The financial oligarchy might also recollect that economics is their most important ally in shaping public opinion and policies in their favor. To prevent a loss of power as it happened hence, they might want to make sure first that economics will not challenge the notion of leaving financial markets mostly to themselves and will continue to downplay the role of money and the power of the financial oligarchy, and of power in general....
So far, the history and the actions of the Institute for New Economic Thinking, founded by George Soros and other members of the financial establishment, are compatible with the hypothesis that it might be a Trojan horse of the financial oligarchy, meant to control the movement for reform of economics. However, despite some limited evidence to the contrary, it is also still compatible with the counter-hypothesis that it is a bona fide effort to push such reform to the benefit of society at large. A restrictive policy of supporting independent initiatives with the same stated goals, and a recent tendency toward the promotion of the less radical reformist ideas make it opportune to monitor the activities of INET with an open but skeptical mind.Real-World Economics Review Blog
George Soros‘ INET: An institute to improve the world or a Trojan horse of the financial oligarchy?
Norbert Häring | Co-founder and co-director of the World Economics Association
At least INET is better than the Peterson Foundation, Concord Coalition and Fix the Debt, which are quite transparently organized to prevent a repeat of the Pecora Commission, Glass-Steagall, and the New Deal reforms.
"Economists sharply disagree on what many are now calling “the austerity debate.” Some prominent economists (for example, INET Advisor Kenneth Rogoff) believe that cutting deficits and reducing debt is essential to inspire confidence in financial markets and to ensure that long-term economic growth is not damaged (see Rogoff's recent op-ed here. Others (for example Paul Krugman and Robert Skidelsky, who spoke at INET’s inaugural conference) think that any attempt to reduce expenditures today will be self-defeating since it will further weaken the economy, lead to lower growth and reduced tax revenues in the future, and so greater deficits and debt in the end."
ReplyDeleteINET here only includes Rogoff (INET Advisor) and Krugman and Skidelsky only were invited to speak at an event for all we know they were pelted with tomatoes by the Rogoff INET people...
http://ineteconomics.org/deficit-debate
I dont see any of this as a "debatable" issue.
rsp,
Soros' comments on how Scotland, if it were to become independent, ought to adopt the euro, says to me that INET is the latter: a Trojan Horse of the financial oligarchy.
ReplyDeleteRogoff as an INET advisor is another tipoff. He is as old thinking as one can get, right up there with Mankiw.
ReplyDelete