Video: How to silence a Nobel Prize winning economist: Ask him about the economy.

This video from Peter Schiff is a must watch. (hat tip Justin Ptak Mises Blog)

The current Nobel Prize winners, whom are economic modelers or supposed technical experts on the economy, can't seem to defend their work, or much less explain their perspective of the US or European economy, in public.

Incredibly or even embarrassingly, both opted to take a silent stance in a news conference.

Watch the Princeton news conference video through this link

Another vindication of the great Ludwig von Mises who once wrote,

There is no such thing as quantitative economics. All economic quantities we know about are data of economic history. No reasonable man can contend that the relations between price and supply is, in general or in respect of certain commodities, constant. We know, on the contrary, that external phenomena affect different people in different ways, that the reactions of the same people to the same external events vary, and that it is not possible to assign individuals to classes of men reacting in the same way. This insight is a product of our aprioristic theory.