Ed Balls on George Osborne's UK economic statement (11Aug11)

[MrTzimisces]

Keynsianism - Correct. Osborneism - So very wrong

[ukipwarrior]

Clapped out old socialists, we need UKIP as opposition!!

[flowerpuff2001]

Labour socialists FAIL time and time again, we have to clean up their mess. they opened immigration with no end in sight. they planned to integrate britain more to the EUSSR. they want to use Euro than Pound (the most BS plan ever!). and they expanded the government that only made people dependent on government. They joined wars based on the Bush lie.

Now we have to clean those things up. And I am glad we are in a better situation than we were in Labour's bubble busting agenda.

[CookieCrumblz]

@flowerpuff2001 I am sorry that is one of the most RIDICULOUS nonsense, I have ever heard. Labour kept OUT of the euro! Theresa May has had an even bigger failure on immigration. Clean things worse? I reckon you think that falling borrowing, increasing growth, low inflation, low interest rates and falling unemployment is bad record compared to one with high inflation, high debt, high unemployment, higher borrowing and no growth. Even the eurozone grew faster than we did! Grow up!

[cctvdrama22]

reasons for US deeper cuts is simple:

Thats the only way to stablize the US dollar/ currency

[tdp1909]

How on Earth can Labour claim Economic wisdom when they took a golden legacy and left us with a financial crisis?

[Gurn92]

How can any individual in their right mind vote Labour. It just goes to show how stupid this island is becoming.

[GovernMentalFreedom]

Turn over the police department to the communities and stop rioting with your own people acting as if Govern Mentalists are innocent victims - Stop the games sit down shut up and listen to a real town meeting not your cartel fight, fight, fight BS

[MrTolleMolle]

"temporay VAT cut" So ed balls WOULD have raised Vat to 20%- evidence that they are all complete bastards.

[CookieCrumblz]

@MrTolleMolle That's rubbish. The Tories increased VAT, now the Tories have done Labour has said cut it back.

[TheLiberalKnight]

@CookieCrumblz Keynes said his plans were designed for the protectionist world economy of the 1930s, not to be applied to free trade globalization in the 21st century. That explains why when Obama & Brown bankrupted their respective nations by borrowing for a massive economic stimulus, it didn't stimulate jobs in London or New York, but instead stimulated the commodity markets. The impact on GDP growth was minimal.

[CookieCrumblz]

@TheLiberalKnight Keynes died in the 20th century, so the idea that he talked about how Keynesianism should be applied in the 21st century is just a demonstration of your stupidity and grave lack of knowledge. Almost everything you have just said is untrue. Firstly, the lie that somehow Obama and Brown bankrupted their nations is rightwing mythology. The recession was caused by risky casino-like behaviour within our banking system. The system which Labour inherited from Major and Thatcher......

[CookieCrumblz]

@TheLiberalKnight ....was not fit for purpose, and governments across the world could have done even more to prevent a crash by regulating the banks properly rather than buying into the "bluff" from some of bankers, which you actually buy into. The actions that Gordon Brown took was absolutely right because prevented our economy from falling into depression, and though you love to attack Labour's record just remember that governments all across our world, from different hues, began to follow....

[CookieCrumblz]

@TheLiberalKnight ....Gordon Brown. The idea that the impact on growth and jobs was minimal shows that you really do not know what you are talking about. Unemployment was less than half the size it was during the recessions in the 1990s and 1980s, businesses and savings were being protected so that families did not lose out, so that businesses could still function and so that jobs were still there. If Gordon Brown and world leaders across the world did not follow that example then we would be...

[CookieCrumblz]

@TheLiberalKnight ....in a depression and then we would be bankrupt. Large deficits is the risk that all countries had to face. The deficit was not created by profiligate overspending, in fact it is true to say that spending was low under Labour (in fact the Tories said before the recession that spending was too low even though they planned massive cuts as early as 2001)! The majority of EU countries had much higher spending than we did. However, the Conservatives, for ideological reasons.....

[CookieCrumblz]

@TheLiberalKnight (as well as sheer opportunism) opposed almost every single measure to avoid depression. They were against the nationalisation of the banks, they were against the packages to protect homes, they were against the stimulus etc. Whilst the world where uniting around Keynesianism the Tories were calling for more cuts and more spending on marriage tax cuts and inheritance tax cuts for the rich. They called for more deregulation of the banks. Their anti-Keynesian plans would've....

[CookieCrumblz]

@TheLiberalKnight ....thrown Britain (and potentially the world) into a deep depression. The big economic question facing us now is the deficit. How do we deal with it now we have just been out of a deep recession? Now looking at your pathetic "imitation" of me, showed the lack of seriousness you have. You said that my position, and that Labour's position is that we should have no cuts at all! That made me laugh, hard! Of course we need cuts but on a measured basis so that growth is protected...

[CookieCrumblz]

@TheLiberalKnight ...however, the current government have cut too far, too fast and too soon. We are paying the price with the highest unemployment for over twenty years (still increasing and increasing faster than any country in the world, even the USA), high inflation (higher than Estonia), a higher deficit, more borrowing, £158bn more debt and flatlining economy. As Harriet Harman warned in her response to the Budget, the eurozone is weak - it is ALOT weaker now since June 2010, which is....

