by Justin Spittler, International Man:
No matter what ailed you, the doctor had one cure: attaching leeches to your body.
In the Middle Ages, doctors used leeches to treat everything from headaches to ear infections, asthma, smallpox, the plague, and hundreds of other diseases. If there was something wrong with you, leeches were the solution. If that didn’t work, the answer was more leeches.
Today, modern medicine has discredited leeches as a cure-all. We look back on it and laugh. “How could we have been so stupid?”
But back then, people didn’t think it was stupid. They thought it was a solution. “Experts” and conventional wisdom endorsed the practice wholeheartedly.
Some things haven’t changed much. The average person is still willing to blindly accept conventional thinking—maybe even more so than he was in the past. Today, he hears the financial equivalent of “more leeches!” and agrees.
Conventional wisdom and economic “experts” continually prescribe treatments that we will no doubt look back on and say, “How could we have been so stupid?”
Establishment economists advocate upside-down concepts like negative interest rates, banning cash, debt-fueled consumption, government spending, and rampant money printing as the cures to economic ailments. “Money printing, debt, and low interest rates didn’t stimulate the economy? Well, we just need more money printing, more debt, and even lower interest rates.”
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