[pp.int.general] Tyrant banks, walk the plank!

[Jan Lettow]

On Fri, May 18, 2012 at 12:28 PM, aloa5 <piratenpartei at t-online.de> wrote:
> So - conclusion: all people wich do not believe in economical thinking are
> extreme liberals or anarchists. Or perhaps foolish. But I think that they
> just don´t see the points and are a "littel bit" overestimating themselves.

I can't speak for other people, but I'm kind of well described by this.

For this discussion I skipped a couple of chapters in the book I'm
reading to get to the one titled "The Fraud of Modern Economics." The
book is Chomsky's "Understanding Power", so you're right, this is
anarchist thinking.

But I also read people like Paul Krugman, who are actually pretty
critical of their own profession. And there's a lot of criticism in
popular science magazines that are really sceptical of economics as a
scientific discipline.


> Macroeconomical issues do not act like microeconomical only because people
> do not understand the differences. "Common sense" is that states does not
> have to borrow money and take deficits.

I'm not so sure anyone understands macroeconomics. Obviously, when you
design a spacecraft or something, someone understood what was needed
to succeed, or otherwise the craft wouldn't exist.

World economy is fundamentally different. It's there whether we get it
or not. We can try to shift it in one direction or the other, but it's
essentially self-organizing. So when someone comes and claims
responsibility for it, you ought to be sceptical.

If there was more proof of economics understanding, say the ability to
predict recessions, it would be different, but as it is, It's a pretty
dire record. Basically it's up to the tax payers to keep it running,
by saving banks and subsidizing everyhing from agriculture to high
technology.