26 February 2009

Things of interest

The result of this short-sighted idiot-ology has been the unrestrained growth of debt under previously fiscally conservative Republican administrations, debts that will in the end destroy not only the US government but America itself.



1. To re-establish gold as the basis of money through an educational process.
2. To ensure that never again will the virtue and efficacy of gold at the base of a money system be forgotten, or become widely misunderstood.
3. To serve as a reminder and a testament to the abject failure of all experiments in fiat monies throughout history.


My railing against the economics profession on this blog might give you the impression that I’m a lone wolf, taking on the economics profession single-handedly. I’m pleased to say that’s not the case; though the rebels are outnumbered by the True Believers in neoclassical economics, there are many academic economists who are critical of the economic orthodoxy.

Recently some highly regarded economists have made this emphatically clear with an eloquent and well argued document entitled “The Financial Crisis and the Systemic Failure of Academic Economics“.


[Nassim] Taleb says that asking an economist to predict the future is like asking the Christmas turkey what's for dinner on Christmas: based on its entire lifetime of experience, the turkey expects to be fed on Christmas, not to be eaten. As far as the turkey is concerned, Christmas is a black swan-type event.


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