tag:blogger.com,1999:blog-2546602206734889307.post6956988262536448371..comments2024-03-28T04:29:22.717+00:00Comments on mainly macro: The paranoia of powerMainly Macrohttp://www.blogger.com/profile/09984575852247982901noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2546602206734889307.post-2236499053714076672015-06-25T07:44:21.812+00:002015-06-25T07:44:21.812+00:00It's transparency, and that's good. Most o...It's transparency, and that's good. Most of US Fed regional banks have blogs and are useful. Now Bernake does too. The econ blogosphere is rough and tumble._.Post dubious stuff and it will be exposed.Anonymoushttps://www.blogger.com/profile/07944928931697915829noreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-34751145357844174602015-06-23T22:22:25.752+00:002015-06-23T22:22:25.752+00:00Off-topic, I know, but this is a quite stunning ex...Off-topic, I know, but this is a quite stunning example of mediamacro<br />http://www.bbc.co.uk/news/business-33232074<br /><br />1) "Five years into its austerity regime, the Greek government has once again had to go cap in hand to its creditors and ask for more money."<br />Yes. To roll over their debts. Not to fund new ones. No mention of the fact that Greece is running a cyclically adjusted 5% surplus at the moment.<br /><br />2) "overall the Greek government is spending 30% more on pensions than the British government does."<br /><br />Really? Look at the public pension spending as a % of GDP in the Key Indicators tables in the OECD figures for Greece and UK<br /><br />http://www.oecd-ilibrary.org/docserver/download/8113221ec058.pdf?expires=1435096759&id=id&accname=guest&checksum=CD3F3DED657F96BA8AF18E02EFD5E177<br /><br />http://www.oecd-ilibrary.org/docserver/download/8113221ec084.pdf?expires=1435096766&id=id&accname=guest&checksum=1F0402CE3A129783AA90B33A0E6FE598<br /><br />2013: Greece Public Pension spending 13% of GDP - GDP= ~$290bn (OECD figures) so public pension costs were ~ $38bn<br /><br />2013: UK Public Pension spending 6.8% of GDP - GDP=~$2450bn (OECD figures) so public pension costs were ~$168bn.<br /><br />How do journalists get away with making these blithe comments (which affect the opinions of the general population) without being held to account?<br /><br />3) Greece didn't raise as much from privatisations as expected. No shit Sherlock? Have you ever heard the phrase "fire sale"?<br /><br />In the whole article, not one mention of multipliers, of the depressionary effects of austerity (which Greece, under duress, has implemented in spades). No mention of demand side issues, just a stream of supply side problems.<br /><br />Quite breathtakingly one-sided editorialising here, and (I suspect) bone-idle repetition of a falsehood on the pensions issue. Now, if there was EVER a similarly biased article from the BBC on demand-side problems in depressed countries, maybe we'd be having a grown-up debate. But of course the BBC (see: Peston) prides itself on taking the middle ground on this issue. <br /><br />Except in the case of this article, apparently.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2546602206734889307.post-89032801715845222452015-06-22T16:52:08.208+00:002015-06-22T16:52:08.208+00:00This Bill Mitchell casts doubt on monetary policy:...This Bill Mitchell casts doubt on monetary policy:<br />http://bilbo.economicoutlook.net/blog/?p=31206<br />I think they are trying to be as vague as possible. Think Fedspeak.Randomhttps://www.blogger.com/profile/04445772572707818311noreply@blogger.com