Not All Economists Agree

[Kevin_Kennedy]

In a speech this week summarizing his administration’s economic policies, President Obama grossly overstated the support these policies enjoy by claiming, “economists on the left and right agree that the last thing the government should do during a recession is cut back on spending.” There are a great many economists who were surprised to learn that, apparently, they now agree with the President.

Reading straight from the Keynesian playbook, Obama justified the creation of multi-trillion dollar deficits by asserting that the government must fill the spending void left by the contraction of consumer and business spending. As one of those mythical economists who do not agree with the President, I argue that it is precisely this type of boneheaded thinking that got us into this mess, and it’s the reason we are now headed for an inflationary depression.

Not All Economists Agree by Peter Schiff

 

[neurosport]

interesting how Al Gore also claimed that ALL SCIENTISTS agree with his theory.

more specifically he said the number of scientists who disagree is ZERO.

the actual figure is in the thousands or just about every climate scientist not funded by government organizations who pimp man made climate change.

Noam Chomsky explained how mass media serves to isolate people from each other by locking them into their living rooms where they are informed through their TV that there is in fact NO DISAGREEMENT between them ( the people ) and the government.

in fact since ( according to the TV, and the TV wouldn't lie would it ? ) EVERYBODY has already agreed on the point you would have to be INSANE to think otherwise. you don't want to be insane do you ? THEN THINK WHAT WE THE TELEVISION ARE TELLING YOU TO THINK YOU STUPID BITCH !

i love it when they inform me that " THE DEBATE IS OVER " . a very interesting debate - the one in which only one side is argued over and over and over ... for months ( sometimes years ) and finally when barely half the people ( according to manipulated poll data ) become "convinced" they declare the debate is over.

until you unplug yourselves you will forever be slaves.

also the only way to know whats up is to be an expert in the field yourself.

if you don't know physics and chemistry - you can not know whether global warming is man made or not.

you cannot rely on statements like " most scientists agree " FUCK THAT ! if you're not a scientist yourself - YOU DON'T KNOW. PERIOD.

same shit with this economy - if you're not an Economist yourself - you don't know. you will not find TRUTH in a public opinion poll.

 

[editec]

Yeah, that's right.

Not all economist agree.

Why should they?

Economics is not like the physical sciences.

An economy is entirely a man made construct.

Economies can be made to work in many ways.

Economics does NOT have immutable laws, hence two economists can completely disagree and both be more or less right or wrong.

If economic was even REMOTELY like the hard sciences there were would NO MARKET because who would sell, when the numbers told them to hold and who would hold when the numbers told them to buy?

Economics is a SOCIAL SCIENCE, not a math based science.

It is aat BEST, an attempt to study something that operates more like a living (and ever evolving) organism than it is a dicipline which studies the INERT MATERIAL WORLD.

Think about it...if economic was that hard science that some of you apparently think it was, don't you think economists would all arrive at the same answer every time?

The study of the economy is more like the study of the weather, than the study of how planets orbit, or how chemicals interact.

You can NEVER duplicate an experiment in macro-economics, folks because that ORGANISM is constant changing into something else.

 

[Toro]

Plus, Peter Schiff is spectacularly wrong about the dollar.

It has bottomed relative to other fiat currencies.

 

[neurosport]

Think about it...if economic was that hard science that some of you apparently think it was, don't you think economists would all arrive at the same answer every time?

first of all my little friend - there is plenty of disagreement in "hard" sciences and always has been.

for example at one point there was a debate whether Light is a wave or a stream of particles ?

right now there is plenty of disagreement in astrophysics and quantum mechanics.

if all economists were as smart as i am and none were being paid off by governments, central banks etc then chances are they WOULD come to more or less same conclusions on most things.

the problem with economics is you can't really setup experiments on a large scale - people won't go along with that shit. you can't just say we gonna run with communism for 200 years and see how it works.

this doesn't mean that a good Economist would not be able to develop a correct theory - it only means that without a controlled experiment there is no means for a good economist to PROVE that he is good. that's why we have all these talking heads on TV who don't know shit and who are paid off by wall street or the government ( same shit really ) telling us what economics supposedly is.

Economics is like predicting the weather only we don't have supercomputers helping us and instead we have clouds conspiring behind close doors to elect their president and shit like that.

In the end though i think its possible to account, in software, for even the clouds forming conspiracies.

the problem is if such a program would be written ( and it almost certainly exists already ) then YOU would not have access to it. this program is being run somewhere by Geithner and his IMF buddies while you are playing with your balls.

actually time to play with my balls ...

 

[neurosport]

Plus, Peter Schiff is spectacularly wrong about the dollar.

It has bottomed relative to other fiat currencies.

yes. i know. i read his book reviews and basically he tells people to invest with EuroPac and in reviews they write about how they're losing money.

i am not in the "Schiff is a Genius" club.

in fact maybe that's why they let him talk on TV - because they know he's wrong. i don't watch TV anyway as you know.

the correct part of what Schiff says is the part where he repeats Ludwig Von Mises word for word. the stuff that he comes up with himself is mostly wrong.

but of course the TV won't tell you this. the TV wants you to think that Schiff is a lone rogue and he actually developed this theory of the business cycle lol. On Morning Joe they told him that it was a " brilliant analysis " lol. no it was a word for word repetition of what was written 50 years ago by Von Mises.

if your priest is full of shit that doesn't prove that God doesn't exist. it just proves that your priest is full of shit.

