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philleechg@aol.com
Member since November 2012
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Optimism Bias

- Andy Hoffman -

Broadly, I agree with you.
However, consider this.
You are an economist with horrific views of how the worlds ecomomies (or at least the western worlds) are headed. You are, along with the rest of the commentators, genuine and worried people, who can see how wrong things are. QE, national debts, yearly deficits, ineffectual 'austerity' are all grist to your mill.
If you act like rational people, a way can be seen to solve this - but this way does not measure up to what actually happens.

Try this.
Imagine yourself as a leading politician. You will, because you live in a democracy, have been voted into power in the last two, three or four years, and will face an election soon.
To get out of this mess, massive cuts are required. (vote winner?)
However, use QE, rely on slightly higher than predicted inflation, make nominal cuts and continue to fight your opposition, and over a long period, 20 years or so, your currency will have depreciated so that in the end, everyone has paid. But it will be so gradual that the riots won't happen, and you might even get a second term.
In short, there is no intention of paying off our debts. That would be far too dangerous.

Commented 4273 days ago

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Beginning of the headline : For years, I have discussed the key reason why so few people grasp REALITY; and consequently, why PROPAGANDA is so effective during difficult economic times.That reason, of course, is that “precious” few have the means to PROTECT themselves from what’s coming; and thus, choose to believe in – and/or pray for – the “Polyanna Platitudes” of Washington, Wall Street, and the MSM (or their overseas equivalents)... Read More

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