Galt's Gulch

Big thinkers still stumped on global economic crisis

Posted by Eudaimonia 10 years, 12 months ago to Economics
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Be very afraid: they actually believe they've been "hands off".
SOURCE URL: http://www.bbc.co.uk/news/business-22223249

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  • Posted by straightlinelogic 10 years, 12 months ago
    Figuring out current "economics" is one of simpler mental exercises out there. (Hint: debt and governments) Everything that has happened since at least 2000 has been predictable and predicted by people who rarely garner any publicity from the mainstream press. If you don't believe me, check out the Archive tab on my website, straightlinelogic.com, or the archives at zerohedge.com. The "Big Thinkers" profess to be stumped, but anyone with integrity (you can't fool an honest man or woman) and a three digit IQ knows what's going on.
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  • Posted by Ben_C 10 years, 12 months ago
    Of course the experts have no idea where all of this is going or how we got here in the first place. Remember, "an expert is someone who knows more and more about less and less until they know everything about nothing." The first BIG mistake for us was The Federal Reserve. The second BIG mistake was going off the Gold Standard. Central planning has never worked nor will it in the future. Yes, I am afraid.
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  • Posted by khalling 10 years, 12 months ago
    "Financial regulation was for the most part relatively light touch."
    There nothing "light touch" about Sarbanes Oxley(GWB).
    Nothing light touch about the Community Re-Investment Act (Carter-expanded under Clinton)
    There is nothing light touch about the SEC.
    Every time there is a big downturn in the markets and economy, we pile on a bunch of new regs, they have never been proven to work-all evidence is to the contrary,
    see Einstein's definition of insanity. my husband wrote a book on point:
    http://www.amazon.com/The-Decline-Fall-A...
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  • Posted by $ EitherOr 10 years, 12 months ago
    Shouldn't the eurozone be the cat, and the crisis is the tree? It chased the bird into the tree, and now it's stuck up there.
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    • Posted by khalling 10 years, 12 months ago
      huh? I don't follow, eitheror...
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      • Posted by $ EitherOr 10 years, 12 months ago
        To clarify: economist in article says, "It's as if a cat has climbed this huge tree - the cat of course is this huge crisis. My view is 'oh my God the cat's going to fall and I don't know what to do'."

        First off, that quote makes the guy sound pretty stupid for a nobel prize winner. But to my point-This guy is acting like the crisis (cat) just came out of nowhere (instead of being caused and worsened by existing exonomic policies) and climbed into a tree (tree represents... the eurozone? The world economy? What?)
        if he can't even come up with a solid metaphor how is he supposed to tackle the world's financial problems? Just saying.
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