global financial crash yay!
- Thread starter sufi
- Start date
Mr. Tea
Let's Talk About Ceps
Hang on, that's basically Poe's The Masque of the Red Death, isn't it?
Edit: I hope someone came as the figure of Debt and everyone was like, "Dude, not cool!".
Sectionfive
bandwagon house
We allegedly found €3.6bn in the bottom drawer today. Goldman Sachs will enjoy spending that
Sectionfive
bandwagon house
Absolutely loving the worldwide reaction to the thought of Greek citizens having a say.
Exceptional trolling from Papandreou.
Exceptional trolling from Papandreou.
Sectionfive
bandwagon house
Sectionfive
bandwagon house
Mr. Tea
Let's Talk About Ceps
Should read:
I lend you $1,000,000
You lend me $1,000,000
We each now have £1,000,000 in cash and $1,000,000 in debt
Invest cash in sub-prime mortgage lenders
Interest earned on invested money grows faster than interest incurred on borrowed money
Repeat for infinite $
PROBLEM, ECONOMY?
I lend you $1,000,000
You lend me $1,000,000
We each now have £1,000,000 in cash and $1,000,000 in debt
Invest cash in sub-prime mortgage lenders
Interest earned on invested money grows faster than interest incurred on borrowed money
Repeat for infinite $
PROBLEM, ECONOMY?
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baboon2004
Darned cockwombles.
Has anyone who lives in London been to the St Paul's Occupy camp? Went there yesterday and was massively impressed by what I could only describe as a 'knowledge centre' - hundreds and hundreds of thoughts and articles about the economy and the government pasted to pillars around St Paul's churchyard.
One particularly excellent one pointing out that Britain's debt has been greater in 200 of the past 250 years than it is now, including when Britain 'owned' a quarter of the world, and that austerity measures are the worst possible solution to debt anyways, as demand collapses and the economy remains stagnant/goes into permafrost (in the terms of some HSBC bod). Also apparently Japan's debt is three times bigger and they still get good terms on financing (haven't checked this out vs other sources though).
Ah ok, twas Johann Hari who wrote that, just Googled it. Plagiarist he may be, but his facts seem to be on the ball.
Edit: Hmm, actually it seems he confused the debt and the deficit. God, I have more reading to do... Either way, it's clear that not baling out banks would've cleared up whateevr needed to be cleared up without the cutbacks on silly trifles like the NHS.
One particularly excellent one pointing out that Britain's debt has been greater in 200 of the past 250 years than it is now, including when Britain 'owned' a quarter of the world, and that austerity measures are the worst possible solution to debt anyways, as demand collapses and the economy remains stagnant/goes into permafrost (in the terms of some HSBC bod). Also apparently Japan's debt is three times bigger and they still get good terms on financing (haven't checked this out vs other sources though).
Ah ok, twas Johann Hari who wrote that, just Googled it. Plagiarist he may be, but his facts seem to be on the ball.
Edit: Hmm, actually it seems he confused the debt and the deficit. God, I have more reading to do... Either way, it's clear that not baling out banks would've cleared up whateevr needed to be cleared up without the cutbacks on silly trifles like the NHS.
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luka
Well-known member
yeah actually baboon vimothy mixed up those two terms too and made the same mistaks hari did earlier in the thread (my sister worked for chatham house doing economics and i showed her th thread and she was a bit bemused and a bit amused). also japans debt is owned by the japanese which makes a difference.
Sectionfive
bandwagon house
vimothy
yurp
Lol--Still here, occasionally--just a bit busy at the moment. Went back to uni to study economics, and it turns out that postgrad study in economics is basically a kind of applied maths boot camp for mentat drones. Nowadays I tend to spend all my spare moments learning to programme MATLAB or memorising theorems from calculus or topology and separation (bluergh).
I feel like I ought to defend myself but I'm not sure that it is possible to confuse the national debt with the deficit, so no idea what Luka is on about there.
BTW, as any fule kno, the national debt has almost always been greater than it is now (as a % of GDP):
And Japan's debt really is (almost) 3x the size of the UK's, but I think it's safe to say that no one wants to emulate them...
Amusing to learn that Luka's sister works for Chatham House, though. Chatham House! Should I be worried or reassured?
Mr. Tea
Let's Talk About Ceps
...as if summoned from the very depths of Ginnungagap!
Hey mate, good to see you again. Been messing about with MATLAB a bit myself as I might be using it in my new job. Though I've just been transferred to a project that's mainly Python-based. Postgrad economics sounds tough, man.
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Mr. Tea
Let's Talk About Ceps
That was yonks ago. I'm in the Netherlands working for Freakin' Laser Beams, Inc. Only started a couple of weeks ago but it seems quite cool so far. You studying full time?
Edit: luka, clear your inbox. Or whatever, I've got your email address somewhere.
Edit: luka, clear your inbox. Or whatever, I've got your email address somewhere.
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