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Thread: Head of IMF now beginning to see things cullion's way

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    If I die before I wake.. Cullion's Avatar
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    Default Head of IMF now beginning to see things cullion's way

    http://www.huffingtonpost.com/2011/1...n_1153248.html

    My only regret is that HOG isn't here to share this with me. I miss him.
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    Quote Originally Posted by Danno
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    Quote Originally Posted by resolve
    I trust God more than I trust you. And that will never change. I've always viewed you as kind of a snake. No biblical connotations need apply, just the regular ones. You're wise. You're really intelligent. But you're also conniving and have this way of getting what you want when you want it. The sickness I was talking about was your propensity to kind of reach in and grasp on to something to define someone here. You harangue them about it and manipulate it in to conversations. You do that with every single poster here. You do this until they see things your way. The "correct way". It's vile.

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    staff Ajamil's Avatar
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    If this was just trolling, then please keep it in CTC. Otherwise that's a terrible first post, Cullion.

    And how is this agreeing with you?
    The head of the International Monetary Fund sketched a dim outlook for the global economy and said all countries must work together to resolve Europe's escalating debt crisis. IMF Managing Director Christine Lagarde said Europe's problems will not be solved by Europe alone.
    "It's not a crisis that will be resolved by one group of countries taking action," Lagarde said in remarks at a State Department conference. "It's going to be hopefully resolved by all countries, all regions, all categories of countries actually taking action."
    Since when did you advocate a single world action to this?
    She said if the issues are not dealt with decisively, the global economy could confront the same threats that pushed the world into the Great Depression of the 1930s.
    Newsweek dude said it was your plans that caused the 2nd half of the Depression in the 30s.

    She did not provide details on what actions she expected individual countries or the IMF to take.

    She also cautioned financial markets to allow time for individual nations to work through the political process to arrive at a solution.
    So the only thing she really said was for the markets to wait. Is this the seeing things your way?
    Last edited by Ajamil; 17th December 11 at 10:43 AM.

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    If I die before I wake.. Cullion's Avatar
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    She's finally beginning to understood how much trouble the economy is in. She dimly understands that this is a problem on the same scale as the Great Depression (it's actually larger), that's how she agrees.

    No of course she doesn't have a sane solution in mind, she's an international bureaucrat.

    No, I don't care what 'Newsweek dude' thinks about this.
    Last edited by Cullion; 17th December 11 at 10:58 AM.
    ONE SOUL AT A TIME

    Quote Originally Posted by Danno
    i got nothing, you win again.
    Quote Originally Posted by resolve
    I trust God more than I trust you. And that will never change. I've always viewed you as kind of a snake. No biblical connotations need apply, just the regular ones. You're wise. You're really intelligent. But you're also conniving and have this way of getting what you want when you want it. The sickness I was talking about was your propensity to kind of reach in and grasp on to something to define someone here. You harangue them about it and manipulate it in to conversations. You do that with every single poster here. You do this until they see things your way. The "correct way". It's vile.

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    staff Ajamil's Avatar
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    Care to explain why? Have you read the two books he mentions?

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    If I die before I wake.. Cullion's Avatar
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    Because he's recommending that we try a lot more of something that's already failed, whilst ignoring the enormous cost.

    He also makes the extremely common error of talking about the recovery from the Great Depression as if it occurred as a result of the New Deal, when there was no recovery until well after WWII, and not for the reasons he thinks.

    Niall Ferguson is a very intelligent man, but he is not an economist and has something of a track record as a 'court intellectual' for the neoconservative movement.
    ONE SOUL AT A TIME

    Quote Originally Posted by Danno
    i got nothing, you win again.
    Quote Originally Posted by resolve
    I trust God more than I trust you. And that will never change. I've always viewed you as kind of a snake. No biblical connotations need apply, just the regular ones. You're wise. You're really intelligent. But you're also conniving and have this way of getting what you want when you want it. The sickness I was talking about was your propensity to kind of reach in and grasp on to something to define someone here. You harangue them about it and manipulate it in to conversations. You do that with every single poster here. You do this until they see things your way. The "correct way". It's vile.

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    Registered Member Lollius Urbicus's Avatar
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    Ferguson's also guilty of pandering to politics in his history, in blatant disregard of the facts.

