politics

Finance leaders pledge forceful response to boost economy

12 Comments
By MARTIN CRUTSINGER and MARIA DANILOVA

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12 Comments
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Schaeuble said Germany intended to stick to its plans for a balanced budget, warning that rising budget deficits can drag down growth.

A wise man.

1 ( +2 / -1 )

More negative rhetoric from those that cause the problems. Somehow, I always seem to believe this is just one big protectionist club for the boys, out to protect the 1 percent.

1 ( +3 / -2 )

increasing trade that more and more people are not a part of serves not governments but corporations

0 ( +1 / -1 )

The IMF seems to cause more trouble than they realize. Just a bunch of nosey meddling rich people.

I wonder if they noticed that Japan was just hit by a double whammy unprecedented in history earthquakes? AC

-3 ( +0 / -3 )

"...rising budget deficits can drag down growth."

A couple of economists once tried to prove that. The problem: they, Reinhart and Rogoff, used fake data, and their little theory was tossed in the trash. Conservatives have along been trying to prove this. They can't because the evidence isn't there. The evidence that IS there shows austerity to be a growth-killer.

-2 ( +1 / -3 )

Abe has noted a delay or suspension of consumption tax rise should there be another "Lehman crisis" or equivalents.

The Kumamoto earthquake may be such an equivalent.

0 ( +1 / -1 )

There's only one cure, but humans are too 'humane' to carry it out.

-1 ( +1 / -2 )

JeffLee

"...rising budget deficits can drag down growth." A couple of economists once tried to prove that. The problem: they, Reinhart and Rogoff, used fake data, and their little theory was tossed in the trash. Conservatives have along been trying to prove this. They can't because the evidence isn't there. The evidence that IS there shows austerity to be a growth-killer.

Ah yes, the spreadsheet error. They don't realize they have had their profession disproven for 6 years now. Unapologetic, out of touch and for the countries of the world, out of luck

-1 ( +0 / -1 )

They can't because the evidence isn't there.

Japan is showing the evidence in spades. Rates pushed negative, people pulling their money out of banks and putting it in safes, industries refusing to invest in the domestic economy. You would have to be galatically stupid not to see the evidence.

1 ( +2 / -1 )

The problem with the debt bugs is that no matter how much debt they pile on, when it doesn't produce any sustainable growth (the constant outcome) they assume that the prescription was correct but the dosage just needs to be higher.

If it were a patient going to the doctor for a cold they end up being a decrepit drug addict, and the dopey doc would still be at it, if the patient hadn't already died.

Yesterday I learnt that Japan is going to propose to the G7 that they should together fire three arrows, identical to those of the original Abenomics plan. That is, print more, spend more, and do structural reforms. Well hullo!!! They already tried the first two arrows, and there is no growth, so what about the 3rd frikkin arrow, and rather than talk about it, why doesn't Japan lead by actually DOING it. Then when you show what the results are, others may follow. Abe and Japan have no clue what leadership is.

0 ( +0 / -0 )

"Japanese Finance Minister Taro Aso"

Is Aso really the best person for this job? Isn't he in favor of dealing the Japanese economy another big blow by raising the consumption tax, including on beer, to 10%?

0 ( +0 / -0 )

The consumption tax hike, is a consequence of, not a cause of Japan's economic problems.

The politicians don't want to cut spending, because that would reduce their power.

They don't want to deregulate the economy to enable it to grow, because that would reduce their power.

They don't really want to hike the consumption tax either, but they at least realise they can't do nothing about the government's budget problems indefinitely, because that road leads to ruin.

0 ( +0 / -0 )

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