Re:China Can’t Sustain Its Debt-Fueled Binge, Moody’s Says
by busyant on Thursday May 25, 2017 @09:55AM
(#14417296)
Or...economists have successfully predicted 7 of the last 5 recessions.
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Re:China Can’t Sustain Its Debt-Fueled Binge, Moody’s Says
by mowenz on Thursday May 25, 2017 @10:10AM
(#14417380)
Keynes took previously unacceptable ideas and made them gospel, and he also was critical of economics when others thought they had everything figured out.
Before an econ degree I thought it could all be understood the way we understand, say, a chemical reaction, or some process with rules, laws and order.
But afteran econ degree the thing I realized is that money and economics, it's all about people. Money and debt has no intrinsic value (especially in 2017)--it's just promises and credits people made to each other.
But people are prone to irrationality, cheating, and frankly, their own bullshit. The global financial system in 2017 has not done everything it can to minimize this, either. If anything, they take advantage of it where it profits them.