"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen


"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister


"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont


"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister


"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Tuesday, February 26, 2013

department of huh? DeLong defends IMF

TUESDAY TEN YEARS AGO ON THE INTERNET: KEN ROGOFF: THE IMF STRIKES BACK by DeLong

Seems to me that the periphery of Europe (and the U.S.) recently had hot money flow in and out which cause budget problems and recession regardless of the state of the county's budget. Italy and Spain were not that bad. 

Capital controls would have helped. They're not cost free but basically they're regulations. At least have a transaction tax to help build a rainy day slush fund.

Seems like the Washington Consensus IMF view helped create the world wide housing bubble /bond bubble which was disastrous.

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