4.0 out of 5 stars
Well presented, informative read, 9 Jan 2012
This review is from: Summer of Unrest: The Debt Delusion (Kindle Edition)
I bought this book because a) I have a gnawing suspicion that the government and the popular press is possibly not giving us all the information about the current economic state and b) it was cheap and short.
A previous reviewer castigates the author for not expressing his own opinions which seems unfair as it seems to me that that is not the purpose of the book. I appreciated the quotes from those more learned than I that gave another side to the argument, and was pleasanty surprised to learn that indeed there is in fact another side to the argument. If you`re tired of hearing millionaire Tory ministers tell us that we`re all in this together and that there`s no other solution, this will set you thinking. And that`s good, isn't it?
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11 of 17 people found the following review helpful:
5.0 out of 5 stars
Stop Whatever You Are Doing And Read This Book - It Won't Take Long!, 7 Aug 2011
This review is from: Summer of Unrest: The Debt Delusion (Kindle Edition)
This is not so much a book as it is a very smart weapon in the armoury of anyone attempting to defend public services, jobs and growth from the slash'n'burn policies of the present Conservative led government. It takes ten popular myths about the UK's current economic situation and buries them under a small avalanche of facts, figures and rational argument. Was the deficit caused by Labour's overspending? Is a national economy really analogous with running a household economy? Was the UK really at the brink of bankruptcy before Osborne saved us all? And, most crucially, has any country ever cut its way out of a recession? I'm familiar with Hasan from his appearances on Question Time where he is sharp and to the point; short on rhetoric and bluster. Now, I like rhetoric and bluster as much as the next person, but that's not what this book is about. And nor should it be.
Marx once said that "The last capitalist we hang shall be the one who sold us the rope". Not a very edifying thought in a modern liberal society. But, then neither is its modern equivalent: "Victims of capitalism can spend their last three pounds finding out why they have nothing else left".
Don't let it come to that - read this now. And more importantly - use it!
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2 of 5 people found the following review helpful:
1.0 out of 5 stars
Hasan's Debt Delusion, 26 Dec 2011
This review is from: Summer of Unrest: The Debt Delusion (Kindle Edition)
If you read the Guardian, you may think about buying this book for ammo at the pub. But rather than being a constructive argument against austerity, it turns out to be a delusion in it's own right.
Hasan's central tenet of belief is that there is no debt crisis. Furthermore, he argues, we can ignore the bond market and credit rating agencies. Taking Italy in 2010, for example, he points out that despite being 4 credit notches below the UK, it paid a similar credit premium. He likens the advice of credit rating agencies (taken by the Conservatives) to "asking arsonists for fire-safety advice".
Needless to say in light of the European debt crisis, many of his arguments are deluded, at best.
In a similar manner, Hasan argues that we are undergoing "voluntary austerity". Since we do not have a debt crisis, we do not need to cut at all. But he is wrong again here. With our debt ballooning, the UK was on the brink of a credit downgrade in 2009/10. Surely if we hadn't tackled this we would have to pay more to borrow and our debt problem would have worsened.
But my view is as moot as his, because this opens up the ricocheting rhetorical questions. Labour argues "Has a country ever cut its way out of a recession?". Whilst the Tories argue "Has a country ever borrowed its way out of a debt crisis?".
With neither of these questions having a satisfactory resolution, it leads us to wonder: what has Hasan himself added in this book? Because he seems to be terribly reliant on the arguments of others.
Hasan parrots the sayings and opinions of expert economists, institutions and think tanks to appeal to our recognition of authority. But Hasan is naive in thinking that economists have a conclusive homogeneous voice. For every economist who expresses one opinion, there is another who will argue against it. As he himself admits "international institutions are riven with internal splits and differences of opinion".
Hasan rarely adds his own opinion, and when he does, he spouts vitriol about the Tories and their "fiscal sadism", "fiscal fetishism" and "self-flagellation" to coin just three of his descriptions. Rather than constructively adding to the debate about fiscal policy, Hasan merely writes a catharsis against the Conservative party. But then again, having authored Ed Miliband's biography, it is hardly surprising.
Please don't delude yourself into buying this book.
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