 

[neurosport]

Plus, Peter Schiff is spectacularly wrong about the dollar.

It has bottomed relative to other fiat currencies.

Schiff is Kevin's hero

i always refer you slaves to Russell Randall :

Article Page

who predicted that governments will form agreements with each other to ALL print money at similar rates to maintain illusion of no inflation. he predicted that all the central banks would race for who can print the most money.

he predicted that we would be printing money LIKE CRAZY for about two years and have NO INFLATION or in fact DEFLATION ... for a while

so far Russell Randall has been right on all counts. Schiff is only right on ideas that he stole from Mises and wrong on his own ideas.

i don't even have to listen to Schiff because he is on TV all day. its a relatively safe bet that everything you hear on TV is a bunch of crap. They don't let people who really know shit speak about the truth on TV.

In fact ! maybe Schiff is saying EXACTLY what Obama wants people to hear ! Schiff tells people to save money which really just means that Obama will spend their money for them !

Schiff is a tool ...

 

[Kevin_Kennedy]

Neuro, every Austrian economist must be a tool then because they base a lot of their analysis on the ideas of Ludwig von Mises. And for the record, Peter Schiff isn't my "hero."

And Peter Schiff is only wrong about the dollar so far. This recession isn't over folks.

 

[Epsilon Delta]

"Economics is for donkeys." - Ayatollah Ruholla Khomeini

 

[neurosport]

Neuro, every Austrian economist must be a tool then because they base a lot of their analysis on the ideas of Ludwig von Mises.

i don't follow your logic

 

[Paulie]

Schiff was only wrong about the dollar because every other central bank in the world inflated their money supply virtually in lockstep with us. Perhaps that wasn't foreseen by him.

Had the other central banks treated their currencies better than we did lately, we'd be looking at a pretty weak dollar right now against other currencies.

I'm backing off of my bearish stance on the Dollar these days. It's become pretty apparent that the Dollar will remain the world's main currency, and that other countries will work hard to keep it that way.

Who else could even HANDLE the reserve currency? The EU? Please. They're a weak bunch. The only country I could see emerging as a player on that front is China, and they'd have to annihilate us before that would ever happen.

We have the premier military power, therefore we'll have the world's reserve currency. That's just how it works.

 

[neurosport]

We have the premier military power, therefore we'll have the world's reserve currency. That's just how it works.

more or less.

only problem is there is no "we" ...

 

[Agnapostate]

Considering that Peter Schiff was only capable of broad failure predictions (with significant details turning out to be inaccurate), his "accuracy" serves to show little more than that heterodox economics is based around predicting the failure of actually existing capitalism. It's therefore not surprising that he would be praised by the Austrian school, considering that their marginal status has ensured that their methodology is effectively equivalent to inebriated coin flipping. When they can formulate a coherent theory of the firm, maybe I'll interrupt my nap.

 

[neurosport]

Considering that Peter Schiff was only capable of broad failure predictions (with significant details turning out to be inaccurate), his "accuracy" serves to show little more than that heterodox economics is based around predicting the failure of actually existing capitalism. It's therefore not surprising that he would be praised by the Austrian school, considering that their marginal status has ensured that their methodology is effectively equivalent to inebriated coin flipping. When they can formulate a coherent theory of the firm, maybe I'll interrupt my nap.

what you wrote is idiotic.

if you find one moron physicist and put him on national TV that doesn't prove that science is all bogus.

it seems that you, like Agna, believe if you keep repeating the same one line over and over again in different threads you will convince us that you have brain cells.

and just like Agna you can't even get that one line right.

disclaimer: Agna might have dropped the act already - you may be alone.

 

[Agnapostate]

what you wrote is idiotic.

if you find one moron physicist and put him on national TV that doesn't prove that science is all bogus.

it seems that you, like Agna, believe if you keep repeating the same one line over and over again in different threads you will convince us that you have brain cells.

and just like Agna you can't even get that one line right.

disclaimer: Agna might have dropped the act already - you may be alone.

And if you had even a single brain cell yourself, you might have been able to figure out that this incoherent nonsense had effectively no relevance to my comment.

 

[editec]

We have the premier military power, therefore we'll have the world's reserve currency. That's just how it works.

I don't think that's how it works.

I think as our economy (and specie) goes into the shitter, it won't matter how many nuclear bombs we have.

And as our economy goes into the shitter how long do you think we're be the premier military power, anyway?

Armies and Navies cost money....one hell of a LOT of money.

 

[Truthmatters]

“economists on the left and right agree that the last thing the government should do during a recession is cut back on spending.”

This line is absolutely true.

 

[editec]

“economists on the left and right agree that the last thing the government should do during a recession is cut back on spending.”

This line is absolutely true.

Yes, but spending on what? is the real question.

I am afraid that mostly all we're doing is giving money to the superwealthy so that their world doesn't fall apart while ours continues its steady decline into the third world.

 

[Truthmatters]

Its designed to save the banks.

Without a banking system the US would look like what?

Its not who whos but the whats we are saving.

 

[Kevin_Kennedy]

“economists on the left and right agree that the last thing the government should do during a recession is cut back on spending.”

This line is absolutely true.

Technically yes. There are economic interventionists on both the left and the right, and both are equally wrong.