Ben Bernanke in his official Federal Reserve clown suit.You can't make this up.
My favorite quote of AEP's story:
"The 20th Century was a horrible litany of absurd experiments and atrocities committed by intellectuals, or by elite groupings that claimed a higher knowledge. Simple folk usually have enough common sense to avoid the worst errors. Sometimes they need to take very stern action to stop intellectuals leading us to ruin."
Very stern action indeed, I would say.
4 comments:
I agree with the headline of the article. Shut it down.
Actually, I think the best line from AEP was:
"As for the Fed, I venture to say that a common jury of 12 American men and women placed on the Federal Open Market Committee would have done a better job of setting monetary policy over the last 20 years than Doctors Bernanke and Greenspan."
I think he got that dead-bang on.
If the Fed were controlled by 12 single mothers, we wouldn't be where we are today.
Credentially? Before we even ask who is qualified, we should ask who possesses the credentials to instruct a doctoral candidate so that he may perfectly execute dictatorial economics?
NO ONE.
They're asserting Bureaucratic Infallibility. It's beyond the grasp of any human. It's beyond the grasp of the participants, as well.
Mises's analogy applies: an economic system cannot be torn apart and reassembled in an arbitrary manner without being destroyed--like any living thing. Dictatorial economics can stunt or prune, but a more energetic application of sheers simply destroys the organism.
Fascist and socialist social planners cannot eliminate the effects of economic change, or political influence; they can delay change in exchange for a more pronounced effect, or unintentionally destroy an economic system trying to sew a foot where a mouth used to be.
No economic planner has succeeded in controlling any economy of scale. It's a fraud: economists can explain in great detail how things work, but to actually exert optimal control of all participants and conditions is impossible.
Vice President Biden says we're smartasses for asking for lower taxes. Now this guy.
Sorry, not all of us can afford to go to high-dollar universities to have our heads poured full of BS. When we lose our jobs and homes because of THEIR policies, we kinda feel like we have the right to at least complain about it, ya know? Unless they don't LIKE having a safety valve on the pressure cooker...
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