[CookieCrumblz]

@TheLiberalKnight ...is more the reason why the Government should not have gone down the route of deficit reduction that they did. Now they admit that the deficit is wider and that they would not have finished their "masochistic experiment" by 2015. The reason why is because their experiment has cost us growth, and like Michael Portillo warned several times since 2009, "you cannot cut the deficit without growth" (and he was the Prince Rupert to the Thatcherite crown), as David Marquand put it...

[CookieCrumblz]

@TheLiberalKnight Therefore as Keynes as well as current economists such as Balls, Cooper, Reeves, Kelly, Stigilitz, Blanchflower, Krugman, Weldon and many others have pointed we need GROWTH. Even Andrew Tyrie, the Conservative MP for Chichester, criticized the government for having no plan for growth, and said it was critical in terms of deficit reduction. From what I can understand your economic strategy would be too cut the deficit faster and deeper, push inflation extraordinarily high....

[CookieCrumblz]

@TheLiberalKnight ... encourage a recession, even a depression and allow unemployment to plummet and for the public sector to shrink. Whatever effect that has on the markets, you would not nationalize the banks if investors pull out the banks crash because that is "Communist" according to that clotted brain of yours. In addition to which, you would suggest cutting taxes for millionaires but increasing them for the poor and also joining the euro! What a joke!

[TheLiberalKnight]

@CookieCrumblz Forget it, Cookie. You can't talk about economics. You can't mention a single economic phrase without mentioning a politician's name in the same sentence. I am delighted to have met a Labour voter who supports keynesianism who will actually debate. You are worthless to me, fuck off.

[CookieCrumblz]

@TheLiberalKnight I can't talk about economics. I mentioned phrases. I have destroyed your argument completely. @Intellectual42 does not give a shit. He is there to destroy the fallacies that you have made, and reinforce the points I have made and which you have ridiculed. Everyone is laughing at you! Do not kid yourself.

[CookieCrumblz]

@TheLiberalKnight NOW ANSWER!

[TheLiberalKnight]

@CookieCrumblz Sorry Cookie. You're time is up. I've given you a week to begin an economics debate, but you only want to debate politics. I prefer to talk to people with intelligence than political party machines like you. Now calm down... lol!

[CookieCrumblz]

@TheLiberalKnight You cannot talk about economics because you don't have the brain to talk about anything. I won't calm down until you answer my point! I'm not going, you've shown yourself up to be an idiotic fool who doesn't even have an iota of sense. You believe that in order to get the deficit down we have to have hyperinflation and a depression. Intellectual42, a Labour activist, is not going to listen to you - he knows you are economically inept, and he is not the only one! Lol.

[TheLiberalKnight]

@CookieCrumblz Calm down, Cookie... lol!

Try and do a bit better with your life. Do yourself a favour & read the following books: Wealth of nations, and the works of Friedrich A. Hayek, David Ricardo, & Joseph Schumpeter. None of this Keynes bollocks. You are not an economist, you're a kid who is interested primarily in politics, and treats economics as a political game. You only care about what 'economists' in the house of commons say.

Good bye ;-)

[CookieCrumblz]

@TheLiberalKnight If I'm a kid explain why you called me a 'voter' or are you just so retarded you think children can vote. I've named Blanchflower, Krugman, Stigiltz and others - look you're doing yourself no justice, you have opened yourself to ridicule and now you have proved that your temporary yearn for an economics debate was more like a phase, now you have been destroyed both politically and economically, you squirm and avoid debate. I am not going anywhere! Ha, I'm enjoying this! Lol!

[CookieCrumblz]

@TheLiberalKnight The fact that you are still in denial over the fact that Ed Balls and other members of the shadow cabinet are economists, makes you look even more like an idiot. There economists in the Conservatives, Labour and Liberal Democrat parties - I can accept that but our Chancellor is no qualified to make these decisions since he has no substantial economic knowledge (though I have to say more than you!).

[CookieCrumblz]

@TheLiberalKnight NOW ANSWER!

[Andyinslough]

Ed balls for chancellor next Labour government.

[destinyson23]

balls speaks sh*te for 10 minutes. As he tends to.

[AmerginMacEccit]

9:55 Why the laugh? I am pretty sure the leader of the opposition is clueless as to what is going on in America right now. Socialists understanding of origins of this economic turmoil is grotesque... They are economic illiterates, it is clear when you look at those in parliaments of Europe and those on Greek streets.

[dylans8]

what did he do over 13 yrs flip a few homes but what else

[BloodguardGorak]

Good speech by Ed Balls :)

[Wongie2009]

What Ed Balls said is just a load of bullshit, I tried to listen to his statement on his grave concerns and agreements, but it's just a load of political point scoring.

[yobatsurge]

if labour want to get back into power, they really need to boot this moron

[ukipwarrior]

Load of old Balls what the hell do you want 3% growth?? 2% growth for the UK economy was about average even during the "boom" years. So 0.5 below that after the most ruinous of credit crunches is reasonable enough

[temporaldisplacement]

Final statement: agreed.

[roblesterfilms]

bankers are screwing us through the governments of the world, maybe we need to sort the banks out, cut the snake head off the elite, make government for the people, not for the banking & corporate powers

[PHONEYPOLITICS]

@roblesterfilms - HOW