A look at the Fed’s mistakes and the fact that it hires thousands of economists and journal editors.
The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found.
This dominance helps explain how, even after the Fed failed to foresee the greatest economic collapse since the Great Depression, the central bank has largely escaped criticism from academic economists. In the Fed’s thrall, the economists missed it, too.
If it’s in a “market” it ain’t free. Absolutely NO confusion there.
I’m merely suggesting that their whole basis for understanding whatever the “Economy” is, is in fact so basically flawed and wrong headed, that it amounts to a form of institutionalized insanity. Solemnly discussing how many angels can dance on the head of a pin, etc.
As to what to do about it, I haven’t a clue, and neither apparently, does anyone else.
Bend over, place your head between your legs, and kiss your ass goodbye.
#21
1. Audit the fed.
2. Allow competing currencies.
3. End the Fed.
4. ???????
5. Profit.
Simple.
Expecting economists to be free thinking is ludicrous. They are like people who can’t perform, teach instead (no offense to most K-12 teachers).
Going against the conventional wisdom in economics has the same penalties as scientists, doctors, investment managers, etc. It casts the rebels out of the group making it harder to earn a living.
Economists are people. Not logical, free thinkers. And it’s mostly speculation anyway. MY chart is better than YOUR chart.