Peter Costello serves up the truth.

Discussion in 'Markets & Economies' started by errol43, Jul 8, 2015.

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  1. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    It's the IMF.

    Again, no one can point out where the IMF is wrong?
     
    SpacePete, Jul 8, 2015
    #21
  2. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    SpacePete, Jul 8, 2015
    #22
  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    SpacePete, Jul 8, 2015
    #23
  4. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Typical Richard Denniss internally inconsistent nonsense that believes that a "responsibly managed" big Government can solve all of the purported problems of cycles and can make the poor wealthy. It completely disregards the source of growth in favour of Keynesian claptrap. Yes, he makes the right noises about Government "investing" in productive infrastructure/education etc but he is primarily talking about increasing recurrent welfare and hand-outs and trusting bureaucracies without a profit measure to actually know what people want and to be able to deliver the services efficiently. Things that have been consistently shown in the economics literature (and history) are simply pipe-dreams.
     
    bordsilver, Jul 8, 2015
    #24
  5. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    bordsilver, Jul 8, 2015
    #25
  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    It's Richard Denniss's, not the IMF's opinions.

    But I'll list a few anyway:

    Comparing government debt to a company's debt is ridiculous. Companies enter into debt to make capital gains, governments do not.

    :rolleyes: How's that for a fallacious argument?

    Richard Denniss should read bordsilver's link somewhere on this forum explaining the difference between private and public debt.

    Edit to add: here it is http://forums.silverstackers.com/message-822517.html#p822517

    Do I have to go on? :eek:
     
    mmm....shiney!, Jul 8, 2015
    #26
  7. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Yet no one can dispute the IMF figures, just attack the reporters.

    Interesting.
     
    SpacePete, Jul 8, 2015
    #27
  8. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Plenty of different reporters and papers reported on it. Attacking one reporter doesn't invalidate widely reported news.
     
    SpacePete, Jul 8, 2015
    #28
  9. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Nothing interesting about it.

    What IMF figures are you referring to? The article linked to by Julie is by Richard Denniss, it's his version of how economics operates that we take exception to and will continue to do so until he eventually shuts up. You wanted inaccuracies and I did say you'd have to quote the whole article again. :lol:
     
    mmm....shiney!, Jul 8, 2015
    #29
  10. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Just google the refutations for goodness sake. I know you can do it. To start you off, here's two:

    http://www.theaustralian.com.au/opi...n-howards-record/story-fn7078da-1226553110377
    http://catallaxyfiles.com/2013/01/11/howard-was-a-big-spender-who-knew/

    And quoting some of the Ergas one which is less technical:

     
    bordsilver, Jul 9, 2015
    #30
  11. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    This IMF report: A Modern History of Fiscal Prudence and Profligacy
     
    SpacePete, Jul 9, 2015
    #31
  12. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    From the IMF report:
     
    SpacePete, Jul 9, 2015
    #32
  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    You've lost me, I can't see any mention of IMF statistics in the article by Richard Denniss. All I see is a load of shite.
     
    mmm....shiney!, Jul 9, 2015
    #33
  14. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    You're not looking too hard:

    "According to economists at the International Monetary Fund (IMF), Peter Costello was Australia's most profligate treasurer of the past 50 years. According to global doyens of fiscal responsibility, the man described by John Howard as Australia's greatest treasurer spent like a drunken sailor when the economy was booming."

    Did he make that up?
     
    SpacePete, Jul 9, 2015
    #34
  15. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    SpacePete, Jul 9, 2015
    #35
  16. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    I think you misunderstand our objections to the article.
     
    mmm....shiney!, Jul 9, 2015
    #36
  17. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    SP - Did you even bother to read the refutations, or you're just content to continue to regurgitate disproven memes? The IMF study did not show any such thing and didn't even discuss Australia specifically.
     
    bordsilver, Jul 9, 2015
    #37
  18. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Publish whatever articles from whatever papers you want but reality is reality - Massive prosperity and surplus under Howard/ Costello, Worst national debt in history under Rudd/Gillard/Swan. Reality wins.
     
    Shaddam IV, Jul 9, 2015
    #38
  19. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Are we talking about the same report? Australia was covered and they even added more detail in the accompanying chartbook :

    [​IMG]
     
    SpacePete, Jul 9, 2015
    #39
  20. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Agree. Your right, I am focusing too much on the IMF data.
     
    SpacePete, Jul 9, 2015
    #40
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