Interview- Harvard Professor talks Debt and decline of West
Discussion
Ewan S said:
....do you know anyone that imports stuff from India? Even the chinese can do better (if you pay them accordingly)
OT, but this and only this was the primary reason behind TVR's downfall. s
te quality not to spec Indian made engine components. By the time they'd rectified things, it was too late and the fatal damage had been done. Great Shame. 
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
Ewan S said:
I definitely wouldn't bet on India. Have you spoken to anyone in an indian call centre recently? More to the point do you know anyone that imports stuff from India? Even the chinese can do better (if you pay them accordingly)
I deal with Indians everyday. Some of them are st, some of them are very very good.The trouble with talking of the West as a whole is that it includes dynamic growing countries (both economically and demographically) like the US and places like Greece.
The current economic troubles are far from over, but when they are some western economies will power ahead. Others, where people think they have a god given right to retire at 55-60 or just not work and live off benefits for their lives, will struggle.
The current economic troubles are far from over, but when they are some western economies will power ahead. Others, where people think they have a god given right to retire at 55-60 or just not work and live off benefits for their lives, will struggle.
DangerousMike said:
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
Fittster said:
Ewan S said:
More to the point do you know anyone that imports stuff from India? Even the chinese can do better (if you pay them accordingly)
IT services are exported in large quantities from India. As pointed out a few replies up, I'm sure some of them are very good, but others are s
t. I've been there and can't help but think the very good ones must be a very small minority. From what I remember BAE had a similar problem with Indian built components. I also know that the majority of indians "used" (this was some time ago) to be of the opinion that although Mercedes had built a factory there, the locals would still rather purchase their mercedes from Germany - they don't believe they have the ability to put things together properly!
Whereas who here in the UK would happily purchase a Honda made in Swindon or a Nissan made in Sunderland?
Ewan S said:
Fittster said:
Ewan S said:
More to the point do you know anyone that imports stuff from India? Even the chinese can do better (if you pay them accordingly)
IT services are exported in large quantities from India. As pointed out a few replies up, I'm sure some of them are very good, but others are s
t. 
Fittster said:
If you consider the number of companies that offshored some or all of their IT over the last decade the combination of cost to quality is clearly acceptable. If it wasn't firms wouldn't continue to do it.
Worth noting that IT seems to be getting quite big in Russia at the mo (or is at my place). Still cheap, but they speak better english 
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
DangerousMike said:
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
he specialises in the history of finance... he is offering an historical perspective on the current financial crisis. I really don't think you need to do something to be able to have a valid opnion on it. The programme is very interesting. The comparison is made between the levels of debt now and the levels of debt after the 2nd world war. He then observes that the big debts after the 2nd world war were basically repaid via inflation (decreasing the value of debt) rather than massive economic growth (to reduce debt as a percentage of GDP) or running a budget surplus and paying the debt back. He then observes that it seems unlikely we will grow the debt away, we don't seem likely to have budget surpluses, which inflation. Unfortunately the people who lend to countries are now very wary of inflation and as soon as they suspect it now they will up the interest rate on their loans... which makes it impossible to inflate the debt away.
Edited by DangerousMike on Thursday 27th May 19:43
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
Fittster said:
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
DangerousMike said:
Jimbeaux said:
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
so what practical experience of "doing" macroeconomics can be had? Being chancellor? Head of the bank of England? Being a leading academic in that field, having spent years studying it, is probably a pretty good place to be to get experience and knowledge of the topic.
It's a total fallacy that you have to have "done" something or experienced it first hand to know about it n enough detail to form a well considered opinion on it....
It's a total fallacy that you have to have "done" something or experienced it first hand to know about it n enough detail to form a well considered opinion on it....
Digga said:
Olf said:
amir_j said:
radio 4 just now: Brazil is growing 5% each year and poised to overtake France and Britain in not so distant future.
When you say overtake - what do you mean?- oil/gas
- cut down the Amazon, sell the wood then grow soya which is use as chicken feed in China.
Once the Amazon is gone and the ecosystem is screwed and everything dies they will be in big trouble.
amir_j said:
radio 4 just now: Brazil is growing 5% each year and poised to overtake France and Britain in not so distant future.
Here it is in detail. However...£1 = 2.6R$ quote.A WELFARE STATE.
Bolsa Familia translates as "family grant". Since it began in 2003, the scheme has benefited millions of the country's poorest people.
Payments are usually made to a leading female member of each family.
Families earning less than 140 reais per capita ($73) a month receive a monthly payment of 22 reais ($12) per child.
Families whose per-capita income is less than 70 reais per month, the program gives an additional flat sum of 68 reais per month.
unquote.
To put that in perspective, a meal at McDonalds is 10-15R$, a music CD 35R$, small cup of coffee at the mall 3R$.
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