It proves Keynes to be absolutely wrong. There is a very regular pro cyclical pattern, none of the crap Keynes talked bout is here, gone, never exited. It was pure fantasy from beginning to end and we were stuck with American dufas, economists at MIT who were too clueless.
Why would Brad post this chart, then advocate more of the same? Because of hidden agendas, everywhere with these 'policy' econonom its, in Brad's case, he will change theory as needed to protect the public sector. He was actually hired to lie, at the University of California, which is one of the saddest moments in history.
Larry Summers admitted, publicly, that his economic theory was influenced by his need to be a Democrat, not the other way around. They deceive and justify it on the basis of expectations theory, but expectations theory only came about because MIT boneheads could add and subtract at the time.
Expectations theory has been ruled horse manure by the mathematicians. We do not expect, we hedger, just like the friggen economist. he will hedge the theory to protect the goodie. Economists, especially here in California, are not to be trusted.
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