Book review: Austerity – The History of a Dangerous Idea by Mark Blyth

Austerity: The History of a Dangerous IdeaAusterity: The History of a Dangerous Idea by Mark Blyth

My rating: 4 of 5 stars

You have to live within your means unless you are a bank, then you get someone else to pick up the tab.

Austerity: The History of a Dangerous Idea is pretty much as the title implies. Mark Blyth lays out the history of austerity economics, the arguments for its use, and then counters those arguments. Job done: let’s have cake.

In general, the deployment of austerity as economic policy has been as effective in bringing us peace, prosperity, and crucially, a sustained reduction of debt, as the Mongol Golden Horde was in furthering the development of Olympic dressage.

I first became aware of Mark Blyth as one of a handful of experts who were explaining the European sovereign debt crisis and why countries like Greece were mad at the austerity measures. He and others were the only ones who managed to accurately cut through the econobabble and victim blaming. Before then, various people involved in causing the Global Financial Crisis seemed intent on pointing fingers at out-of-control government spending, or nation states who were riddled with debt and no major industry. This was, of course, a distraction.

As an Aussie, I clearly remember during the Global Financial Crisis our treasurer dusting off his copy of Keynes and stopping us from being on the list of victims of the banks. As much as I quibble with some of the details of that economic stimulus, it worked. So it has puzzled me why so many financial experts seem to want to beat the economy to death in order to save it.

This book offered the explanation. It was eye-opening and expanded upon tackling the concept of austerity for sovereign nations who were forcibly sidled with the debt of multinational banks. For such a highly supported and enacted policy you would have thought there would be some very solid economics underpinning it… Yeah, not so much. As Mark outlines, pretty much every case of its use is purely ideologically driven and has rarely worked. In fact, quite often it has been a disaster.

Well worth a read. Or you could just watch a 5-minute version of the book:

Or a 1-hour version:

View all my reviews

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My New Year’s Resolutions

new-years-resolutions

I’m looking forward to 2015. With each New Year there is a chance to change ourselves and the world around us, to make it better, to lay plans to bring about a better Australia. It is always best to make these plans at the beginning of the year, not at any other times throughout the year, because the earlier we make the plans, the easier it will be to forget them when it comes time to follow through.

This year I plan to make a few small changes, and if others follow my lead, we may have a better country by 2016.

Join a gym.
Last year I tried to lose weight using the Paleo Diet, which was based on the diet that someone who failed history and biology thought our ancestors ate. This year I’m going to join a gym for the year and then stop attending sometime in the second week of January. Regular gym members appreciate it if New Year’s Resolutioners leave before the end of January so that they have forty-eight to fifty weeks of the year they can work out unhindered. Gyms appreciate the extra memberships to keep their business running without having to invest in more equipment and space.

Do something about climate change.
I know I’ve been putting this one off since the 1980s, but this year for sure. Look, I know that coal is good for humanity and that climate change is crap, but I have all of these scientist friends who work for all of these science organisations who have been pestering me. I think at this stage it would be easier to stop using fossil fuels just to shut these experts up.

Stop reading the fantasy fiction genre.
There has been a lot of fantasy fiction released this past year. Regular series were back again with tales from Fox News, The Australian, in fact just about everything published by News Corporation. Until these fantasy authors start producing more realistic stories, such as Matthew Reilly’s story about a zoo filled with dragons, then I will have to stop reading them.

End my expectation of entitlement and join team Australia.
Australians have been far too entitled for far too long. Living in a first world economy that survived the 2008 Global Financial Crisis relatively unscathed has made us complacent. We have to stop expecting welfare, job security, privacy, and a fair go, unless we are rich, white, coal miners.

Start saving for my kids’ education.
Part of being entitled was the idea that we could expect an education that would give Aussies a good start at the fair go. Now it is up to me to make sure that my kids can afford an education. Our leaders know that it isn’t realistic for Aussies to expect a free education like they had, it is much more realistic to saddle young Australians with huge education debts, or have rich parents. Not being rich I’ll have to save money now for my kids’ education, they’ll just have to do without clothes, shoes and food in the meantime.

Write more letters of support for politicians.
Our nation’s elected leaders had a tough time in 2014 with experts from science, economics and ethics disagreeing with their policies and statements. Whether it be scientists pointing out that climate change was real, economists disagreeing with the budget measures and pointing out that the carbon tax was working, or the Human Rights Commission condemning the asylum seeker policies, it is clear that our politicians need more support for their uninformed policies. So I will be writing letters of support in 2015 encouraging them to stay the course, no matter how many uppity experts, with their facts and logic, disagree with them.

