Economists are idiotsBY TIM TOOHEY | MONDAY, 21 NOV 2022 6:31AM As a long-time card-carrying member of the economics fraternity Tim Toohey doesn't say this lightly: economists are idiots. Worse still, the forecasts made by the economics community ... Upgrade your subscription to access this article
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I concur with the author, most economists are indeed idiots. Either that or they simply enjoy the sound of their own voice as they trumpet indecipherable economic jargon at the mainstream media for eager consumption by those who know even less. None of the mainstream or so-called 'economists' predicted the 2008 crash OR this current bout of inflation. The odd counter-cyclical independent common sense commentator from America predicted and called the '08 crash at least a year before it happened and was casticagted by know-all idiot 'economists and mainstream media for being negative. They were laughed off talk shows! One example of such a prescient person was Peter Schiff. The mainstream media and idiot 'economists' were all silent on their previous castigations of Peter after 2008 of course. Just like now - very few, if any idiot economists call out or understand the REAL reason for inflation - the inflated money supply compliments of the 'money from thin air' Federal Reserve'. As simple and as deadly as that. They created so much over the past decade the chickens are now coming home to roost. As Mr.JP Morgan famously once said, "GOLD is money, everything else is DEBT". Federal reserve notes (cash) is debt against the government. Future generations have to own up to it sadly. They'll NEVER pay off what America owes, the Fed will clearly have to inflate it away with cheapened dollars - either that or default and that's is a definite NO! You'll find few economists who truly get this and fully understand it. They would rather be popular and blame the war in Ukraine or Putin or global warming LOL. It is too stupid for words.