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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

trust an economist? « Previous | |Next »
January 17, 2009

So consumer spending over Xmas was better than expected, even though unemployment for full time work continues to rise. Not that you'd trust the economists, given their appalling track record in recognizing and explaining the global financial and economic crisis.

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None of the economist in Australia foresaw the October crisis. After "no one saw the housing bubble" coming we had the no one saw the insolvent Wall Street Bank problem." Moreover, recall how quickly the economists anti-inflation rhetoric (higher interest rates, budget surpluses and reduced government spending) was dumped in favour of deficits, huge government spending, job creation bailing out banks to stave off recession.

Recall how the neo-liberal economists objective is to push public policy in the direction they prefer.This means that all policies much fit within the ideological/behavioral framework that underlies their belief system then everything must be made to conform.

The worst is yet to come apparently since the banks continue refuse to lend money.What will that do for Australia's brand as the land of sunny opportunity. In the US the federal government says it has had no choice but to put more money into banks and other financial institutions if it had any hope of reviving the paralyzed credit markets.

| Posted by Gary Sauer-Thompson at 7:50 AM |