Woolleybugger
Mayor
As both Degs and I maintain constantly, Professor Keen and his merry band of accolytes are the only rational people in the world proposing solutions and analysis for what ails us today economically. I wish that economics was not a partisan psuedo-science but it is unfortunately. On the one side we have the Keynesians who follow the advice of that great man and accept both monetary and fiscal policy as tools for economic success. On the other side we have your monetarists, supply siders, Austrians and Randians who abhor fiscal policy and refuse to even consider it as a means of managing an economy. Herein lies the central cause of our economic troubles, the lies and untruths promoted by economists whose sole purpose is to promote themselves at the expense of the rest of us. Once again, I will plug Keens website,www.debtwatch.com as the only source of inspired economic thinking and debate available to pragmatic and rational readers.
As I read the latest piece on the site from Phillip Pilkington, I had to laugh when the authors use of colloquial English inadvertently referenced my nic in describing what has been argued by the most dangerous men on the planet, economists. Here is the link to the article and the use of my moniker to cast the blame where it should lie.
"The Radcliffe Commission was in no way radical. It was set up to defend monetary policy against its detractors and allow it to better function to counter the highly successful Keynesian spending and taxation policies of the war years. It was chaired by Lord Radcliffe, a man of conservative disposition who was no fan of Keynesian taxation policies. However, in its very greyness the Radcliffe Commission remained a great leap forward for truth and common sense. This was because the commission was chaired by mostly sensible public servants and lawyers. There were few economists involved that could sabotage the commission, engage in obscurantism and generally muddy the issues.
It is worth noting here that this is, in fact, what many economists spend a great deal of their working lives doing. This often surprises people who have not read policy and research papers issued by central banks and think tanks. Of course, not all economists do this. But there are usually more than a few sitting around cooking up this sort of intellectual sewage which they use to bung up policy channels, confuse the general public and give incompetent and corrupt politicians excuses for their ineptitude. The idea, so far as I can see, is to debunk what should be common sense policy measures through highly theoretical (and often woolly) arguments. The economists then claim that most people are not qualified to understand these arguments and that those who are qualified to understand them and still say that they are garbage are incompetent and should be ejected from the debate."
http://www.debtdeflation.com/blogs/2012/07/23/philip-pilkington-the-new-monetarism-part-iii-critique-of-economic-reason/
I certainly hope that some of you rabid anti-fiscal policy readers will give this author a chance to educate you. I hope that someone in power calls Professor Keen and asks him to join his Council of Economic Advisors. And I hope that somewhere in the deep bowels of the Senate or Wall Street, someone that gives a damn about our nation and the world just long enough to stop acting like selfish brats will actually start talking sense to the world. If we do not heed the advice given and learn once again from the lessons taught after the Great Depression then this three act play will continue to destroy wealth and dreams in an endless cycle of endless freedom, fake wealth and market destruction. This is what has happened because we decided to follow the advice of a little bald man from Chicago. All the rest of us are just two bit players in a one character play whose intent is to destroy and rebuild without ever firing a shot.
As I read the latest piece on the site from Phillip Pilkington, I had to laugh when the authors use of colloquial English inadvertently referenced my nic in describing what has been argued by the most dangerous men on the planet, economists. Here is the link to the article and the use of my moniker to cast the blame where it should lie.
"The Radcliffe Commission was in no way radical. It was set up to defend monetary policy against its detractors and allow it to better function to counter the highly successful Keynesian spending and taxation policies of the war years. It was chaired by Lord Radcliffe, a man of conservative disposition who was no fan of Keynesian taxation policies. However, in its very greyness the Radcliffe Commission remained a great leap forward for truth and common sense. This was because the commission was chaired by mostly sensible public servants and lawyers. There were few economists involved that could sabotage the commission, engage in obscurantism and generally muddy the issues.
It is worth noting here that this is, in fact, what many economists spend a great deal of their working lives doing. This often surprises people who have not read policy and research papers issued by central banks and think tanks. Of course, not all economists do this. But there are usually more than a few sitting around cooking up this sort of intellectual sewage which they use to bung up policy channels, confuse the general public and give incompetent and corrupt politicians excuses for their ineptitude. The idea, so far as I can see, is to debunk what should be common sense policy measures through highly theoretical (and often woolly) arguments. The economists then claim that most people are not qualified to understand these arguments and that those who are qualified to understand them and still say that they are garbage are incompetent and should be ejected from the debate."
http://www.debtdeflation.com/blogs/2012/07/23/philip-pilkington-the-new-monetarism-part-iii-critique-of-economic-reason/
I certainly hope that some of you rabid anti-fiscal policy readers will give this author a chance to educate you. I hope that someone in power calls Professor Keen and asks him to join his Council of Economic Advisors. And I hope that somewhere in the deep bowels of the Senate or Wall Street, someone that gives a damn about our nation and the world just long enough to stop acting like selfish brats will actually start talking sense to the world. If we do not heed the advice given and learn once again from the lessons taught after the Great Depression then this three act play will continue to destroy wealth and dreams in an endless cycle of endless freedom, fake wealth and market destruction. This is what has happened because we decided to follow the advice of a little bald man from Chicago. All the rest of us are just two bit players in a one character play whose intent is to destroy and rebuild without ever firing a shot.