You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Economy
'Austerity measures bad for EU'
2010-10-02
[Iran Press TV] The jobless rate remains so high in the eurozone that experts say austerity measures will not solve the problem due to the 'huge' debt countries are in.

"Because of this huge debt even the austerity measures are not going to solve it and even after them (austerity measures) the situation will be worse," Professor of Binary Economics Rodney Shakespeare told Press TV on Friday.
Binary economics?
More like monary, I should think. The logic appears to be:
1. If n equals zero, then no.
2. If n equals not-zero, then no.
Citing Greece, Shakespeare said, after the country's austerity measures, the compound interest would take its national debt to 150 percent of Gross Domestic Product (GDP).

In Shakespeare's opinion, to solve the problem, banks must stop making money and instead open up a new money supply to solely develop and spread the real economy to everybody.
I have absolutely no idea what that means in simple English
."If you do not do that, you are going to end up being controlled by the financial elites and the corrupt Wall Street and the corrupt city of London and the thing will go on and on getting worse and worse."

The remarks come amid reports that the unemployment rate in the eurozone has remained at its highest level for the sixth successive month. According to the latest figures released by the European Union, nearly 16 million Europeans are jobless in the eurozone -- that is 10 percent of the population.

Spain, however, is the worst affected nation with a jobless rate of over 20 percent.

Meanwhile,
...back at the ranch...
 hundreds of thousands of people from across Europe have poured onto the streets of the Belgian capital, Brussels, to express their anger at austerity plans.

Millions of jobs have been cut in Europe and many more are set to be squeezed as governments axe public spending in a bid to save the melting economy.
Posted by:Fred

#7  "I have absolutely no idea what that means in simple English"

Neither does he, tw.
Posted by: Barbara Skolaut   2010-10-02 23:20  

#6  Rodney Shakespeare is Visiting Professor of Binary Economics...

Shakespeare invented "binary economics", along with Robert Ashford, who seems to actually be a professor on the faculty of the Law School at Syracuse U.

There's a Wikipedia entry. The discussion section is...interesting. See archives 2 and 3, especially.
Posted by: Angie Schultz   2010-10-02 21:52  

#5  Rodney Shakespeare is Visiting Professor of Binary Economics at Trisakti University, Jakarta where he teaches on the international postgraduate Islamic Economics and Finance program.

In other words, he's a crank.
Posted by: phil_b   2010-10-02 20:54  

#4  Meanwhile, the local Publix supermarket has started to stock German food next to the English food in the "ethnic" food aisle. Somebody got to buy all those "short-term rental properties" down here in the land of the mouse.
Posted by: Guillibaldo Unusing2147   2010-10-02 08:01  

#3  And cheap borrowing, easy credit, and unpayable debt is good for the EU?

Everybody in the West, repeat after me...."tThe value of my labor doesn't entitle me to live like a king".
Posted by: no mo uro   2010-10-02 06:39  

#2  In Germany the jobless rate is falling steadily
Posted by: European Conservative   2010-10-02 06:32  

#1  But good for individual European nations---these capable of austerity & work ethic.
Posted by: g(r)omgoru   2010-10-02 04:08  

00:00