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Guess the cuts !

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  • ArkadyArkady
    edited 11:42PM
    Because UK banks are massively exposed to the Euro generally and the Irish market in particular. If the latter falls over it will cost us much, much more than assisting a bail-out early on. Buoying up the markets by showing we are willing to help might even avoid a bail-out being necessary. The joyous vagueries of free-market economics.
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  • ADGSADGS
    edited 11:42PM
    ...which is exactly the sort of sensible macroeconomics that gives the lie to all the bullshit 'household budget' analogies that Osborne et al (and still, to far too great an extent, Labour) have been pushing to justify the need for cuts.
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  • sincerssincers
    edited 11:42PM
    @ADGS for all your whining, I don't recall you putting forward a suits-all panacea to the worlds woes. More like the "is it me or is everything and everyone shit" school of thinking.
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  • ADGSADGS
    edited 11:42PM
    'Whining', is it now? That's the spirit, bit of the old Tory 'it's tough medicine, but it's what you malingerers need' approach. But I fear you may need some medicine yourself for that failing memory; I have repeatedly, to the extent that I worried it might be getting rather boring, cited better economists than Osborne* - Keynes being the classic example, Paul Krugman and Joseph Stiglitz among more modern examples who are directly addressing the current situation. All of whom suggest that cutting spending now is exactly the wrong thing to do, being not only cruel but counterproductive, and working only to stave off attacks by bond vigilantes who don't even seem to exist.

    *Admittedly a fairly broad category, I bought a carton of cheap orange juice earlier which I suspect would make a better Chancellor.
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  • DavidDavid
    edited 11:42PM
    You're right ADGS, you should have been worried because I'm bored shitless by it. If you're gonna bang on about economist theories at least do it with some verve and creativity:

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  • AliAli
    edited 11:42PM
    I think I am right in saying that the Irish had the medicine last year with pretty big cuts and it looks like they will have to do even more ! Pretty well agree with ADGS on most of this
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  • ADGSADGS
    edited 11:42PM
    If there's one thing the nation does not need at this difficult time, it's me trying to rap.
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  • DavidDavid
    edited 11:42PM
    Perhaps, but it'd help me get through one of your paragraphs.
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