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    staff Ajamil's Avatar
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    Quote Originally Posted by Cullion View Post
    Because he's recommending that we try a lot more of something that's already failed, whilst ignoring the enormous cost.
    Is he wrong where he shows the opposing plans have been tried and failed in the 30s?
    Friedman and Schwartz argued that the stock-market panic of 1929 turned into a depression because of avoidable errors by the Fed. Instead of easing monetary policy by cutting interest rates and buying bonds, the Fed tightened. The result was a catastrophic chain reaction of bank failures, which caused the money supply to contract by approximately a third, and economic output with it.

    Eichengreenís book tells the sorry story of the second half. First, the rules of the gold standard forced central banks to transmit the American shock around the world. Then an increasingly polarized political atmosphere made it impossible to reach agreements about the enormous war and reparations debts that weighed down European governments. Despite multiple international conferences, the global financial system collapsed.
    He also makes the extremely common error of talking about the recovery from the Great Depression as if it occurred as a result of the New Deal, when there was no recovery until well after WWII, and not for the reasons he thinks.
    This part?:
    Countries recovered only when they abandoned the gold standard and focused on job creation. Unfortunately, the most effective way of doing this proved to be rearmament.
    I suppose it would depend on what you're looking for to mark recovery.
    Niall Ferguson is a very intelligent man, but he is not an economist and has something of a track record as a 'court intellectual' for the neoconservative movement.
    Neoconservative? I don't usually think of pro-inflation as being a neoconservative stance.

  8. #8
    If I die before I wake.. Cullion's Avatar
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    Quote Originally Posted by Ajamil View Post
    Is he wrong where he shows the opposing plans have been tried and failed in the 30s?
    Yes. Because there is no way of stopping this kind of credit bubble from unwinding, the correct thing to do would've been to let it unwind earlier in the process. Attempts at propping up all these paper assets are going to make the final crash worse.

    This part?:
    Yes. The New Deal didn't work.

    I suppose it would depend on what you're looking for to mark recovery.
    Significant recovery of stock prices or unemployment figures. Neither happened until well after WWII in the US.

    Neoconservative? I don't usually think of pro-inflation as being a neoconservative stance.
    Neoconservatives tend to be monetarists or supply-siders. They believe in 'flexible' fiat currency and they voted for bank bailouts. Their economic views tend to be 'right wing' to the extent that they believe in laissez-faire for the bulk of the population (especially the poor), but not banks or arms manufacturers, and in that sense more closely resemble a low-tax variant of fascist economics.
    ONE SOUL AT A TIME

    Quote Originally Posted by Danno
    i got nothing, you win again.
    Quote Originally Posted by resolve
    I trust God more than I trust you. And that will never change. I've always viewed you as kind of a snake. No biblical connotations need apply, just the regular ones. You're wise. You're really intelligent. But you're also conniving and have this way of getting what you want when you want it. The sickness I was talking about was your propensity to kind of reach in and grasp on to something to define someone here. You harangue them about it and manipulate it in to conversations. You do that with every single poster here. You do this until they see things your way. The "correct way". It's vile.

  9. #9
    agent of chaos jvjim's Avatar
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    You absolutely, positively MUST remember that the roots of neoconservatism lie in Trotskyism. Once you understand that, you begin to understand the past 25 years of American politics much more clearly. Neo-cons do crazy things because they, unwittingly, hold a belief system that is at its core extremely evil (perpetual war, subversion of religious doctrine for their own ends, socializing loss for big business, deficit spending, etc.) Progressives do crazy things because they are dishonest intellectually (ie. the best argument against the Republican party is that they have a privatized politburo in the Fed and the arms industry. Progressives can't do that because they like to buy votes with poorly designed public programs.)
    Last edited by jvjim; 17th December 11 at 09:30 PM.

  10. #10
    If I die before I wake.. Cullion's Avatar
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    I generally find it much easier to get along with liberals than the wrong kind of right-winger in real life because whilst I disagree with the liberals, I'm generally fairly sure most of them believe what they do because they think it will help their fellow man.
    ONE SOUL AT A TIME

    Quote Originally Posted by Danno
    i got nothing, you win again.
    Quote Originally Posted by resolve
    I trust God more than I trust you. And that will never change. I've always viewed you as kind of a snake. No biblical connotations need apply, just the regular ones. You're wise. You're really intelligent. But you're also conniving and have this way of getting what you want when you want it. The sickness I was talking about was your propensity to kind of reach in and grasp on to something to define someone here. You harangue them about it and manipulate it in to conversations. You do that with every single poster here. You do this until they see things your way. The "correct way". It's vile.

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