Commentary by Roger Erickson
Faisal Islam @faisalislam writes: Debate settled?
US Federal Reserve economist estimates that UK austerity cost 3% of GDP.
However, anti-error groups blame it all on
ISLMists precisely calculating flawed concepts.
*
Nevertheless, it's another 1st for British
Whackademics!
Can anyone get a full copy of this policy guide which is too important to immediately send for free to all citizens? It costs money to get notices on our state of weaquilibrium from our own Federal Reserve? Don't they know about OpenSource democracy and ownership of the Commons, including OUR government? So far, even the NSA can't crack Fedspeak - or won't. Maybe 'cuz it was cracked from the start? And never what it was cracked up to be, ever since Marriner Eccles left?
Anyway, here's a preliminary congratulations to the UK!
Your reality now matches theory! Well done indeed. All it required was some forced-non-feeding, but surely you're better off for it?
Hat's off may soon apply to the queenie too, if they can unload the things at flee markets on their way to Dubai.
* The ISLMists insist that fiat can only be balanced through mass unemployment - preferably of people lower than "their" Wonk Class.
One prominent anti-error group, the anti-cognitive-error or "MMT" group, holds instead that weaquilibrium is all a fictitious rationalization by an Upper Looting Class, to defend against what they see as the perils of a functional, agile Middle Class.
No fully rational citizen, however, is Keyne on the flawed concepts of weaquilibrium nor ISLMism, since they rely on the existence of the Hicks Bozone, which was disproved and abandoned by it's own author soon after first imagined. "The first problem was that it presents the real and [nominal] sectors as separate, something Keynes attempted to transcend." Isn't the tail a nominal appendage of the dog? Which wags which in a weaquilibrium fiction? Do real citizens care?
