Wednesday, September 19, 2012

Illustrating All That's Wrong With Economics Education in the USA

commentary by Roger Erickson

And it is VERY wrong;

Sep 19, 2012 5:14:23 PM   I was a Political Science major before going to Nam. After my tour I finished my Masters in Economics. With all the bragadashery of how we defeated the evil empire and berating of China in other contexts we certainly are leaving ourselves open to retribution in the long run via our national debt and it being subsidized by foreign powers like China. Economists warn what could happen if [they] decide to dump the Treasury holdings or refuse to fund more. Our superpower status along with the hype is vulnerable to long term ambitions of these foreign powers who might be patiently plotting our demise as a superpower. The Chinese would say that "The tiger only pounces when it is ready not when the prey wants them to".

That was a comment at: Gates Slams Congress for 'Managerial Cowardice'

How can a person get a Masters in Economics, without knowing the difference between a FIAT-CURRENCY-ISSUER, and a fiat-currency-user? Where'd he get his degree, at the Institute for Gold-Standard Economics? Whatever they taught him has been out of date in the USA, and plain wrong, since 1933, despite the pretend of the Breton Woods inter-gov agreements from 1944-1973.

If anything, the Harvard-economics cronies or Wall St. "economists" are waiting until our electorate is dumbed down enough, before they decide to pounce on their own nose to spite their face.


paul meli said...

This kind of "thinking" is conventional wisdom.

We must consistently hammer out MMT-consistent talking points until the cows come home. Never let up.

Eventually, as peoples lives crumble from beneath them they will begin to listen.

Or, they will look to some despot to make their lives better…translating…punish everyone except them.

Roger Erickson said...

LF, what the hell kind of culture actually thinks it's "profitable" to shoot it's own foot?

We're all Syria now.

Anonymous said...

Folks on Huffpo berate me all the time when I mention the difference between currency issuers and currency users. My most recent inflamed response to one of my comments was from someone going by the handle "UCBAlum" , claiming to be an economist (people do claim a lot of things on the Internet). Well, I'm not an economist and I'm damn proud of that fact.

paul meli said...

"Folks on Huffpo berate me all the time"

When one addresses the masses with heresy what can we expect? It's like religion to them.

Wear it as a badge of honor. When the bottom falls out of their lives they may remember and seek out your opinion.