Well if they’re Ph.D.s they must be smart and know what they’re talking about. From Doug Casey at internationalman.com:
International Man: The average person doesn’t care about economics. But to the extent that he does, he only reads mainstream publications like The Economist and editorials in The New York Times.
In these publications, the average person will find so-called economists advocating upside-down and destructive concepts like negative interest rates, banning cash, debt-fueled consumption, government spending, and rampant money printing as the cures to economic ailments.
And if those methods don’t work—or inflict damage—the establishment economists’ response is to simply call for more money printing, more debt, and even lower interest rates.
What’s your take on conventional economic thinking and methods?
Doug Casey: Frankly, most “economists” today are only political apologists masquerading as economists.
An economist is somebody that describes the way the world works—how people go about producing, consuming, buying, selling, and living their lives. That’s not, however, what most of today’s PhD economists do. Instead, they prescribe the way they would like the world to work and tailor theories to help politicians demonstrate the virtue and necessity of their quest for more power.
An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
— Laurence J. Peter
In 1913, 122 years following the ratification of the Constitution, Federal debt stood at $0. Alas, 1913 was to become a “pivotal” year, in that it saw creation of the Federal Reserve Bank – together with a permanent tax on an individual’s income.
Now, in 2023, after 110 years following the establishment of America’s Central Bank, in spite of the vast increase in money the Federal Treasury has enjoyed from the tax on income, Federal Debt is now approaching $32 Trillion – and accelerating! Why do you suppose this utterly stunning fact has arisen?
It is because of a simple “marriage.”
A few years prior to 1913, several bankers, representing the most powerful ones, approached a few politicians representing the most influential ones, and then – on one knee, professed their love and undying devotion. “If you will legally empower my new bank with an exclusive franchise as the source for all money and credit, my darling, I will provide you with as much of both as you desire, my beloved!”
The politicians, both the suspicious and the drooling, replied, “Really? You mean it? You would do that for “US?” You will assure that we may spend whatever we wish without limits? You would agree to do that after 122 years of specifically NOT doing that?”
“Yes we would,” replied the bankers! “Then you will be able to achieve your wildest dreams! Welfare and warfare at will! We will create and loan, in amounts and at rates – always seeking your approval of course, heretofore only unimagined amounts of money and credit!”
“I accept,” exclaimed the politicians! The bankers admonished, “of course, you will have to do something about that pesky gold and silver.
“There, there, my precious – err, my treasure (somewhat embarrassed at the naked use of the terms), that’s no problem, just give us a little time and a “crisis” here and there, and we’ll take care of those two and whatever else that may stand in our – err, your way!”
And both could see that the deed was to be done.
A quick entry into Europe’s latest slaughtering of each other, a worldwide “Great Depression,” and the rest is history – as they say……….
Dave
You hit the nail on the head, sir.