Meet The 22 Economists That Want To Kill Your Purchasing Power

This is why Bitcoin is soaring, while gold and silver will. The Fed will raise their inflation target to 2%, benignly in their opinion. Keynesian economists will be the downfall of US citizens.

http://www.zerohedge.com/news/2017-06-09/meet-22-economists-want-kill-your-purchasing-power

17 Nobel Laureates and 1200+ Economists Agree with Ben Carson re U.S. Fiscal Gap

The government is running a ponzi scheme, applying cash accounting to report their financials, instead of GAAP accrual accounting.

http://www.forbes.com/sites/kotlikoff/2015/05/13/17-nobel-laureates-and-1200-economists-agree-with-ben-carson-re-u-s-fiscal-gap/#281b4fe65931

Economists: Long-term joblessness is national emergency

It is not coincidental that former government workers only speak the truth AFTER they are no longer working for the government.

http://www.mcclatchydc.com/2013/04/24/189574/economists-long-term-joblessness.html

Startling Unpublished Keynes Equations Discovered (Friday Afternoon Humor)

This is a hilarious spoof on the Keynesian cult.

http://www.zerohedge.com/news/startling-unpublished-keynes-equations-discovered-friday-afternoon-humor

Morgan Stanley Slashes Q1 GDP To 1.5%; Next Up - Wall Street Starts Cutting 2011 EPS

So much for the alleged "recovery" all the cheerleaders were touting last year.

http://www.zerohedge.com/article/morgan-stanley-slashes-q1-gdp-15-next-wall-street-starts-cutting-2011-eps

Zerohedge blasts Keynesian economists

The article pertains to the Chinese depegging of the yuan against the USDollar, but Tyler Durden, the alias of the founder of zerohedge.com, has some interesting commentary on governments, academic economists, and central bankers.

http://www.zerohedge.com/article/euro-creator-mundell-blasts-cny-depegging-may-erode-stability-global-and-chinese-economies

Which in turn leads us to just one question - how long before America's universities stop teaching economics and expose it for the sham science it is and always has been, and out its professors, as nothing more than hollow charlatans preaching a gospel of Keynesian lies.

Since Central Bankers all fall under the "economist" umbrella, as it is all too clear even to the remaining money printers out there that the days of extend and pretend are over, and everything is just empty rhetoric to assuage the masses, and assorted political puppets, as the terminal winddown accelerates. We look forward to, and gladly will be entertained, by many more such hours in which the economist and bankers of the world increasingly turn on each other as the last days of Keynesianism arrive.

Lies, lies, and more statistics

When is Obama's chief economist Christina Romer going to start telling the truth on the economy and employment? It's been one year of persistent lies every time she opens her mouth. How stupid does she think we are?

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNoUcQ818CqE&pos=4

“We are getting closer to stability in employment. The next step is to finally start adding jobs,” Christina Romer, the head of the White House Council of Economic Advisers, said yesterday on ABC News’s “This Week” program. “I think we are on the path of steady progress.”

Really? The "path of steady progress"? How does she come up with these inane conclusions?

The Department of Labor’s latest unemployment report, which showed an unexpected loss of 85,000 jobs in December, was “somewhat of a setback,” Romer said, “but they are still part of this trend of greatly moderating job losses.”

This was unexpected? By whom?

As one way to pay for the changes, the Senate would impose a 40 percent tax on employer-provided insurance plans that exceed $8,500 for individuals and $23,000 for families...

Great--raise taxes on employers--that should help with reducing unemployment...

“We simply have to put in place rules of the road so that this system doesn’t bring this economy to the edge of collapse like it did a year or so ago,” she said.

Anybody care to wager we won't have another financial collapse?

Hee Haw

Barton Biggs recommends moving to the country, buying some seed, growing your own food, and buying some ammo. Barton Biggs is not a wild-eyed survivalist, but he's starting to sound like one. He has an impressive track record for financial forecasts as a former Morgan Stanley chief economist.

http://www.gurufocus.com/news.php?id=79027

John Williams of shadowstats.com

John Williams, founder of the website shadowstats.com, is infamous for publishing true unemployment and underemployment numbers. He is now oft-quoted and cited even among government economists, so his statistics have legitimacy behind them. He is not viewed as a wild-eyed radical extremist, which make his forecasts extremely discomfiting, if not alarming.

http://www.fairfieldweekly.com/article.cfm?aid=16014

Ben Bernanke and his predictions

Why are we still listening to these clowns in Washington? Despite their academic pedigree, accolades, and experience, they continue to be consistently wrong.

Here's the problem. If one assumes the earth is flat (due to anecdotal evidence suggesting said false assumption), then all subsequent conclusions will be equally false.

The achilles heel of mainstream economists: they believe the solution to a debt crisis is creation of more debt--that somehow deficit spending is stimulative. It is clearly a false premise--yet, our government officials insist we should accelerate our spending. It has never worked--and it will never work, as huge debts cap economic growth. Yet, here we are, contemplating multi-trillion dollar deficits.

