Like a mad aunt, the Fed is slowly losing its marbles.
Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.
Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).
Writers who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy.”
Don’t you just love that throw-away line “decent”? Dr Athreya hails from the University of Iowa.
“The response of the untrained to the crisis has been startling. The real issue is that there is an extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new. Moreover, there is a substantial likelihood that it will instead offer something incoherent or misleading.”
You couldn’t make it up, could you?
“Economics is hard. Really hard. You just won’t believe how vastly hugely mind-boggingly hard it is. I mean you may think doing the Sunday Times crossword is difficult, but that’s just peanuts to economics. And because it is so hard, people shouldn’t blithely go shooting their mouths off about it, and pretending like it’s so easy. In fact, we would all be better off if we just ignored these clowns.”
I hold my hand up Dr Athreya and plead guilty. I am grateful to Bruce Krasting’s blog for bringing this stinging rebuke to my attention.
More Here..
Who has the ball to shut down the FED? The answer, nobody. The FED will print and print until we have hyperinflation just like Zimbabwe or Wiemar Germany.
ReplyDeleteTime to buy shares again. I have it on good authority, the markets will boom tomorrow.
ReplyDeletehttp://www.escapefromamerica.com/2010/06/escape-from-america-the-grim-truth/
ReplyDeleteI read the article and some of the comments. Good stuff. Experts in any field of discipline have been convinced that their philosophy is founded on and dependent on sound thought and reason. Critical thinking outside or beyond their Iwoan Faculties is irresponsible. The infatuation they maintain for their superiors is unwavering.
ReplyDeletePreachers do the same. They go to college and learn the way. As they grow and learn very few will challenge the thinking of the faculty that brainwashed or ingrained in them the "only truth."
Sheeple do the same. They only believe what the mass media and people they consider to be their superiors tell them is truth.
Scarecrows are quick to follow. They can't think for themselves. Some are easily led and will believe anything like the (gullible pseudo) intellectual they perceive themselves to be.
Mavericks are thinkers and are willing to swim against the school. The school of thought that is common leaves holes. You can see them and you know that others cannot.
In this world we find ourselves in you must be able to swim against the current and look for holes in the school of thought that is dominant. You must be a critical thinker. When you are you realize that you must prepare for the inevitable. Buy and store food, own personal protection and a good supply of ammo and gain a skill that will be of value in trade to the neighbors (make soap).
Actually, economics is easy to understand it is incredibly difficult or impossible to use as a predictive tool. Economics is millions or billions of people all acting in their own self interest. When you increase taxes people will take steps to reduce their taxes even if it means reducing their income. When you lower taxes people will work longer or harder to increase their income. What this economist was really saying was that he didn't want truth to be spoken because then millions of people would act in their own self interest. he prefers that everyone only listen to the propagandist and act as though there is no problem because it will make him and the administration look better. Simple as that.
ReplyDeleteThe Federal Reserve should have been never allowed to begin with. It is NOT FEDERAL but rather a private corporation owned by big banks. It also has NO RESERVES but prints money out of thin air. And US Dollars are backed up by the SLAVES (called citizens) who used to be the Owners of the Country.
ReplyDeleteGOT THAT? YOU ARE AN OWNER NOT A SLAVE
Go back and look at what Ross Perot said ... he said you are the owners of the country start acting like it.
Arron Russo (America: Freedom to Fascism) was right where is the "law" for an American citizen to pay the IRS?
The IRS is simply the mafia collection for the Federal Reserve.
What can you do?
Pray and visualize a light shining upon their corruption that exposes their criminal activity to the world so that all may see what they are doing. Then everyone might desire a change and their desire will turn into action and make it happen.
United the citizen owners of America can take it back and take away the power the Federal Reserve has by their fraud.
SO DO SOMETHING!!!
Talk to people.
Get them to think.
Get them to read about the Federal Reserve.
Get then to decide not to be a slave.
I once had a friend who was a Doctor of Philosophy. When he started talking about crazy philosophy stuff, "does a table, know it's a table", using words and phrases I had never in my life heard before, he sounded really smart.
ReplyDeleteThis guy was also dumb as bag of steer manure. He was mechanically challenged to the point of hopelessness.
My 11 year old son is smart enough to know you just can't keep printing more money and expect each individual dollar to continue to hold it's value.
So for the "experts", I have not had a plastic time bomb (credit card) for 30 years. We understand you can't spend money you don't have, it's irresponsible. If we can't pay cash for it, we don't buy it.
Economists... do you really need a year of PhD coursework to understand this?
343 go all in, You will lose everything, crash coming real soon, look at nikkei or dow, crashing, I want you to lose, You deserve it.
ReplyDelete"Economics is hard. Really hard. You just won’t believe how vastly hugely mind-boggingly hard it is."
ReplyDeleteYeah, well at least us dumbshits know to come inside when it starts to rain.
F'ing idiot - economics is as simple as "Nothing good can come from spending more than you make forever." IOW, genius, we must all live within our means - people, businesses and governments. Maybe some of them with more resources can borrow more and for a longer period of time before reality meets some dickhead reality-challenged theory that a Nobel Prize winner comes up with, but ultimately reality wins...as we are all seeing now.
Book smart - maybe (and there are plenty of books saying that Karik - WTF kind of name is that, anyway? - is dead wrong, so I doubt it); common sense - not a shred of it. How much you want to bet that this putz couldn't successfully run a hot dog stand?
Buy shares in helicopter manufacturers .
ReplyDeleteAn oportunity of a lifetime.
Its a proven fact that US helicpters did not work very well in Iran.
But,no matter these clever economists and their boss "helicopter Ben", will need lots more helicopters soon as they are planning to drop lots more paper on wall st.