johnny9fingers (johnny9fingers) wrote in talk_politics,

I don't do multiple choice, so these are essay questions.

In the light of this, does the panel think:

1 - Obama's got it just about right?
2 - Osborne has got it just about wrong?
3 - That the US with  its economies of scale, and the currency of which is the world's reserve currency, distorts the normal economic models which apply to the UK?
4 - That such analysis will figure at all in the upcoming US Presidential election?

My own opinion is that it appears the bail-out may have kept the US from the worst ravages of the recession thus far. Even if Europe now upset the applecart, I am of the opinion the US will still be better off for the bail-out than otherwise.

I also reckon George Osborne needs a rethink.

And I am of the opinion that the US' economic woes are far from over, but that structurally it can do perhaps what the UK, Germany/France, and Japan can't do, thanks to the positioning of the Dollar. Which means, from a practical perspective, Obama and Bernanke et al got it more-or-less right: for a given value of right, devoid of ideological normatives, that is.

Of course I'm certain that there is someone would care to argue that the US recovery would have been faster and bigger had strict Austrian principles been adhered to…something closer to the way that G. Osborne Esq. is doing things, perhaps.

But somehow or other I might just point out that events sometimes favour the opinions of folk who hold those opinions for no good ideological reason, and therefore such events can be discounted as being either not germane, or anomalous. So you don't have to argue with me. Obviously your ideology is purer than my brute empiricism and general rules of thumb.

And you know what? I'd have a tenner on Obama winning the election: and as of now it's as close to a fifty-fifty bet as I can reckon. But if Europe tanks, I'd say all bets are off.

Tags: crisis, economy, uk
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