Cracticus tibicen (magpie)
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- Nickname
- magpie
- Full name
- Cracticus tibicen
- Location
- Sydney
- Note
- 48 yo male. A bit of a foreigner, even in my hometown.
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@sean I think we could call that intuition, then. Although less reliable than a formal argument, I also think it's impressive. Makes you think, doesn't it?
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@sean Excellent! Who said that serendipity and curiosity are useless? Ask him why he said that and what exactly he had in mind. After all, at the time all the talk in the media was that the GFC meant the end of capitalism and neoclassical economics.
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@senexx You know what's scary in it? That common people probably believe this BS. This may turn into a self-fulfilling prophesy. And here in Oz we're not free of these lunatics, either. Think of Barnaby or Joe. Or the CIS, for that matter.
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I've just watched 4 Corners and, to be honest, I'm worried, as it seems symptomatic of a trend. The debt hawks are out in force and, to be honest, I believe they will prevail. Scary thing.
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@zebra That's an interesting idea, and I'd say that this happens, but not always. If one considers natural resources as wealth, they simply exist. Their use at most changes one kind of wealth into another, while perhaps destroying others.
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@zebra Yes, that's a good answer. Actually, the pie example is clearer and better than the Roman Empire one: no possible doubt whatsoever.
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Some time ago someone (@ramanan?) posted a link to an article explaining why neoclassical economists like growth to be financed by banks as opposed to Govt spending, but, being the idiot I am, I lost the link. Does anyone remember it?
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@zebra Then the banker needs to be bailed out... Wait! Can wealth just... disappear? But maybe you're onto something ;D
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I've been reading a lot of history of economic thought and history of science and philosophy of science, so bear, pls, with me. What is wealth? Can MMT really create wealth?
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@sean I guess I'm more of a Jewish, vegetarian vampire, I'm afraid.
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Like Dracula, I work overnight on Fridays and Saturdays, and it's time for me to reach for my coffin.
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@sean You're right in that figure, but there's yet another bad news and there's, of course, a good news, too.
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Regarding my ABS question: I'm asking it because in another blog I noticed some people focused in a single figure, seeming utterly oblivious to other details in the table. Call it a premature Gotcha! moment, maybe?
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@zebra I'm happy too! (so we already agreed twice, but who's counting?) ;D
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@zebra Yeah, I agree! (But, just remind me: what is it we're talking about? :D)
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(2 of 2) And tell me how do you interpret table 10.9. To give you a clue at what I'm aiming: I believe in that table there are reasons to believe defaults are both likely and unlikely in Australia. Can you identify what bits say those things? Or maybe I'm wrong?
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