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The economics of lunacy

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By Barry Ritholtz - January 19th, 2010, 12:00PM

Fiscal and monetary intervention has prevented a great depression, but the new political consensus on public spending cuts could send us ‘back over the cliff’ says the man who predicted the recession.

David Blanchflower, known as Danny, was one of the very few economists to anticipate the severity of the credit crunch. As a member of the Bank of England’s monetary policy committee he consistently called for rate cuts in defiance of his peers.

Video:

Source:
‘The economics of lunacy’: Blanchflower warns against austerity
Daniel Grote | 14:17:26 | 15 January 2010
http://www.citywire.co.uk/personal/-/video/other/content.aspx?ID=376986

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Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “The economics of lunacy”

  1. dnarby Says:
    January 19th, 2010 at 4:03 pm

    A veritable fire hose of vagaries. “We need to *grow* our way out of this!”. Even a British accent didn’t save this poor fellow from sounding clueless.

    Here’s a growth strategy: let the sick portions of the economy (FIRE) die a natural death, then the healthy parts can grow!

    …But if you keep transfusing the sick portions with blood from the healthy ones, eventually they will both die.

  2. wngoju Says:
    January 19th, 2010 at 6:26 pm

    Thanks Barry! Excellent; well-said. Combine with Brad DeLong’s recent diatribe about Deficits and Politics (http://bit.ly/5riGBe), and a theory is perceptable.

    dnarby: Would that some day I have the opportunity to let you liquidate… Sigh.

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