Re: [A-List] Global Economic Prospects: Bright for 2004

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

IIE paper are not dismissed because they represent mainstrean views, but
because they have lost all credibility over decades of faulty analysis
and forecasting.  The Mussa paper in question said nothing fresh or new
and instead mislabeled once more a liquidity bubble for a recovery.
Mussa blaming Argentina for debt addiction is like the liquor industry
blaming alcoholics for lack of self-control.  People who listened to IEE
forcasts have lost their life saving in the past and will again in the
fututre which is the true defintion of folly.  To be taken to the
cleaner once is human, to be taken repeatedly merely because the crooks
are part of the establishment is voluntary slave mentality.  Greenspan
and company are not distinguished for their wisdom or clear insight, but
for the power to manipulate the market and only fools still take them
seriously.  There is no bigger crime than a crooked casino operator.
False recoveries are the device to suck up whatever little money is left
in the system from pensioners, widows and orphans.  Look at the list of
the directors of IIE from its web site and you will see a group who have
lost a lot of other people's money which seem to be the key criteria for
membership.   They are not even competent capitalists.  The left does
not need to overthrow the system, these idiots are working hard on from
the inside.  Argetnina was the poster boy of neo-liberalism before its
debt problems surpfaced. So was Thailand, Indonesia, South Korea and
even Japan.  All of them listened to the IIE and ended up in the poor
house just to keep the lenders whole.


Henry C.K. Liu


Gary Santos wrote:

> There is no doubt in my mind that these fellows (IIE) are mainstream,
> influential/paid by establishment economists. I understand they even set up
> the agenda and working papers for one or another G7 meeting. Williamson of
> the Washington Consensus fame is also in IIE. That being the case, policy
> papers coming from IIE, whether they turn out to be or not, are important in
> this respect. To dismiss them and to solely listen to/read bearish
> analysts/economists is folly.
>
>
>
> ----- Original Message -----
> From: "Michael Keaney" <michael.keaney@xxxxxx>
> To: "The A-List" <a-list@xxxxxxxxxxxxxxxxxxx>
> Sent: Tuesday, May 25, 2004 3:29 AM
> Subject: Re: [A-List] Global Economic Prospects: Bright for 2004
>
>
>
>
> > Henry writes:
> >
> >
> > The IIE projected accelerated growwth for Asia up till July 2 1997.
> >
> > ...and this clown...
> >
> >
> >
> > > Michael Mussa
> > > Institute for International Economics
> > was one of those responsible for economic disaster after economic disaster
> > administered by the hirelings of the Washington consensus, viz:
> >
> > Privately, fund officials are angry that they are being blamed in some
> > quarters for the slow motion implosion of Argentina's economy last year.
> > "For better or for worse, all of the key policies were fully owned by
> > the Argentine authorities," says Michael Mussa, who was the fund's chief
> > economist until last summer.
> >
> > <snip>
> >
> > Mr Mussa says Buenos Aires became addicted to borrowing as a solution to
> > its problems. "The Argentine government is like a chronic alcoholic -
> > once it starts to imbibe the political pleasures of deficit, it keeps on
> > going until it reaches the economic equivalent of falling down drunk."
> >
> > See http://archives.econ.utah.edu/archives/a-list/2002/msg01185.htm