.@asentance asks why UK is not Greece re insolvency http://www.res.org.uk/view/article5jan12Correspondence.html … 25 yrs later was <70%! Is that a serious question? @t0nyyates (1)
If Greece now "insolvent" why was UK not "insolvent" in 1945? Public debt/GDP = 200%+ http://www.res.org.uk/view/article5jan12Correspondence.html … 25 yrs later was <70%!
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@farmerrf@t0nyyates Pro-growth policy agenda for Greece: supply-side & public sector reform + tackling tax avoidance & corruption. -
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@asentance:@farmerrf@t0nyyates "Pro-growth policy agenda for Greece" Necessary but not sufficient. -
@farmerrf@t0nyyates Small open economies like Greece have massive growth potential if they are competitive. But they will struggle if not. - 2 more replies
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@asentance We had the Marshall Plan, 'financial repression' [exaggerated/regulated demand for bonds], and inflation. -
@t0nyyates Your economic history is wrong. UK grew itself out of its post-war debt problems. Greece can do same through supply-side reform. -
@asentance@t0nyyates why would supply side reform make any difference when there is an inadequacy of aggregate demand? Cut benefits? -
@D_Blanchflower@asentance they cd be deflationary anyway right now, as per nk models. i know neither of you buy them, but there you go. -
@t0nyyates@asentance i agree cutting benefits would be deflationary
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@asentance "solvency" for a sovereign just means the limits of political possibility to make overseas transfers. Very different cases. -
@dsquareddigest@asentance "political possibility to make overseas transfers" == what we were taught at school about T of Versailles? -
@eyebrowsofpower@asentance I don't know what you were taught at school but probably yes
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@asentance your point is very very relevant with respect to people talking the same kind of lines about Ireland though -
@dsquareddigest@asentance Surely currency sovereignty tops the list of differences b/t UK, Greek or Irish solvency? -
@mdbaccardax@asentance see your point, but the differences between Ireland and UK much less significant than between either and Greece -
@dsquareddigest@asentance That's absolutely true: Inefficient/corrupt political infrastructure in Greece won't be solved by debt deals
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@asentance you or I might wish that Greece in 2015 had as much political consensus and social solidarity as UK in 1945... - 1 more reply
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