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My god. I am pro countercyclical policy. But if a 10% deficit is cause by automatic stabilisation and countercyclical policies, you can't turn around and declare the resulting debt odious debt. I mean you are not a member of the tea party after all.
by IM on Sat Feb 5th, 2011 at 07:40:58 AM EST
[ Parent ]
But that's not the part of the debt Jake, or anyone here, is considering odious (it could be, in Greece part of it certainly is)! He is saying that the Irish government had no business socializing the extra 20% GDP of private debts of Irish bankers. He is also, I think, rather warm to the idea that said bankers should go to jail (I wouldn't put it past him to even be for the abolition of private banks), and that public money is for the public good, which I think automatically disqualifies him from Tea Party membership

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Sat Feb 5th, 2011 at 07:47:15 AM EST
[ Parent ]
Private banks are a perfectly fine thing to have. They just shouldn't be allowed to run their own macroeconomic policy, let alone run the government's.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 07:51:44 AM EST
[ Parent ]
But

1) I can call it odious that the ECB isn't buying those bonds at face value, and is forcing Ireland to jump through ridiculous hoops and fund in the private market.

and

2) Just because a third of the debt isn't odious doesn't mean the other two thirds also aren't odious.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 07:49:21 AM EST
[ Parent ]

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