Munger, your gurgles cannot come soon enough.
And while I am at it, you FUCK YOU TOO Paul Krugman- you delusional RAT-FACED ass!
September 25, 2010, 8:38 am
Default Is In Our Stars
Not in ourselves.
I think it's fair to say that a majority of economists believe that excessive private debt played a key role in getting us into this economic mess, and is playing a key role in preventing us from getting out. So, how does it end?
A naive view says that what we need is a return to virtue: everyone needs to save more, pay down debt, and restore healthy balance sheets.
The problem with this view is the fallacy of composition: when everyone tries to pay down debt at the same time, the result is a depressed economy and falling inflation, which cause the ratio of debt to income to rise if anything. That is, we're living in a world in which the twin paradoxes of thrift and deleveraging hold, and hence in which individual virtue ends up being collective vice.
You cheered this crap along- feeling your way and then blame the folks you helped rape!?! At least Ambrose Evans-Pritchard has the balls to admit when he is wrong.
Time to shut down the US Federal Reserve?And now states:
June 29th, 2010
Like a mad aunt, the Fed is slowly losing its marbles.
Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.
Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).
"Writers who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy."
Don't you just love that throw-away line "decent"? Dr Athreya hails from the University of Iowa.
"The response of the untrained to the crisis has been startling. The real issue is that there is an extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new. Moreover, there is a substantial likelihood that it will instead offer something incoherent or misleading."
Shut Down the Fed (Part II)Hey Anthony "Bug-Face" Wiener & Henry "PIG-FACE BASTARD" Waxman, THE SAME GOES FOR YOU TOO!
September 27th, 2010
I apologise to readers around the world for having defended the emergency stimulus policies of the US Federal Reserve, and for arguing like an imbecile naif that the Fed would not succumb to drug addiction, political abuse, and mad intoxicated debauchery, once it began taking its first shots of quantitative easing.
Ben Bernanke has not only refused to abandon his idee fixe of an "inflation target", a key cause of the global central banking catastrophe of the last twenty years (because it can and did allow asset booms to run amok, and let credit levels reach dangerous extremes).
Worse still, he seems determined to print trillions of emergency stimulus without commensurate emergency justification to test his Princeton theories, which by the way are as old as the hills. Keynes ridiculed the "tyranny of the general price level" in the early 1930s, and quite rightly so. Bernanke is reviving a doctrine that was already shown to be bunk eighty years ago.
So all those hillsmen in Idaho, with their Colt 45s and boxes of Krugerrands, who sent furious emails to the Telegraph accusing me of defending a hyperinflating establishment cabal, were right all along. The Fed is indeed out of control.