Kaletsky the buffoon fesses up - sort of

[hayekvindicated]

http://www.timesonline.co.uk/tol/com...cle5141565.ece

What Kaletsky and that other imbecile at the London Times, Gerard Baker, do not understand is that before wealth can be consumed, it needs to be produced. Production requires savings and requires investment of savings.

The 0% interest rate policy can work in a country like Japan where the household savings rate is more like 28 percent. In Britain, where the savings rate runs into negative territory, capital can only be obtained from abroad - and to get it, the returns must be attractive, otherwise investors go somewhere else. If you offer 0% interest, it will go somewhere else.

I wonder what these buffoons will say when Britain faces a balance of payments crisis.

I have tried posting comments on the London Times on Kaletsky's and Baker's articles and they are never accepted. I do not try to do that any more. Anyone who takes investment advice from these fools deserves what they get.:cool:

[metalman]

Re: Kaletsky the buffoon fesses up - sort of

http://www.timesonline.co.uk/tol/com...cle5141565.ece

What Kaletsky and that other imbecile at the London Times, Gerard Baker, do not understand is that before wealth can be consumed, it needs to be produced. Production requires savings and requires investment of savings.

The 0% interest rate policy can work in a country like Japan where the household savings rate is more like 28 percent. In Britain, where the savings rate runs into negative territory, capital can only be obtained from abroad - and to get it, the returns must be attractive, otherwise investors go somewhere else. If you offer 0% interest, it will go somewhere else.

I wonder what these buffoons will say when Britain faces a balance of payments crisis.

I have tried posting comments on the London Times on Kaletsky's and Baker's articles and they are never accepted. I do not try to do that any more. Anyone who takes investment advice from these fools deserves what they get.:cool:

did you read the myth of the japanese consumer?

[hayekvindicated]

Re: Kaletsky the buffoon fesses up - sort of

No I haven't. Link?

[tsetsefly]

Re: Kaletsky the buffoon fesses up - sort of

I loved this explanation for the crisis:

Rather than a heart attack, the global banking collapse could perhaps be described as a bullet in the head, since its proximate cause was a conscious decision by the US Treasury to jeopardise the stability of the world economy in pursuit of an essentially political objective - to show that the Bush Administration was willing to act ruthlessly against at least one big Wall Street investment bank. Until that point, savers and investors around the world had assumed that financial institutions such as Lehman were “too big to fail” and would always be supported by their governments.
By shattering this belief Henry Paulson triggered a run on every important bank in the world and caused the sudden implosion of consumer and business confidence seen in the past two months.

So the crisis was caused because Lehman was not saved... imagine that!

[Chris]

Re: Kaletsky the buffoon fesses up - sort of

Interesting. So the Times does have a heavy filtering policy on the comments. I tried many times to express some basic truths on that site but to no avail.

Hayekvindicated, I think you're being a little hard on the British. We do have a flourishing media industry whose products are consumed my plenty of lay-abouts all across the UK. Maybe that will save us? ;)

[hayekvindicated]

Re: Kaletsky the buffoon fesses up - sort of

Interesting. So the Times does have a heavy filtering policy on the comments. I tried many times to express some basic truths on that site but to no avail.

Hayekvindicated, I think you're being a little hard on the British. We do have a flourishing media industry whose products are consumed my plenty of lay-abouts all across the UK. Maybe that will save us? ;)

LOL!! The Sun as the saving grace in crisis. Imagine that!

[labasta]

Re: Kaletsky the buffoon fesses up - sort of

http://www.timesonline.co.uk/tol/com...cle5141565.ece

What Kaletsky and that other imbecile at the London Times, Gerard Baker, do not understand is that before wealth can be consumed, it needs to be produced. Production requires savings and requires investment of savings.

The 0% interest rate policy can work in a country like Japan where the household savings rate is more like 28 percent. In Britain, where the savings rate runs into negative territory, capital can only be obtained from abroad - and to get it, the returns must be attractive, otherwise investors go somewhere else. If you offer 0% interest, it will go somewhere else.

I wonder what these buffoons will say when Britain faces a balance of payments crisis.

I have tried posting comments on the London Times on Kaletsky's and Baker's articles and they are never accepted. I do not try to do that any more. Anyone who takes investment advice from these fools deserves what they get.:cool:

Can't agree with you more. I often couldn't believe what I was reading when I read that idiot spout off utter nonsense. My comments were also not accepted, unsurprisngly. He has to work for the FIRE economy. Either that or he is a complete moron. I don't believe he can be that short-sighted. I mean, he has the internet, doesn't he? It seems that nearly everything that man has spouted, he had gotten completely wrong. How is he still working for the Times?

AEP for the telegraph is usually good, but he can go off on a pro USA and anti EU stance too much.

[The Outback Oracle]

Re: Kaletsky the buffoon fesses up - sort of

For crying out loud you blokes!!! The papers are full of advertising, they can't be publishing letters from you blokes trying to point out reality and outline the necessity for saving!!!
Cheesh!!! Sometimes i think i am impractical and naieve!!!!

OK! OK! I admit! I've tried here in Aus too!!!! The public vicious childish attack by Gerard Henderson on Steve Keen should tell you what the MSM's interest in truth is.

[hayekvindicated]

Re: Kaletsky the buffoon fesses up - sort of

For crying out loud you blokes!!! The papers are full of advertising, they can't be publishing letters from you blokes trying to point out reality and outline the necessity for saving!!!
Cheesh!!! Sometimes i think i am impractical and naieve!!!!

OK! OK! I admit! I've tried here in Aus too!!!! The public vicious childish attack by Gerard Henderson on Steve Keen should tell you what the MSM's interest in truth is.

Well said mate. The media likes printing a happy story for the suckers to read and feel good. Kaletsky and Baker serve that purpose. Unfortunately, they won't when the British Government runs out of money.