Christmas Gift Ideas For Senator Leyonhjelm And Your Other Libertarian Friends

In the wake of the shocking Sydney Lindt Hostage situation our brave libertarian Senator Leyonhjelm struck straight to the heart of the real cause of the events and hinted at a foolproof solution. He pointed out that we are a ‘nation of victims’ and need to have access to guns to solve our problems, because it has worked so well in the USA.

His nuanced dissection of the events is a breath of fresh air. This was definitely not an issue of a man with a violent criminal history, nor his lack of treatment for mental health issues, nor about issues surrounding bail in our justice system, nor about racial and religious tensions in Australia. Nope, this was all about not being able to shoot people you have a problem with.

We should be thanking Senator Leyonhjelm and his fellow libertarians with gifts, which is appropriate timing leading into the Festive Season and our desperate need to stimulate the free market. So make Joe Hockey proud and buy some libertarian gifts.

Gift Idea: Ayn Rand’s Atlas Shrugged, with foreword written by Rand whilst on welfare.
Ayn Rand’s Atlas Shrugged is a must have for all libertarians. The all-new edition has a foreword written by Rand in the 1970s explaining her principles and complaints about how small her welfare checks were.

Gift Idea: Smoker’s lungs desk ornament, with bonus lungs of their children who rode in the car with them while they smoked.
This is a great gift for libertarians as it acts as a conversation piece to allow them to discuss how over-taxed smokers are.

Gift Idea: Bushmaster AR15 semi-automatic rifle chambered in .223-caliber.
The Bushmaster is the freedom weapon of choice and a must have for defending your rights. Comes as a box set of the rifle, one thousand rounds of ammunition, and paper targets of school children.

Gift Idea: Environmental Goggles that immediately darken and block the sight of disasters.
You can’t have the environment get in the way of the economy, so these goggles help libertarians conveniently fail to see the degradation and destruction of climate change, pollution, and the future.

This article also appeared on The Sauce.

Kids these days.

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Something I’ve noticed on social media, and the media in general, is the denigration of kids these days. Whether it be Gen Whatever complaining about the Millennials, or just people complaining about how (insert disparaging adjective here) the younger generation are, I never fail to be amused with the curmudgeons and their ironic statements.

Complaining about the younger generation has been a popular pastime for old people since the invention of young people. Usually, the complaints are followed by the creaks of arthritic joints as canes, walking sticks and Zimmer frames are waved at the sky; because everyone knows kids live in the sky these days. Even some of the great philosophers have gotten in on the act of denigrating these uppity kids:

Our youth now love luxury. They have bad manners, contempt for authority; they show disrespect for their elders and love chatter in place of exercise; they no longer rise when elders enter the room; they contradict their parents, chatter before company; gobble up their food and tyrannise their teachers. – Socrates (469–399 B.C.E.)

That’s right, since the dawn of time, old people have complained about young people and how they are destroying society. And we should know, just look at how terrible society is now: deaths from war are at a thousand year low, homicides are also on a steady decline, the economy is on a 2000 year high, literacy levels are at an all time high, we live longer, and less kids die so they get to grow up, become old, and complain about the kids these days. How can we live in such a terrible time in history!

You see what is happening is a form of nostalgia, pining for a time that never really existed. This golden age only appears golden through a pair of rose coloured glasses, from which only the good memories remain, the bad memories having been covered over with years of alcohol abuse. The kids these days are doing the same stuff the oldies were doing at the same age (as witnessed in this Daily Show video).

We really need to stop with this ageist nonsense. Society has advanced: kids learn different things at school because different things will be expected of them in the future, computers are a thing now, phones are really handy, pop music is as dull as ever, and nobody cares how far you had to walk to school back in your day. So let’s stop picking on different age groups and get back to criticising the things that really matter: sport referees.

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More articles worth a read:
http://xkcd.com/1227/
http://www.anxietyculture.com/antisocial.htm
http://mentalfloss.com/article/52209/15-historical-complaints-about-young-people-ruining-everything
http://startupguide.com/world/the-world-is-actually-getting-better/
http://readingsubtly.blogspot.com.au/2013/06/the-self-righteousness-instinct-steven.html
2,500 years of kids these days.

Update: Vsauce did a fantastic video on Juvenoia (i.e. fear of kids these days) that is well worth a watch.