Sample of specious hyperbole about Ireland's condition

cyberianpan

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Leaving aside what our actual economic condition is, the fact is a lot pf pundits are babbling nonsense, here's a good example by the Guardian's economics editor

Ireland economic analysis: A call for outside help is looking inevitable | World news | The Guardian

Try this one:
The markets have turned on Ireland with a vengeance, this week pushing up the rate at which the country has to borrow to finance its debts to a crippling 9%.
He is technically wrong here.... the secondary market is 9%, we do not know what a new primary issue would be, as we are not doing them now

Then he points out the obvious truth

The good news for Ireland, according to Jonathan Loynes of Capital Economics, is that it has enough money in the kitty to see it through until next summer.
(though actually more like Autumn)

Then he spoofs this blither:
by the end of the month on the need for a fresh programme of tax increases and spending cuts that would suck €15bn out of the economy over the next four years.
... that €15b is simply not there... it is not "sucking it out"... rather acknowledging that we do not have it. Also the idiot is muddling his math... by the end of the 4 years the adjustment will nett to €15b per year... not €15b over 4 years.

Then the gibber merchant Elliott allows this comment, unchallenged

But in a world of instantaneous capital flows, mid-December is an age away. Loynes said: "The markets want to make something happen. They have a momentum of their own."
Yet Loynes is the same chappie who said funding was good until Summer... so how can the markets make something happen by mid December ?

Now yes Larry Elliott is a known idiot, however he is economics editor of a major broadsheet... and the specious, inconsistent reasoning he shows, is symptomatic of a contagion / hysterical panic.

At a time when we most need reasoned, careful analytical economic commentary... we get vague , yet hyperbolic sloppiness ...

cYp
 


Chrisco

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Ah yes, so both Loynes and Elliott are wrong...

There is nothing inaccurate or incorrect in that article, except if you live on Planet Bertie, in which case the Ministry of Truth and Unicorns supplies you with your daily happythoughtsheet.
 


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