Mainstream Economics: Cult of Witch Doctors
Following the terrible tragedy in Japan (we all wish them the best in rebuilding their shattered lives), it took less than 24 hours for one of the biggest dipsh*t witch doctors to make a complete a** of himself.
(HT to LRC)
Another Austrian Economist prediction comes true:Posted by Manuel Lora on March 11, 2011 02:09 PM
Sadly, I predict that by the end of the day, some MSM “economist” or “analyst” will say that the earthquakeis “good for the economy.” Stupid of course. Disasters are disasters. Posted by Manuel Lora on March 11, 2011 02:46 PM
I was right:
"The natural disaster of a tsunami could actually provide a temporary boost to the global economy." - Larry Summers
Larry Summers, former director of President Obama’s economic council and a former head of the World Bank, said rebuilding could temporarily boost the Japanese economy.
More (if you can stand it), here.
Bastiat weeps time and time again.
You may ask how in the world such a giant dufus could ever rise to prominence in the academic/political economic community (Summers was also the President of Harvard and nearly bankrupted the school.)
(After all, how can one be the head of the World Bank and not know the Broken Window Fallacy? I mean, really. No, really. Seriously. How the f**k does this happen?)
The answer is because mainstream economics is a cult of witch doctors. Among the witch doctors it is far more important to justify your nonsensical medicinal recipes than it is to actually treat the patient.
Hence, the bigger the t*rd, the higher he'll rise.
David in Qatar