“You never replied to my post, or my tweets…”
One of the things they always say about economics is that it’s about allocating scarce resources. One of those resources is time. I’m currently in the middle of exams for my Masters and three months off my wedding so when it comes to time I’ve got a fair bit of economising to do.
Not everyone is in that situation. Some, quite the opposite to me, have an abundance of time with a relative lack of things to fill it with. One of those people is Joe Sucksmith.
On May 28th The Commentator published an article of mine titled Deficit and debt: Does anyone know the difference? Two days later I had a reply to the posting of the article on this blog (which you can find below the article) from Mr Sucksmith. He wrote “Monetary sovereigns retain control over interest rates, so there is no risk of suffering penal rates due to an increase in the debt. Japan is instructive in this regard” I pointed out that, at that time, Japan was experiencing rather a nasty (an unexpected by the Bank of Japan) spike in bond yields. Mr Sucksmith’s example, in other words, was proving him wrong as he typed.
The exchange continued, as you’ll see, with Mr Sucksmith saying sillier and sillier things, a favourite being that, despite Japan having increased it’s debt to GDP ratio from 50% to 230% its stimulus spending hadn’t been big enough. In the end Mr Sucksmith left a post so full of errors and confusion (the main one being that he assumes money demand to be infinite) that the time it would take to refute it was too much time for me to be prepared to divert from either my revision or wedding preparations. So I left the comment to sit before approval.
Since then, while I have been busy with other things, Mr Sucksmith meanwhile has tweeted me demanding a reply and now devoted a whole blog post (and a further tweet about that blog post) to the exchange. A quick look at Mr Sucksmith’s blog reveals it to be be full of such exchanges (Lord Carlile, Student Rights, and Dominic Casciani of the BBC also being on the receiving end), indeed, we have here nothing less than Disgusted of Gloucestershire.
Me? I have one more exam next week and then a wedding in a different continent to get on sorting so I’m afraid I will continue to economise my time with Mr Sucksmith. Maybe I’ll return to it when I have more time. In the meantime I hope Joe gets out more.