To run our economy, I'd take the first 100 people, selected at random, from the New York City White Pages, over any Harvard graduate.
Now I know that when you hear New York City White Pages, that a lot of people will associate Mayor-"I Banned Soda"-Bloomberg with the "Big Apple." Yeah, the guy who repeatedly lands his helicopter on the East 34th Street heliport on Saturday—despite the court ordered weekend ban on doing so.
Don't worry though, Bloomberg is a Harvard MBA. He also worked at Salomon Brothers.
But this article isn't about Bloomberg, Bernanke (who was Llyod-"Doing God's Work"-Blankfein's housemate at the Winthrop House), Hank Paulson, Nouriel-"The Female Wall Part Decorator"-Roubini or Ted-"The Unibomber"-Kaczynski.
It's about this guy, Larry Summers. Summers just published a piece in WAPO that should have been titled, "Moronomics", not It is time for governments to borrow more money.
This piece is dumber than:
- Summers falling asleep at White House economic meetings
- Losing ,800,000,000.00 (yup, that is .8 billion) betting on derivatives for Harvard's endowment
- Helping Greenspan and Rubin muzzle Brooksley Born. She wanted to regulate derivatives in the 1990s before they became a household word
- Writing a memo stating, "'Dirty' Industries: Just between you and me, shouldn't the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Less Developed Countries]?...The measurements of the costs of health impairing pollution depends on the foregone earnings from increased morbidity and mortality...The problem with the arguments against all of these proposals for more pollution in LDCs (intrinsic rights to certain goods, moral reasons, social concerns, lack of adequate markets, etc.) could be turned around and used more or less effectively against every Bank proposal for liberalization."
- Or saying that 'the low number of women in high academic positions in science and engineering was due to an innate limitation.'
FTMW: His latest article is "For The Moronomics Win." It advocates taking on more debt. When a trillion (actual) annual deficit, trillion of national debt, trillion of Social Security Debt, trillion in Prescription Drug Debt, and trillion in Medicare-just isn't enough, the champ from Harvard wants us to take on even more of what caused the economic crisis.
Debt.
According to Ludwig Von Mises:
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
That would have been the right article to write. Revalue the dollar, back it at least for a short while to gold to instill confidence, and lets move on.
A week or so ago Eric Sprott penned a piece on the worst case scenario for the Eurozone, in it Sprott states:
As we’ve stated before, no matter what happens in the Eurozone, the absolute worst case scenario for the authorities is a bank run. It terrifies all involved, because they can spiral out of control faster than governments can react to stop them, save for the most Draconian measures.
QE to infinity is more certain than death and taxes. See the video we posted here on jsmineset.com today that gives you the worst case economic and social scenario for 2012, unless we go to full QE before the end of June 2012.
Problems are reaching terminal velocity right now, here, today.
QE to infinity might hold things together, in a sense, for 24 more months with gold above 00. Those popular gold writers calling for much lower gold prices are simply out of their mind...
And Jesse predicted the hale of cheerleaders:
So why put out a weak [jobs] number when one could have statistically justified a stronger number? Besides ‘sand-bagging’ now with an eye to the second half of the year?
There are an important set of central bank decisions coming up, including the FOMC meeting shortly after the Greek elections at mid month. This weak Jobs number gives Bernanke the cards he needs to play in responding to the evolving crisis.
And you know what that means.
Larry Summers is a Bernanke card. A joker dealt out by an institution losing readership to blogs, and not just because blogs are free. From a deck that is helping to stack a record number of PhD recipients on food stamps and other forms of welfare (since 2007 PhD's receiving entitlements has tripled and Masters have exploded from 33,655 to 294,029 and 3 in 10 kids live in their parents basement after graduating and facing 46% unemployment rates) while racking up debt levels that will rival the housing bubble.
Source: Jim Quinn's Burning Platform
Shame on WAPO for publishing such trash! Larry Summers has done enough damage. Anyone who helped blow up the economy shouldn't be given ink or server space to suggest ways to fix it. Harvard must be proud: the Unabomber, Helicopter Bernanke and now the Ecobomber.
