The Phaserl


The Incomparable Faith of Keynesian Investors

by Gary North, Lew Rockwell:

Occasionally, I read something in the mainstream financial media whose degree of delusion takes my breath away. This is such a sentence (August 2, 2012).

U.S stock index futures pointed to a higher open on Wall Street on Thursday, with investors hoping the European Central Bank will signal further measures to aid growth and prevent the euro zone collapsing.

This was published by CNBC, a cable TV network that remains perpetually bullish. It was posted no later than 6 a.m.

Stock futures up: check.

ECB measures to aid growth: check.

Prevent the eurozone from collapsing: check.

“Another day, another avoidance of the collapse of the eurozone.”

Excuse me. A collapse of the eurozone. Is that right? There might be a collapse of the eurozone?

And the ECB may do something to prevent this? Possibly?

Therefore, American stock futures are up. Have I got this right?

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