Economic Imbeciles and Idiots – Congress – University Economics Dept. – Financial Media+
By Gary North –
I have never had a lot of patience. I suppose this is one of my character flaws.
I do not suffer fools lightly. I suppose this is another one of my character flaws.
I use strong rhetoric to deal with economic imbeciles. I do not regard this as one of my character flaws. I regard it as one of my strengths.
All around us are economic imbeciles. We find them in the major university economics departments. We find them on the financial media sites. We certainly find them in Congress. Above all, we find them on the Federal Open Market Committee. These people believe that a government committee, filled with tenured bureaucrats, is better equipped to solve economic problems than the competitive free market is, where people have their own money on the line.
They really are economic imbeciles. They may have IQ’s that got them through college or graduate school. But, in their understanding of cause and effect, they are imbeciles. They do not understand that they are imbeciles. They preach to the choirs that surround them.
Why do economic imbeciles get a hearing? Because voters desperately want to justify the fact that they have used the state, and especially the federal government, to confiscate wealth from each other. They want to believe in their hearts that they are doing the morally right thing by sending out a thug with a badge and a gun, who tells the hapless citizen to fork over his money, or he will go to jail. We have an entire political and economic system which rests ultimately on this threat.
Anyone who falls intellectually for this kind of immorality is not a reliable judge of much of anything. When this person goes looking for an expert opinion to justify the fact that he is a thief, he is likely to find that only third-rate logicians, who cannot follow the chain of reasoning, are going to come forward in the name of organized theft.
It starts with a moral problem. It starts with a violation of the commandment not to steal. We have a modern civilization that is built on a systematic violation of this commandment.
The overwhelming majority of voters today are convinced that the present economic order in no way violates this principle. Virtually all of the pastors in the pulpits are convinced of this. They don’t preach against the organized theft of modern Keynesianism. They don’t think it’s part of their calling to point out the obvious ethical implications of the system of government that compels people to support other people, merely because the other people don’t want to go out and get a job.
Or maybe other people do want to go out and get a job, but they find competition from outside the country difficult to deal with. So, they call upon economic imbeciles to justify their desire by establishing trade barriers against imported goods. Fortunately, on this particular issue, there are a limited number of economic imbeciles with any influence, and there have not been many since the early 19th century. From Adam Smith until Murray Rothbard, economists who understand cause and effect have been opposed to trade barriers. So, those people who feel that they have a right to keep foreigners from competing against them have to appeal to economic imbeciles who cannot think straight.
I suppose I shouldn’t use strong rhetoric. The phrase “economic imbeciles” is strong rhetoric. The problem is this: these people really are economic imbeciles. They literally cannot follow cause-and-effect and economic analysis. This is why they don’t like Austrian school economics. This is why most of them favor central banking. This is why they favor government intervention into the economy. Their instinctive reaction to every problem is to get the government to pass a law, set up a bureaucracy, and send out people with badges and guns to tell other people what to do. It is a way of life for these people. It is also a way of life for the court economists who are on government payrolls in tax-funded universities.
BAD ETHICS AND PAINFUL OUTCOMES
Continued at: http://www.garynorth.com/public/14693.cfm
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