The REAL story of the austerity politics in Europe
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July 11th, 2013, 05:13
Economics is about as soft as a science can get. The whole idea of trying to do a study over the course of 200 years strikes me as absurd right on it's face. Never mind the wars (as Blatantninja points out), never mind dropping the backing of cash with gold, never mind all the cultural shifts, never mind corruption… just lump it all together and hope it all averages out. From this you expect to find the ideal debt to GDP ratio!? Maybe if you think you have to keep the same ratio for several decades at a time but no government is that inflexible.
The real truth is that we have no frikkin' clue what it should be. We do know that if it's going up and showing no signs of going back down then you've got serious trouble in your future… sometime in your future. Well, probably - unless you've got enough military muscle to just say "forget about our debt and give us another billion or we'll destroy you." Or you discover a way to make cold fusion work and manage to keep it a national secret for a few decades. Or an asteroid hits the Earth and melts the crust. Or we get a single world government and everyone's debt is forgiven when we go to a single world currency. Or….
I smell a… wumpus!?
Join Date: Aug 2008
Location: Kansas City
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