Monday, October 31, 2016

Foxy Economists

Bill Bonner writes well, and he gets economists.

"The U.S. economy grew rapidly from the founding of the Republic through the 19th century and into the 20th century. With no central bank. No interest-rate policy. No economists on the payroll. No counter-cyclical stimulus. No nothing."

"Then the foxy economists made their dens in the warm and fuzzy burrows of Washington and Wall Street."

The consequences have been nasty.

"…in the most advanced economy the world has ever seen… with 15,000 full-time economists...

…the typical family in America doesn’t even have $500 to cover an emergency. And the typical “head of the house” earns less today in “real” (inflation-adjusted) terms than he did in 1973."

"The average American had to work 990 hours to buy a Ford F-150 pickup in 1976. Forty years later, he has to put in 1,220 hours."

"Economists have ruined the economy. The working man knows it.

Deep State scams and rich cronies have walked away with trillions of dollars of other people’s money. There’s a vast assortment of more sleazy giveaways, too, hidden in a pile of federal regulations 80,000 pages high (with Obamacare regulations alone some eight times longer than the Bible!).

Thousands of plums are hidden in that pudding. And somewhere in the great Parasitocracy are lobbyists and insiders who know where they are.

But the man in the street has gotten poorer."

Economists Have Ruined the Economy.

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