The Phaserl


The Blindness of Modern Economists

by Alasdair Macleod, Casey Research:

The economic establishment failed to foresee the banking crisis five years ago. They then assured us that monetary stimulus was all that was needed to get economic growth back on track. Despite their abysmal track record, they continue with the same flawed Keynesian and monetarist beliefs, refusing to even consider they might be wrong. They are a collective of wise monkeys, seeing no evil, hearing no evil, and saying no evil.

The economic establishment blames today’s evils on free markets, a lack of government intervention, and banks for being reluctant to lend. It blames government deficits on cheats who don’t pay their taxes. I could go on; instead, I will attempt to identify the mounting dangers that face us all.

There are four horsemen of the global economic apocalypse, all interlinked: the overburdened economy; broken banks; expensive interventionist governments; and a developing welfare and pension crisis. As a politician aptly described to me when I interviewed him a few months ago in Brussels, trying to squeeze out economic growth under these conditions is like trying to fly a plane with concrete wings. This simile applies best to the European Union, but it is also true in the US, Japan, and the UK.

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