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overtheedge
Member since May 2012
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About that Austerity in Spain: There Isn't Any - Mish - Global Economic Analysis

Commerce existed before government and still exists outside of government.
Government can not exist outside commerce. Government is completely dependent upon commerce.
Government uses big guns to force commerce to do its bidding.

Government produces nothing. It is a consumer with a ravaging hunger that compels it to prostitute itself.
There are two "laws of government":
1. Government is self perpetuating.
2. Government has a built in growth factor.

Austerity is impossible for government on a voluntary basis. See law #1 and #2.
Government governs nothing without force. And even then it is spotty.
Big money or a big mouth attracts government's attention.
Government already knows who I am, where I am and my loyalties.

This brings us full circle to Spain's non-existent austerity programs.
Don't stampede the herd! Give the new normalcy bias a chance to take hold.
Cut the growth of spending.
Inflate just a bit to cover the cuts plus a smidgeon more.
Don't stampede the herd. The herd is insane by the "law of association". Some famous guy, I want to ascribe it to Nietzsche but I'm not sure and it isn't worth a web search, said something along the lines of "insanity is rare in individuals but the rule for people in groups".
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Vox, good grief old boy.
"Continuing to besmirch Keynes' reputation as a result of policies carried out by others that he would have disagreed with is intellectually fraudulent."
Maynard Keynes was an intellectually crippled shit for brains.
You stated,"... his work relies upon several false assumptions."
If you start with crappy assumptions, you end with crap.
Maynard's reputation is, was and will always be crap. If he was so damn smart about economics, why did he die broke?
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But I'm not gonna down arrow you because you used the phrase, "Continuing to besmirch Keynes' reputation as a result of policies carried out by others that he would have disagreed with is intellectually fraudulent." I love the word besmirch and the phrase made me giggle like a 13 year old girl.
Thanks Bubba. Wow! Besmirch Keynes. I never would have believed the idea would ever be put to print.

Commented 4131 days ago

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Beginning of the headline :I have long contended there is little austerity in Spain and there certainly isn't much reform either. I now have some numbers to back that up. Via Mish-modified Google-translation from El Economista, please consider personnel costs rise despite full state salary freeze. Despite the 5% snip in public salaries in 2010, the subsequent wage freeze in 2011, the elimination of extra pay in 2012 and the current freeze in Administration salaries, the overall payroll became cheaper by a only 2.1% yea... Read More

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