It’s about time somebody took down Martin Wolf, the pompous and overrated economics columnist for the Financial Times. From Bill Bonner, via davidstockmanscontracorner.com:
An Unwitting Comedian
The Financial Times always brings us something to laugh at – usually in the editorial pages. Chief economics commentator Martin Wolf is an unwitting comedian. He’s always ready to give prime editorial space to the most sub-prime ideas that ever nested in a PhD dissertation.
From his pulpit at the FT, he is widely considered to be one of the most influential writers on economics in the world. We hope that is an exaggeration; we fear it is not.
Martin Wolf at the “World Economic Forum” – whatever the economy needs, it is not Martin Wolf, that much is certain. The man has never seen a printing press he didn’t want run 24/7. Yet another in a long line of armchair central planners who think the economy needs to be “managed” by governments and central bankers – using the same means that have so spectacularly failed every time.
Photo credit: Qilai Shen
The absurd and disastrous policies central banks and governments have been pursuing are often front-run in some loopy editorial written by Wolf. So we pay attention – partly for amusement and partly for advance warning.
In today’s paper, Mr. Wolf is at it again. Full of hope. Full of advice. Full of… Well, never mind.
“Demand deficit,” signals the front page, with Mr. Wolf’s headshot front and center. “Why policymakers must induce a global investment boom.”
Uh-oh… here it comes. Not content to mess up a single economy – or even an entire continental economy – he is going after the entire world. China is slowing, notes Wolf. And the world “has lost its last significant credit-fueled engine of demand.”
This leads to a more general slowdown… and presumably to things too awful to mention in a newspaper published in London, the most financialized city in the world. (Pssst…. falling asset prices!)
To continue reading: What’s Coming Next from Our Comedian Central Bankers
