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Debt, Spending, & Keynesian Foolishness
#16
Debt is all over the place.

Countries across Europe are under pressure to tackle their deficits that were deepened by the financial crisis and governments own response to it. Some economists fear that moves by countries ranging from Britain to Spain to rein in public spending at the same time will set back a global recovery.

The party that ensued after the collapse of the Soviet Union is over. Cutting and saving will have to be done. That will affect trade unless the powers are intelligent enough to formulate a business/trade friendly environment, as Chile did after Allende was convinced to commit suicide. The notable fact in that case was that Chile brought home a number of business friendly economics PhD's from the U. of Chicago (M. Friedman's bailiwick) and one from Harvard. In addition, much of medical care and retirement plans were privatized. There were bumps in the transition, but Chile is a remarkable example how things can be done right. The sad fact is that they had a ruthless military government for a decade or so in order to do this.

ref: N. Ferguson "The Ascent of Money" p. 212ff.

Can elected officials perform the same magic? Regan and Thatcher did to a limited extent.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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[No subject] - by Palladin - 03-07-2010, 09:34 AM
[No subject] - by Gunnen4u - 03-11-2010, 07:27 PM
[No subject] - by John L - 03-11-2010, 08:09 PM
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[No subject] - by Fredledingue - 06-06-2010, 05:15 PM
[No subject] - by TheMan - 06-07-2010, 03:40 AM
[No subject] - by WmLambert - 06-08-2010, 08:16 PM
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[No subject] - by Huh...What? - 07-09-2010, 11:34 AM
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[No subject] - by mr_yak - 10-26-2010, 12:38 AM
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[No subject] - by John L - 10-26-2010, 01:36 AM
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[No subject] - by quadrat - 10-29-2010, 09:26 PM
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[No subject] - by John L - 01-31-2011, 10:44 AM
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