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International Monetary Fund weighs in on Brexit. Here's what they said. watch

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    The International Monetary Fund has said that a decision by Britain to leave the EU would result in a “negative and substantial” hit to the economy, “permanently lower incomes” and harm other European states.

    If you don't trust David Cameron or Jeremy Corbyn, listen to what the IMF has to say with an open mind.

    The IMF is one of the UN's organisations and one of the most reliable sources to weigh in on the debate yet.
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    The IMF has also claimed that neoliberalism has increased inequality and jeopardised growth. Does this mean we all have to now listen to the leftists who have been claiming this for years, just because the IMF are 'experts'?

    http://www.imf.org/external/pubs/ft/.../pdf/ostry.pdf
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    (Original post by MagicNMedicine)
    The IMF has also claimed that neoliberalism has increased inequality and jeopardised growth. Does this mean we all have to now listen to the leftists who have been claiming this for years, just because the IMF are 'experts'?

    http://www.imf.org/external/pubs/ft/.../pdf/ostry.pdf
    An ad hominem attack from the Leave campaign? What a surprise.


    Of course we should listen to experts as long as they are impartial. If we start dismissing experts as elitist, then we’ve got a problem. Ignorance is not a virtue.
    The rejection of facts, the rejection of reason and science, that is the path to decline.
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    (Original post by MagicNMedicine)
    The IMF has also claimed that neoliberalism has increased inequality and jeopardised growth. Does this mean we all have to now listen to the leftists who have been claiming this for years, just because the IMF are 'experts'?

    http://www.imf.org/external/pubs/ft/.../pdf/ostry.pdf
    Yes.

    (Original post by ib_hopeful)
    An ad hominem attack from the Leave campaign? What a surprise.Of course we should listen to experts as long as they are impartial. If we start dismissing experts as elitist, then we’ve got a problem. Ignorance is not a virtue.The rejection of facts, the rejection of reason and science, that is the path to decline.

    Economics... a science?

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    Who cares what all the experts in the world say? We should ignore expert opinions unless they say what we want them to say, did you even go to school? If all the people who know what they're talking about agree we should stay in, it's OBVIOUSLY a conspiracy by the illuminati lizard men to keep the working-class oppressed. OUT OUT OUT!!!!!!!!!!!
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    (Original post by ib_hopeful)
    The International Monetary Fund has said that a decision by Britain to leave the EU would result in a “negative and substantial” hit to the economy, “permanently lower incomes” and harm other European states.

    If you don't trust David Cameron or Jeremy Corbyn, listen to what the IMF has to say with an open mind.

    The IMF is one of the UN's organisations and one of the most reliable sources to weigh in on the debate yet.
    Your argument is based on the assumption that the IMF is impartial on this matter. I advise that you take a look at the activities and areas of interest of this body.

    The IMF has a vested interest in Britain remaining in the EU, for a few reasons. Firstly, as a body they seek to encourage fiscal cooperation and globalisation, so they oppose Brexit in principle. More objectively, the IMF has repeatedly been dragged into the Greek debt crisis; Britain leaving the EU is only going to compound this, as well as putting ever more pressure on the IMF to get involved again. And with many EU countries in financial difficulties, Britain leaving them to their fate is likely to increase the requests for help that the IMF faces. All of which means that the IMF would much prefer we didn't rock the boat. They certainly are not impartial, as you appear to be complaining.
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    You who critique the IMF for having a vested interest seem to forget that we all have a vested interest in the Brexit debate.

    We are all voting for what we believe will be the most beneficial.

    That doesn't mean we're all biased or selfish. This is how politics works.
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    (Original post by ib_hopeful)
    You who critique the IMF for having a vested interest seem to forget that we all have a vested interest in the Brexit debate.

    We are all voting for what we believe will be the most beneficial.

    That doesn't mean we're all biased or selfish. This is how politics works.
    I don't disagree. But in Britain, we all vote for what we believe because we are the ones who are considering Brexit. I'm sure the Greeks would love for us to stay, doesn't mean we're going to let the vote on the matter.

    The IMF has a vested interest in us staying, so the point is that they're suggesting we stay because it's what's best for them, not necessarily what's best for us. And in economics, the outcomes of any models you run are entirely decided by the initial assumptions you make. If you are naturally biased towards one side of the argument, your initial assumptions will reflect this and so you get the result you wish to see.

    For instance, the IMF (and most other pro-Brexit models) are working on the assumptions that we would have no trade deals with anyone until at least 2023 and that we would maintain all the tariffs that the EU currently demands, amongst others. Now, you don't need to be an economist to see that these assumptions are somewhere between unduly pessimistic and deliberately chosen to give an unrealistically negative outcome.

    I wouldn't put any faith in the predictions of any economist tbh.
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    (Original post by ChaoticButterfly)




    Economics... a science?



    http://www.nytimes.com/2013/10/21/op...a-science.html
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    Still voting out!!!!!!!
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    (Original post by ib_hopeful)
    The rejection of facts, the rejection of reason and science, that is the path to decline.
    Economic forecasts, relying on many assumptions which are open to varying degrees of probability, are not facts. Forecasting is an art, not a science.
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    (Original post by midnightice)
    Economic forecasts, relying on many assumptions which are open to varying degrees of probability, are not facts. Forecasting is an art, not a science.
    LOL.
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    (Original post by 16characterlimit)
    LOL.
    Care to elaborate? Are you suggesting that economic forecasts are concrete facts?
 
 
 
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