Published: July 27 2009 20:13 | Last updated: July 27 2009 20:13
There is nothing like a monarch’s pointed question to make the great and good squirm. Queen Elizabeth stumped her hosts at the London School of Economics by asking why no one had seen the financial crisis coming. Scholars at that and other universities should feel the sting: if they cannot be counted on to spot dangers to the economy, why have economists at all?
Some of Britain’s leading economic experts have now sent the Queen a reply. They point out that some did foresee the crisis, prominent economists included. What failed was the “collective imagination of many bright people”.
More can be said. The economics profession’s obliviousness to imminent collapse has led it to search whatever soul it may have to learn where it went astray. A prime suspect is a theory too optimistic about the rationality of people’s choices and the possibility of capturing them in mathematics.
The truth may be simpler and more depressing: that no economic theory can perform the feats its users have come to expect of it. Economics is unlikely ever to be very good at predicting the future. Too much of what happens in an economy depends on what people expect to happen. Even state-of-the-art forecasts are therefore better guides to the present mood than the future. though they may also be self-fulfilling prophecies.
Dabbling in paradox limits the use of economics as a practical guide. Today the profession’s best advice must convince politicians and the public to combat a crisis born of insufficient thrift by a recourse to record borrowing. Those who saw danger had no easier task: even reminding people of gravity’s existence is a hard sell when everything is going up.
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The Queen asked a trick question here: She already knew it was comming as her cabal had planned it well in advance!
ReplyDeleteDing Ding Ding! We have a winner!
ReplyDeleteIf you have a chance to watch Jordan Maxwell's online videos, especially Matrix of Power, you should. They explain very clearly how the British Empire stills rules us to this day.
ReplyDeleteMost Americans laugh at 'royalty' as silly, the queen as outdated and weak. Wrong. That is what they want you to believe.
Jordan's videos explain how these Oligarch scumbags left their courts, laws, and most importantly their banks here after we kicked their ass in the Revolutionary War.
We never really won our independence from the British Monarch. Right down to the number stamped on the back of your birth certificate, which is actually a stock certificate. You are common stock. An asset. They are the parent company. The United States in just a huge corporation set up that way by them.
With a Pres, Vice Pres, Treasury, Secretary, etc. A corporation for profit and expansion; a clandestine Empire.
There should be no guesswork required as to why we invade and kill under the lies/reasons offered. Simply put, we are a ruthless corporation that puts profit above all else. Our 'ads' - the media - portray us as benevolent and kind while in reality we are brutal, blood hungry and cunning.
Waiving the flag is so different than Shell Oil waiving their corporate symbol.
Via the Fed, the Brits collect back 25%+ of every bit of labor you perform. They give us worthless fiat paper money and clean out all our real assets; hint - Fort Know was looted long ago.
They have craftfully exported away all our productive capacity and craftsmanship and made us a service/marketing country - hot air.
If we were physical corporate asset/slaves, they would have to feed, clothe, and shelter us. We are instead corp/monetary/wage slaves. Slaves that falsely believe we are free. In layman terms, it sucks.
Long live the Queen!
ReplyDeleteShe ain't no human being (she's a bloody Reptilian MAte! Arghh!!)
ANARCHY IN TEH UK!
ANARCHY IN TEH UK!
I WANT TO BE ANARCHY!!!
No future for you!