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The Austerity Dictionary

Posted By Barry Ritholtz On December 4, 2012 @ 6:16 am In Bailouts,Humor,Really, really bad calls | Comments Disabled

Inspired by Ambrose Bierce, Brian M. Lucey [1] crowdsourced (via Twitter) numerous definitions for what he called “The Austerity Dictionary.”

Brian is a finance prof at the Trinity College Dublin [2]School of Business [2], and his complete list [3] has a heavy focus on Ireland. I edited it down to its most universal usages.


The Austerity Dictionary

AIB: Another Irish Bailout
Austerity [n] The taking of money from passive citizens and giving it to wealthy gamblers.
Bank: a virus capable of destroying all in its path. No known cure.
Banker: carrier of the Bank virus
Bondholder: synonym for fireproof.
Budget: (European) The financing of an economy with the agreement of the German government.
Capitalism: When it fails, see Socialism
CDS: 1) Unregulated insurance products used to distort perceptions of risk 2) see Ponzi scheme
Confidence Fairy: A fairy tale to promote trickle down economics
ECB (v) to repeat the mistakes of the 1930s in a belief that the 2010s are really the 1920s
Fiscal Responsibility: Where you get to be responsible for the irresponsibility of government and banking.
Goldman Sachs: a form of alchemy where everything can in fact be monetized.
Green shoots of recovery: favoured diet of unicorns.
Liquidity trap: realizing your out of wine and no cash left
Luxuries: Examples include water, clothing and toilet roll
Muppets: collective noun for a group of Ireland’s bailout negotiators
National Interest: Common term to advance the interests of banks and the markets
Panacea: The blindingly obvious solution that could never be enacted due to the wants of various special interests.
Rating Agency: Pied Piper, for rats… sorry, rates, for RATES
Renters: those who didn’t join in the property madness who now have to help pay to clean up the mess
Sound fundamentals: term deployed when the economy is collapsing but you want to convey the opposite meaning
Standing up to the banks – a governmental maxim, meaning “not standing up to the banks”
Trickle down economics: the promise held out to the general public that if they are good, Europe will piss on their heads
Turning a corner (v.): Continuing at precisely the same angle around a perfectly circular circuit.
Zombie Bank: ghoulish unkillable horror creature that sucks the money from our childrens future

You can see the complete list here [3].



Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2012/12/the-austerity-dictionary/

URLs in this post:

[1] Brian M. Lucey: http://www.ritholtz.com/blog http://brianmlucey.wordpress.com/

[2] Trinity College Dublin : http://www.tcd.ie/business

[3] complete list: http://brianmlucey.wordpress.com/2012/12/03/the-austerity-dictionary/

[4] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/12/devils-dictionary.png

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