The above can be restated as “10 reasons why you shouldn’t trust economists”
From Marketwatch.com (hat tip Professor Mark Thornton)
1. “We can’t predict the next crisis...”
2. “...but we may help cause it.”
3. “We’re not above a little guesswork.”
4. “Those bold predictions? Blame the testosterone.”
5. “Our measures of prosperity don’t work.”
6. “Ours is a dismal science, but not an exact one.”
7. “We lean to the left.”
8. “We might have an agenda.”
9. “We may as well be speaking Klingon.”
10. “We sell you what you already know.”
Read the explanations here
3 comments:
Thanks for the thought provoking and entertaining post. I found #7 "We lean to the left.” most interesting.
Liberalism’s thought leaders have largely been left leaning economists; these have included Donald Markwell, who Wikipedia relates maintains that the absence of an effective international approach in the spirit of Keynes, would risk allowing the return to play of the economic causes of international conflict which Keynes had identified back in the 1930s.[52] And Brad DeLong, who Wikipedia relates that along with Joseph Stiglitz and Aaron Edlin, is co-editor of The Economists' Voice[2] And Lawrence Summers, who Wikipedia relates that upon the death of libertarian economist Milton Friedman, Summers wrote an Op-Ed in The New York Times entitled "The Great Liberator" arguing that "any honest Democrat will admit that we are now all Friedmanites."
And Liberalism’s greatest, that is most influential, president was Lyndon Banes Johnson, father of the LBJ Great Society Programs, featuring the War On Poverty and an escalation of the Vietnam War. He was succeeded by Richard Nixon who accepted the recommendation by Milton Friedman that the US go off the gold standard, which enabled even greater expansion of the Vietnam War, and development of the Industrial Military Complex.
I grew up with the silver spoon; my mother was a great Democrat, while my father was simply a worker, he worked.
I remember quite well LBJ running for office, and my mom went down to Democratic headquarters and got this huge sign, like 3 feet by 6 feet, and then went into the garage, and made a frame for it; part of my daily chores were to push it out into the driveway and bring it back in at night. Mom told me to get a medical deferment, so I went to the draft board with a letter from the Doctor stating allergies, and went to college and got a degree in accounting.
Ever since coming into Christ in 1999, I've become increasingly conservative.
In the last several years I've read Austrian Economist Blogs and have been influenced by their thinking.
Of late, I've been blogging along the lines that Jesus Christ, is operating at the helm of the economy of God, Ephesians 1:10, pivoting the world from the paradigm of Liberalism to Authoritarianism.
The economic paradigm known as Liberalism has failed as debt deflation, is now stalking the globe, devouring who ever it may, destroying both the investment value of credit investments, such as US Government Bonds, GOVT, and also stocks investments, such as Electric Utilities, XLU, as well, and most importantly nation investment, EFA, especially in the Emerging Markets, EEM, such as South Africa, EZA, Peru, EPU, and Chile, ECH.
It’s only a matter of time before the national sovereignty of democratic states totally gives way, and regional alliances form, as foreseen by the 300 illuminaries of the Club of Rome in 1968, as organized by the Morgenthau Group, for the purpose of establishing ten regional zones for mutual security, stability, and sustainability.
Governance and moneyness will no longer be exercised rewarding investment choice as it was under Liberalism. Now, under authoritarianism, rule will come from regional statist leaders exercising diktat.
Could we add something along the lines of "We spout the book of the investment bank that pays us"?
@theyenguy
Thanks for your comments
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