Tag Archives: competence

How to Evaluate a President, by Scott Adams

It’s way too early to write off the Trump presidency. From Scott Adams on a guest post at theburningplatform.com:

Steve Jobs. Bill Gates. Mark Zuckerberg. Richard Branson. What do they all have in common, aside from wealth?

They all succeeded without the right kind of prior experience. Apparently they knew how to figure out what they needed once they started. I’ll bet they are all systems-thinkers, not goal-thinkers.

If you see the world in terms of goals, you might think President Trump has failed at every important goal so far. He didn’t get what he wanted on immigration. He hasn’t gotten his Supreme Court nomination confirmed. He hasn’t replaced Obamacare. He hasn’t defeated ISIS. He hasn’t done a lot of things he said he would do. He even had to fire General Flynn. President Trump is a big ol’ failure when it comes to goals.

Maybe that’s because Trump just started on the job. Success generally comes after you start. If you think success comes before you start, the world probably looks confusing to you.

But in any case, as I often say, goals are for losers. Systems are better. As I describe in my book, a good system is something you do every day that leads you to better outcomes, not specific objectives. For example, going to college is a good system even if you don’t know what job you might later want. Any time you learn something valuable, that’s a system. Networking with important people is a system. And so on.

To continue reading: How to Evaluate a President

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The Power Elite: Bumbling Incompetents, by Bill Bonner

Bill Bonner with another piece of first-rate cynicism. From Bonner at acting-man.com:

BALTIMORE, Maryland – Is there any smarter group of homo sapiens on the planet? Or in all of history? We’re talking about Fed economists, of course.

Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had too much – debt. They also carefully monitored the economy’s progress so as to avoid any backsliding into normalcy.

And where do we get this penetrating appraisal? From the Fed economists themselves, of course. Bloomberg:

“The U.S. Federal Reserve’s decisions to delay interest-rate hikes helped cushion the economic shocks caused by rapidly rising borrowing costs for U.S. companies from late last year through early 2016, according to economists at the New York Fed.

“By maintaining the federal funds rate lower, the FOMC managed to substantially offset the effect of tightening financial conditions on the economy,” the authors, referring to the rate-setting Federal Open Market Committee, wrote in a blog post on the bank’s website on Wednesday.”

They’re geniuses. No doubt about it. That’s why they’re in charge and we’re not. They’re the elite. They run the Deep State. They may not pay the piper, but they call the tune anyway. And good on them! Who knows what prices we might discover if we were left on our own?

The gap between economic output and the debt accumulated to achieve it continues to widen…while savers are expropriated and capitalists are given an incentive to consume their capital (the “euthanasia of the rentier” propagated by Keynes has finally been achieved)

One of the endearing features of the ruling classes is their abiding faith in their own judgment. Despite inexhaustible evidence that they are bumbling incompetents, the power elite stick to their guns – literally – and to their cushy sinecures.

We are now seven years into the “recovery” supposedly engineered by the PhDs at the Fed. At a cost variously estimated between $4 trillion and $10 trillion, we have now achieved a growth rate that is about half what it was 40 years ago – before the internet and debt-based money allegedly freed the economy from earthly tethers.

And thanks to these custodians of the public weal, 99% of the families in the USA now have less wealth than they did before the crisis of ’08 began. But wait – it gets worse. It is now 45 years since the PhDs took control of America’s money. Over those four and a half decades, how much financial progress do you think the average family has made? Approximately zero.

To continue reading: The Power Elite: Bumbling Incompetents

 

She Said That? 5/27/16

From Ayn Rand (1905–1982), Russian-born American novelist, philosopher, playwright, and screenwriter, The Fountainhead (1943):

It’s easy to run to others. It’s so hard to stand on one’s own record. You can fake virtue for an audience. You can’t fake it in your own eyes. Your ego is your strictest judge. They run from it. They spend their lives running. It’s easier to donate a few thousand to charity and think oneself noble than to base self-respect on personal standards of personal achievement. It’s simple to seek substitutes for competence–such easy substitutes: love, charm, kindness, charity. But there is no substitute for competence.