Home > Miscellaneous Musings, Predictions > Prizes to a dead, discredited profession

Prizes to a dead, discredited profession

You know when a society is dying when positions of public importance are given to complete idiots because evil people who don’t want to show their faces to the public are pulling the strings from behind.

Caligula promised to make his horse, Incitatus, a consul, and actually appointed him a priest.  This was a sign of perversion in public office and a sign of the decline in Roman society.

Similarly bankers hide behind economists.  Economists are a joke.  They hide counterfeiting with equations.  Nothing more nothing less.  They are never supposed to point to the counterfeiting, only to the equations.

In this spirit of madness, right in the midst of the worst financial crisis in three generations, in the midst of a trillion dollar debt ceiling crisis in US public finances, we have two diametrically opposed academic economists with two diametrically opposed theories of how the world works getting the one Nobel Prize.

What does this suggest?

First, it suggests there is absolutely no consensus in the profession.  There is a corollary to this conclusion:  There is no way of testing and falsifying economic theories.  If two diametrically opposed economists can find employment, can live in academia and can publish and become famous, this is not science.  This is PR.

Second, it suggests any bullshit theory can gain respectability provided it doesn’t point out the real truth: Fractional reserve banking is the cause of (almost) all economic dysfunction.

Schiller is careful to say nothing about fractional reserve banking and is a closet socialist who promoted “New Deal” revivalism (see where that’s got us 5 years on with Obamanomics).

Fama is an idiot who sees no bubble, speaks no bubble, hears no bubble.  To him, if you can’t predict a crisis, a crisis doesn’t exist and never existed.  In the same vein, earthquakes don’t exist because they are unpredictable.  It’s so obviously horseshit it’s sad this guy is taken seriously (very seriously).

It’s another sad day in another sad decade in another sad generation in another sad century of fiat money woe.  What more can you say, other than these people will be forgotten in the coming decades, as much as Incitatus is forgotten.

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