Yale economist William Nordhaus, with the typically enlightened attitude of a Yale professor, offers his thoughts on monetary reform:
Mr. Nordhaus dismissed notions of scrapping the central bank, as well as criticism of its chairman, Ben Bernanke, as “partisan” and “ignorant.”
“Return to the gold standard? Give me a break. We’re not in Kansas. This is an integrated world economy,” he said. And forget doing away with the Fed: “Every country has a central bank. Money cannot manage itself.”
{ 16 comments }
http://www.economicpolicyjournal.com/2011/10/yale-professor-disses-gold-ron-paul.html
Kansas?
The people in Kansas are in Kansas.
He said “Every country has a central bank. Money cannot manage itself.”
It seems to me that the world did just fine before the Federal Reserve and other central banks came into existence. I wonder how he thinks things were managed before 1913?
He probably thinks that child labor, 16-hour workdays and an average life expectancy of 45 was caused by the lack of central banks.
What an idiot! No wonder Bryan Caplan is as @#%$-ed up in the head as he is. Princeton is full of statists….
Yes, professor, we should have followed China’s lead. I will be sure to remember that when their economy crashes.
I couldn’t get past his first suggestion: we should have followed China’s lead. I will remember that when their economy overheats.
Grab your barf bags. There was more:
“Mr. Shiller praised President Barack Obama’s $447 billion jobs plan — which stalled this week on Capitol Hill — but said it wasn’t nearly enough to treat the nation’s persistently high unemployment rate, which held at 9.1% in September.
An early mistake during the recession, Mr. Levin said, was not targeting more stimulus funds to job creation.”
He’s on the take:
http://nordhaus.econ.yale.edu/cv_current.htm
Elected Director, Federal Reserve Bank of Boston, 2010 – .
You can’t make this shit up!
Is there a single country on earth at the moment which has all of the following?
a) a central bank
b) a balanced budget
c) no inflation
d) no debt-based crisis (current or impending)
Sounds like money would do a lot better if it “managed itself” than if it was managed by a bunch of Yale professors with an attitude problem.
Yes, money indeed cannot manage itself. But acting humans *can* manage it. Unbelievable.
The worst thing that could happen to someone is to study economics in Yale or Princeton! The bad thing is that a diploma from these universities by itself does not make you more productive than someone who is without such diploma, but as long as big-businesses prefer to hire someone with diploma this otherwise useless (in the sense that it does not contribute the employee’s productivity) piece of paper makes graduates more competitive to find a high-paying job than those without a diploma. Why do big-businesses still hire those with diplomas to those without? Is it because of lower transaction costs or is it because of their deal with the state?
Is there an Mises position on Herman Cain’s 9-9-9 tax proposal?
I’m just a retired cabby…found out about Austrian economics a few years ago…wow!
Anyway, at the FL debate, Cain stated the 999 was the result of econometric analysis. I read about econometrics in “Essentials of Economics” – Faustino Ballvé. Seems to be the height of de-humanizing economics. It reduces all economic activity to a mathematical model. Cain is a mathematician. Seems this conservative is a central-planning progressive in sheeps clothing! He was chair of the Kansas FED…me thinks? It would fit.
I would be interested to hear some other opinions on Martin Armstrongs piece that reverting back to a gold standard would not solve the problem. He does see both side of the coin and an Austrian POV would be welcome.
KB
http://www.inflateordie.com/files/Gold%20Silver%20%2010-14-2011.pdf
Comments on this entry are closed.