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Thread: Bond market giant Bill Gross attacks austerity

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    Default Bond market giant Bill Gross attacks austerity

    The usual prejudices come in when a union leader lists the facts of the indisputable harm caused by austerity. But when the same criticism comes, in the Financial Times from the arch-capitalist at the head of bond market colossus PIMCO, then people pay attention.

    Quote Originally Posted by Bill Gross
    The UK and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not.

    You’ve got to spend money.
    Failure to heed this obvious fact has caused the eurozone to shrink by 0.5% this year.

    Think of that, in a doomed, pointless attempt to save money, we've actually taken five cents in every tenner from everyone in the eurozone.

    And for what? Well, we've slightly, very slightly, shaved down the total deficit of the EZ.

    How did we achieve this? By bringing eurozone unemployment to all-time highs!
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    Politics.ie Member nonpartyboy's Avatar
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    The germans should be ejected from the euro, to let the rest of us get on with it.......

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    Spend money is the answer?

    But spend whose money?

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    Politics.ie Member Volatire's Avatar
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    but .. but .. the europhiles said that Herr Dr Schauble said that Reinhard & Rogoff said that ..

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    Politics.ie Member Honecker's Avatar
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    I'm sure Michael Noonan has some hurling analogy lined up to explain this.

    "Limerick can still win the All Ireland even if they don't beat Tipperary in the first round" or some sh1te. And RTÉ will think it's brilliant.

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    Politics.ie Member nonpartyboy's Avatar
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    Quote Originally Posted by Andycap View Post
    Spend money is the answer?

    But spend whose money?
    Who's money does the us and uk spend ?

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    GDPR Deleted
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    we need to get people working to improve our and their own standards of living, sweeping the streets and making them safe if they have no jobs etc. Possibly the problem is people want too many useless bits of imaginary paper before they will get off their arses.

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    Politics.ie Member Boy M5's Avatar
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    Now Barusso wades in and says Europe has reached the limit of austerity, there isn't the support for it from us proles.

    Arch fiscal dominatrix Angela's dungeon to be shut? He didn't say the last bit, I did.

    Anyway here's the link
    Barroso says Europe near austerity limit - FT.com
    "Keep firing & don't stop until I tell you" General Tom Barry

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    Politics.ie Member Boy M5's Avatar
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    "Keep firing & don't stop until I tell you" General Tom Barry

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    Quote Originally Posted by fionnmccool View Post
    we need to get people working to improve our and their own standards of living, sweeping the streets and making them safe if they have no jobs etc. Possibly the problem is people want too many useless bits of imaginary paper before they will get off their arses.
    The councils are getting rid of as many workers through early retirement as they can around here so that ain't going to happen. As for people not wanting to get off their arses what on earth gives you the right to be so stupidly arrogant and superior in your opinion of the unemployed?
    Once your ability to function within society depends on a government controlled ID card then you are no longer a free citizen.

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