. Cut spending by 0.3%, increase spending by 15% yep how's that work? Not very well. That's exactly what they did in Greece and Spain.

Oddly, printing money can help get out of debt. Like you said, it devalues your currency, which means your debt obligations are lower since the debt is now worth less.
Didn't work very well for Zimbabwe either. Or most countries that have an appended "new" to their currency name, Israel being one of the few who's managed to properly fix their currency values.

Cutter wrote on Nov 7, 2012, 20:14:

No it hasn't. Trickle-up economics is what works. If people don't have a disposable income they don't buy anything and it all grinds to a halt. We've cut spending but it's hardly an austerity budget as we're still spending. That and solid regulation is what helped us stave off the disaster the US has seen. Oh yeah, and that regulation that saved our asses was what the PC were trying to gut so we could have more of American style banking system. Thankfully with their then minority they couldn't get it done or we really would be up shit creek right now. How the hell do you think FDR got the US out of the depression? The New Deal didn't just happen magically.
Sure, but here's the thing. The US like Europe are in liquidity traps. Neither the US or Europe have actually cut spending to any manageable level. What you've done is kept spending or actually increased spending, while trimming off the friday night fast food fries from the meal. Then after feeling good from scarfing down the triple decker mc suck burger you went out and bought a $2500 plasma TV. And on saturday, you paid for that TV by shifting your debt across three different credit cards.

FDR didn't get the US out of depression, he lengthened it. WWII got the US out of the depression. Any economist who is actually worth their salt and doesn't suck at the tit of Keynes will tell you the same thing. Keynes has done more damage to the financial system of the last 100 years than anyone else. Before that depressions and recessions were shorter, and harder. There's no shortage of papers on this view either written by Austrian economists.
"For every human problem,
there is a neat, simple solution;
and it is always wrong."
--H.L. Mencken
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