Government spending does not stimulate the economy. It is a reallocation of capital away from the private sector, through taxation. It diverts money away from worthwhile investments toward unwise political choices which the private sector would not choose. According to James Turk,

...the private sector would be investing much of that money for the benefit of future growth and productivity. In contrast, although the government may call it ‘investing in the future’, it is simply spending money on politically motivated objectives, focused on consumption rather than investment.

Adding to government payrolls does not create enterprise value. Two Google founders created billions of dollars of market capitalization, as well as trillions in productivity growth. Two government employees merely occupy two cubicles, rather inefficiently.

(In)Famous quotes

Should we still trust our elected and non-elected government officials? Or Wall Street? Here's a who's who of respected economists from a previous era (see list below). The parallels to today's constant pumping by CNBC are stunning and haunting, considering there is a consensus among government economists--and a foregone conclusion that Obama is pursuing Keynesian Economics policies. I may be in the extreme minority on this, but our country is headed down the wrong path towards recovery. When I hear "the worst is over" or "this time it's different", I'm running for the exits. To quote a former Los Angeles morning DJ, "Sorry--too hip, gotta go".

Will we be able to avert another Great Depression? Perhaps, but the unintended consequences of our government's exploding balance sheet will come back to haunt us for years--if not decades, to come.

And the last quote is particularly stunning considering FDR confiscated private US citizens' gold holdings two days after taking office in 1933. How do we know this? It's called Ft. Knox.

Here's a compilation by Colin Seymour:

1. "We will not have any more crashes in our time."
- John Maynard Keynes in 1927

2. "I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future."
- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928

"There will be no interruption of our permanent prosperity."
- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928

3. "No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment...and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding."
- Calvin Coolidge December 4, 1928

4. "There may be a recession in stock prices, but not anything in the nature of a crash."
- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929

5. "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929

"This crash is not going to have much effect on business."
- Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929

"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."
- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929

"We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices."
- Goodbody and Company market-letter quoted in The New York Times, Friday, October 25, 1929

6. "This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan... that any man who is bearish on America will go broke. Within a few days there is likely to be a bear panic rather than a bull panic. Many of the low prices as a result of this hysterical selling are not likely to be reached again in many years."
- R. W. McNeel, market analyst, as quoted in the New York Herald Tribune, October 30, 1929

"Buying of sound, seasoned issues now will not be regretted"
- E. A. Pearce market letter quoted in the New York Herald Tribune, October 30, 1929

"Some pretty intelligent people are now buying stocks... Unless we are to have a panic -- which no one seriously believes, stocks have hit bottom."
- R. W. McNeal, financial analyst in October 1929

7. "The decline is in paper values, not in tangible goods and services...America is now in the eighth year of prosperity as commercially defined. The former great periods of prosperity in America averaged eleven years. On this basis we now have three more years to go before the tailspin."
- Stuart Chase (American economist and author), NY Herald Tribune, November 1, 1929

"Hysteria has now disappeared from Wall Street."
- The Times of London, November 2, 1929

"The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before."
- Business Week, November 2, 1929

"...despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression such as would entail prolonged further liquidation..."
- Harvard Economic Society (HES), November 2, 1929

8. "... a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall."
- HES, November 10, 1929

"The end of the decline of the Stock Market will probably not be long, only a few more days at most."
- Irving Fisher, Professor of Economics at Yale University, November 14, 1929

"In most of the cities and towns of this country, this Wall Street panic will have no effect."
- Paul Block (President of the Block newspaper chain), editorial, November 15, 1929

"Financial storm definitely passed."
- Bernard Baruch, cablegram to Winston Churchill, November 15, 1929

9. "I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress."
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929

"I am convinced that through these measures we have reestablished confidence."
- Herbert Hoover, December 1929

"[1930 will be] a splendid employment year."
- U.S. Dept. of Labor, New Year's Forecast, December 1929

10. "For the immediate future, at least, the outlook (stocks) is bright."
- Irving Fisher, Ph.D. in Economics, in early 1930

11. "...there are indications that the severest phase of the recession is over..."
- Harvard Economic Society (HES) Jan 18, 1930

12. "There is nothing in the situation to be disturbed about."
- Secretary of the Treasury Andrew Mellon, Feb 1930

13. "The spring of 1930 marks the end of a period of grave concern...American business is steadily coming back to a normal level of prosperity."
- Julius Barnes, head of Hoover's National Business Survey Conference, Mar 16, 1930

"... the outlook continues favorable..."
- HES Mar 29, 1930

14. "... the outlook is favorable..."
- HES Apr 19, 1930

15. "While the crash only took place six months ago, I am convinced we have now passed through the worst -- and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us."
- Herbert Hoover, President of the United States, May 1, 1930

"...by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent..."
- HES May 17, 1930

"Gentleman, you have come sixty days too late. The depression is over."
- Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

16. "... irregular and conflicting movements of business should soon give way to a sustained recovery..."
- HES June 28, 1930

17. "... the present depression has about spent its force..."
- HES, Aug 30, 1930

18. "We are now near the end of the declining phase of the depression."
- HES Nov 15, 1930

19. "Stabilization at [present] levels is clearly possible."
- HES Oct 31, 1931

20. "All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S."
- President F.D. Roosevelt, 1933

Colin J. Seymour, June 2001