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View Diary: How much longer can the Austerians and their puppets go on with their failed policies and lies? (125 comments)

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  •  I can't "go back to basics" because (4+ / 0-)
    Recommended by:
    limpidglass, dorkenergy, aguadito, mrkvica

    it's not basic. We are no longer on a gold standard and are likely to run foreign trade deficits for many years to come. That is why, absent lots of private sector borrowing, the Federal budget can't be balanced. We can't Fix the Debt.

    The free market is not the solution, the free market is the problem.

    by Azazello on Tue Jan 29, 2013 at 03:28:40 PM PST

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    •  So does that mean... (2+ / 0-)
      Recommended by:
      Sparhawk, hmi

      .. to take up my last question, does that mean that you DO expect Chinese and Germans and other such ###### to supply goods and services for American's prosperity without compensation for all eternity?

      ______
      "Und wer nicht tanzen will am Schluss - weiß noch nicht dass er tanzen muss", Rammstein, "Amerika"

      by cris0000 on Tue Jan 29, 2013 at 03:44:27 PM PST

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      •  No, that's not at all what I mean. (3+ / 0-)
        Recommended by:
        aguadito, mrkvica, katiec

        I would looove for the US to have more domestic manufacturing. What I am trying to say, and what the diarist is trying to say, is that the deficit hawks are being disingenuous. They know damned well that the budget can't be balanced right now. They just want to gut what little is left of our social safety net and the corporate media are helping them. And, by the way, what is this prosperity of which you speak ?

        The free market is not the solution, the free market is the problem.

        by Azazello on Tue Jan 29, 2013 at 03:52:21 PM PST

        [ Parent ]

        •  So, in other words, yes (0+ / 0-)

          For the foreseeable future, at least, you expect net exporters like Germany and China to continue to ship us goods and services without compensation.

          (-5.50,-6.67): Left Libertarian
          Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

          by Sparhawk on Tue Jan 29, 2013 at 05:24:50 PM PST

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          •  No, in other words, no. (2+ / 0-)
            Recommended by:
            dorkenergy, aguadito

            I do not believe that they are shipping goods without compensation. The Chinese elite appear to be quite well compensated. I was talking about sectoral balance and the implications of same for the Federal budget deficit.

            The free market is not the solution, the free market is the problem.

            by Azazello on Tue Jan 29, 2013 at 05:33:15 PM PST

            [ Parent ]

          •  But that's not how it works either (2+ / 0-)
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            mrkvica, Azazello

            First: if the US economy grows at the same rate as the debt does, so that the debt is a constant percentage of the GDP, then there is no problem here even with your preconceptions.

            Second: since the vast bulk of US debt is held by US citizens/companies/etc, we export dramatically more than we need to in order to keep up with foreign-held debt.

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