Half-educated economics graduates are leading us to ruin

September 12, 2011 07:34

You don’t see how governments can borrow their way out of debt? You’re just revealing your ignorance! You’ve had to cut back on your own spending, and you think the public sector ought to do the same? You know nothing about economics! You worry that we’re leaving our children with an unprecedented debt level? Go away and do GCSE history! – By at UK Telegraph

By at UK Telegraph


For the better part of a decade, bearded survivalists holed up in places like Idaho have been telling us that paper money is finished, and that we should buy precious metals, while sophisticated economics graduates who write for the FT have been insisting that gold is massively over-valued. It turns out that, if you’d listened to the snaggle-toothed mountain men, you’d have made a packet. Yet again, the ‘experts’ got it dismally wrong.

The Keynesian thinking that dominates our governments, central banks and universities flies in the face of common sense. Most of us can see that, when you’re in debt, the answer is to spend less, not more. Most of us understand that you can’t carry on consuming without producing anything, at least not in the long term. Most of us grasp that, when inflation devalues the coin in which we’re paid, we’ve been ripped off. You need to be an economist or a politician not to see these things.


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