Is it time to stop listening to economists?
We have advanced technology, supercomputers, Facebook, Twitter, wide screen televisions, space travel, economic models, highly qualified economists, highly qualified bankers and experts of every kind and colour.
So why is the world economy is such a bloody mess?
Why are people struggling in developed countries? Why are people starving in the third world? Why is there an AIDS epidemic in many countries? Why are people dying from smoking related diseases? The answer to all these questions is because of greed and stupidity. The economic experts are full of it, they talk about quantitative easing when they mean printing money. They talk about fiscal loosening when they mean printing money and devaluing the currency. They talk about a bullish stock market when prices go up. They talk about a bearish market when they go down. Why don’t they speak plain English. The lawyers are as bad with their party of the first part and party of the second part. They like to make things sound more complicated than they really are. I’m not so sure about bullish markets, but I know many experts talk a load of bull. They make it sound complicated to give the impression they know what they’re talking about. Do they? Do the lawyers, bankers, economists and politicians know what they’re talking about? Ask the people of Greece!
When central banks print money it’s the beggar thy neighbour principle, they devalue the currency usually to boost exports. Most countries are printing money, but Greece can’t because it’s a member of the Euro club and can’t control it’s own currency. The answer appears to be for the European Central Bank to print money and give it to all the European nations to pay off their debts. This is not in the interests of Germany though, it would devalue the currency and make oil imports more expensive for Germany. But it would make German exports a lot cheaper. Could Europe as a temporary measure agree to use quantitative easing to reduce debt and have a Europe wide export drive? In the case of some countries that can’t export, maybe they could increase tourism? Maybe the rich people in Greece could pay all their taxes?
There is extra money being pumped into economies all over the world, but where is it all going? Are you getting your fair share? The world economy is like a ship drifting towards the rocks and while many people are rowing, the rich are on the top deck, sun bathing and moaning their champagne is too warm. That has always been the case in hard times. It is time they did a little to help steer the ship back on course. They do tend to be parasites that speculate and hoard, but some of them have skills that could produce things that people want. We need more produced. We need more products and services produced that people need, food, housing and health being the most important. We need guns and the weapons of war a little less than we used to. We need the jet set life style less than we used to because it’s not sustainable; it’s messing up the environment. People seem to like technology and that isn’t so environmentally damaging. Let people have their computers, wide screen televisions, smart phones. Let them have movies, music and Facebook. They seem fairly harmless pursuits. I think we might have to curb the more environmentally damaging activities. The international jet travel, the gas guzzling motorcars and showing off. People like to show off; build stadiums, iconic buildings, mansions, palaces and luxury ocean going liners. They like to celebrate and show off their wealth. I read that the rich are proud of the fact that they are greedy and regard it as a positive trait. So when they have all the toys and no one to play with. They are happy are they?
The world needs less greed, fewer wars and more compassion and empathy for other people. The communists and the capitalists have it wrong. The economists and the bankers have it wrong. It is time to face reality.
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There are more amazing blogs on the home page.
- QE3 Is a Declaration of Economic War (econmatters.com)
- Bernanke Declares War on Canadian Economy (Rest of the World Too) (globaleconomicanalysis.blogspot.com)
- Money Printing Madness (indybay.org)
- QE4? The Big Wall Street Banks Are Already Complaining That QE3 Is Not Enough (fromthetrenchesworldreport.com)
- QE4? Why The Wall Street Banks Will Still Want More (etfdailynews.com)
- QE4? The big Wall Street banks are already complaining that QE3 is not enough (hangthebankers.com)
- Big Wall Street Banks Already Clamoring for QE4 (econmatters.com)