McWilliams has lost it.

Just listening to McWilliams on Cooper’s show now. The guy has truly lost it. It seems clear to me that he really is out there on his own with some crazy “solutions” to the problems we are in now. You can practically hear McDowell exasperation over the radio.
What worries me is, that as one of the few commentators that pointed out the fact that we were heading into trouble, people place him now on higher esteem and may actually think some of his proposals are runners.

Eh, what did he say?

old status - folk hero
new status - pop economist not taken seriously.

I second that query? Does he want to make briquettes the new national currency or something. Or does he… gasp want to look into ways of making the recovery bond plan better.

I think I heard him say the bubble needs to re-inflated

It was effectively a rehash of his few recent articles (debt forgiveness) and added in the gem that cutting public spending is doing the opposite of what we should be doing!! That we need to inflate our way out of the problem (he didn’t elaborate how but I’d imagine that was the “leave the euro” idea)

Yep! McDowell sounded exasperated with him. Has someone got to McWilliams?

In fairness, he probably understands about adding and subtracting, and therefore sees that the “hey let’s cut like bejaysis!” agenda is a lot less smart than it appears.

A few years back all I’d really heard about McW was with reference to his coining of phrases (alleged and otherwise). I’d viewed him as a pop.econ first then took him seriously after starting to lurk on the 'pin for a while and started to see the clarity of the situation.

The clarity of the situation is no longer there, but this current opaqueness was always going to be part and parcel of the fallout.

McDowell sounds good though, always interested in what he has to stay.

I heard that, DMcW was talking absolute bollox and got schooled by McDowell.

DmcW claimed Ireland did not have an expenditure problem and cutting PS pay would cause the economy to contract further.

The fucking painstakingly obvious fact that the boom years were used to unsustainably inflate PS expenditure (pay & numbers employed) seem to have gone completely over his head. The taxes being used to fund the madness were short term boom taxes which would not be around for ever.

McDowell noted what DMcW was referring to, contra-cyclical policy, and then explained why it could not be applied here. I don’t agree with everything McDowell was saying either but he bent DMcW over his knee and spanked him.

Rock3r, it’s been explained to you many, many times on here why this is just not true or relevant for the current situation. You really just trolling at this stage.

You underestimate how unpleasant playing the role of a cassandra is.
I feel sick, and I bet many pinsters do as well. Glee? I wish.

I would not be surprised if being proven right has done McWilliams head in.

He should take a break, get away from the media, and reflect on it all.

the doctor who diagnoses your illness is not necessarily the surgeon who performs the surgery to cure it.

i think mcwilliams is under too much pressure to provide the cure as well as the diagnosis. it was never going to be easy to fix this.

it’s getting a whole lot uglier than i ever thought it would.

Couldn’t agree more. Well put!

I didn’t expect the doctor to turn to homoeopathy after the diagnosis though

No I’m not. True, a disbelief in contra-cyclical policy is widespread on the pin. But that disbelief is simply wrong, in my view.

A key clue is that for all the dozens who attack that position is that they refuse to produce a falsifiable test for their beliefs. Because they tacitly admit that the facts might prove them wrong if they pin themselves down to a disprovable thesis.

In short, just because the majority on the pin believe that up is down, doesn’t mean I am trolling if I maintain that it is not.

In sum, what McDowell claimed is that “Ireland is different”. It’s not. Counter-cyclical policy works in accordance with the same rules everywhere.

I think the issue with McWilliams is not his counter-cyclical policy but his contra-reason approach to get us there - leaving the Euro.

I think a few of you guys heard certain key phrases and have jumped to conclusions too soon.

When he said inflate, he was talking about the debt, not about creating another bubble. Nothing wrong with saying deflating debt, because it’s clear that we’ll never be able to pay back all the money we borrowed.

That was not quite what he said. What he said was that our level of spending hasn’t created the problem, the huge debt that we owe has.

The scariest thing about that interview was something no one has mentioned. David McWilliams said that unless we get help from Europe; we’re going to default.

Hold on here. When has McWilliams ever said that should definitively leave the Euro? I merely hear him floating the concept, and suggesting that maybe we could use Lisbon to bargain some sort of relief deal.