Saturday, October 16, 2010
Bittersweet
Polistra is happy to see Kevin Williamson at NRO finally picking up on the fallacy of zero interest rates. Polistra has been hammering this point for a long time, most directly here and here. Many other Americans and Brits have been hammering the point lately, in comboxes at various blogs, all without effect.
Williamson's column is the first time a New Yorker has stated the point, so maybe it will finally be heard by the People Who Count. (The PWC dismiss all opinions stated by Americans, but occasionally listen to opinions stated by New Yorkers.)
It's just plain and simple economics. Any time you control the price of an item you get shortages, hoarding and black market operations. Every economist should have understood instantly that price control of borrowed money has given us shortages, hoarding and black markets. Yet none of the people who call themselves "economists" have noticed this, or at least none have said it publicly.
Conclusion: the people who call themselves "economists" are not in fact economists. They are consiglieri for the Wall Street Mafia, reluctant to give up their profits from the black market operations.
Needless to say, Bugsy Geithner will never, never, never, never, never take any steps to aid America, even when the advice is coming from a New Yorker. Bugsy Geithner's mission is the same as Shotgun Paulson's mission: Crash America, and confiscate its wealth into the Swiss bank accounts of Bugsy and Shotgun and their boss Comrade Soros. ¶ 3:49 AM
Williamson's column is the first time a New Yorker has stated the point, so maybe it will finally be heard by the People Who Count. (The PWC dismiss all opinions stated by Americans, but occasionally listen to opinions stated by New Yorkers.)
It's just plain and simple economics. Any time you control the price of an item you get shortages, hoarding and black market operations. Every economist should have understood instantly that price control of borrowed money has given us shortages, hoarding and black markets. Yet none of the people who call themselves "economists" have noticed this, or at least none have said it publicly.
Conclusion: the people who call themselves "economists" are not in fact economists. They are consiglieri for the Wall Street Mafia, reluctant to give up their profits from the black market operations.
Needless to say, Bugsy Geithner will never, never, never, never, never take any steps to aid America, even when the advice is coming from a New Yorker. Bugsy Geithner's mission is the same as Shotgun Paulson's mission: Crash America, and confiscate its wealth into the Swiss bank accounts of Bugsy and Shotgun and their boss Comrade Soros. ¶ 3:49 AM
