Quote:
Originally Posted by Penguin
Most economic experts forecasts are just as good as asking the next gypsy fortune teller around the corner, but both know how to make a quick buck, so I guess they are experts about their own economy.
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Ogh, regarding economists educated in the wanted dogma of today, I absolutely agree. Almost none of them saw the outbreak of the symptoms in 2007 coming. Of the few who did, only some attributed it to the correct causes and triggers. But those who did see it coming, and identified the correct structural causes, almost all belonged to the Austrian school. A school that had predicted these developements - and argued them to be
inevitable! - since at least a minimum of 70 years.
So, I would not listen to economists form the FED, ECB, political parties, business lobbies - they are all having the same dogmatic interest and got the same ideolgiocal schooling, and in the end theya all are Keyniasians. If Keynes probably talked some of the the worst nonsenes in the history of of ecopnomics - and at least late in his life, he knew it, thus his famous reply to the question of where his ideas would lead to in the end: "In the end, we're all dead." Until that collapse, politicians can do their spending frenzies to bribe the crowds for legitimising them in power that they abuse.
Keynes gave politicians what they needed: the card blanche for abandoning sound fiscal policies and pushing etatism and central planning state authority - this and nothing else is the reason why he became so popular. Reason, truth or methodology in his work had nothing to do with it. He is kind of a Pied Piper that got turned into a figurehead by politicians that for themselves secured the control of the helm and map desk.