Economic Imbeciles and Idiots – Congress – University Economics Dept. – Financial Media+

economics-idiots-guide

By Gary North – January 05, 2016

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.

ECONOMIC IMBECILES

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

economic idiots financial media, economic idiots in the press, economic idiots in congress, economic idiots in universities

FacebookTwitterGoogle+Share

Category Cloud

9/11 9/11 Boat Lift 9/11 Conference 10 Investor Warnings for 2016 2015 Omnibus Spending Bill 2015 Technological Breakthroughs 2015 Year In Review 2016 Economic Collapse Videos 2016 Presidential Campaign 2016 Republican Candidates Alternative Liberty News Sites Alternative News Sites Amending the Constitution Americans Don't Know Their Rights Anarcho-Capitalism An Honest Conversation with a Communist Apple Pay Apple Products 2016 Banana Republic Barack Obama Bernie Sanders Bernie Sanders Supporter Best Friend's Animal Society Bill Clinton Bill Gross BitGold Bond Market Collapse Buy Gold Online CalPERS Pension Corruption Cars Automatically Reporting Crimes Cato Institute Charity Fraud Charles Hugh Smith Charles Koch Charles Ortel Chinese Abandoned Cities Climate Change Climate Change Scam Clinton Cash Clinton Foundation Clinton Global Initiative Clive Maund Commodities Boom Company Insiders Selling Constitutional Principles Corporate Welfare Corporations Running America Corruption Criminal Banksters Crony Capitalism Daily Job Cuts Daily Paul David Morgan Silver David Robertson - An American Warning David Stockman Debbie Wasserman Schultz Debt Crisis Defense Spending Democratic National Committee Deplorable Politics Destroying Liberty Diabetes Digital Discoveries DNC Dog Elected Mayor Dollar Collapse Donald Rumsfeld Donald Trump Donate to a Worthy Cause - Not a Politician Doug Casey Dr. Laurence Kotlikoff Social Security Dr. Michael Burry Drone Shoot Economic Bubble Economic Collapse Economic Imbeciles Economy in America Electing Psychopaths Employee Wellness Programs Eric Peters Ex-Haitian Senate President Facebook Facebook Ad Targeting Facebook Liberal Views Failed Foreign Policy Falling Crude Oil Prices Federal Reserve Fed Rate Hike Fiat Currency Financial Crisis Financial Media Food Shortages Ford Ford CEO Mark Fields Frederic Bastiat - The Law Free Gold Free Image Downloads Free Images Fund Managers Buying Gold G. Edward Griffin Gab - Alt-Right Twitter Gab - The Twitter Alternative Gary Johnson GATA George Bush George Bush Sr. George Hotz George Soros Ghost Towns in China Gold Gold Credit Card GoldMoney Gold Payments Gold Rally Gold Seek Radio Gold Super Spike Google Google's Robot Reindeer Google and Liberty Google Plus GOP Debates Discusssion Government Incompetence Government Run Healthcare Government Waste Examples Green Party Guccifer 2.0 Leaks Gun Control Gun Sales Gun Sales In America Healthcare and Employee Wellness Plans Healthcare Options Hedge Fund Billionaires Higher Gold and Silver Prices High Inflation High Net Worth Investors Hillary Clinton Hillary Clinton Dinner Sweepstakes Hillary Clinton Health Homeschooling Homeschooling Curriculum Howard Davidowitz How to Make Money and Keep It Hyperinflation Inflation in the US Invest in Gold and Silver iPhones ISIS James Turk Jay Taylor Jeff Nielsen Jill Stein Jim Quinn Jim Rickards Jim Rogers Jim Willie John Kasich John Whitehead Journalistic Ethics Judge Andrew Napolitano Learn About Liberty Learn a New Career in Programming Learn a New Career Later in Life Learn Coding for Free Lew Rockwell Libertarianism Liberty Liberty HealthShare Liberty Ratings Limiting Government Powers Living a Financial Lie Los Angeles Luxury Real Estate Losing Liberty Losing Our Liberty Loss of Personal Freedom Luxury Real Estate Make Payments in Gold Malinvestment Through Debt Marco Rubio Mark Twain Quotes Maximize Social Security Michael Scheuer Michelle Obama Mike Maloney Millennials Mixed Up in Their Beliefs MIT Technology Money Laundering Money Markets Monticello Murray Rothbard Nano Architecture Natural Healing for Cancer NBC News New Monetary System New York Public Library Digital Collection NFL Crony Capitalism Obama and Liberty Obamacare Offshore Gold Account Oligarches Paul Craig Roberts Pay For Play Peak Prosperity Peter Schiff Planned Parenthood Funding Pop Culture Popular Liberty Presidential Candidate Intervention Meter Prison - Liberal Gated Community Paradise Rand Paul Rand Paul's Festivus Airing of Grievances Rebuild Detroit Renouncing US Citizenship Republican Candidates Jokes Republican Elites Republican Party Bosses Retail Sales Retail Sales 2016 Rick Snyder Michigan Governor Rob Kirby Roger Stone Ronald-Peter Stoeferle Ronald Reagan Ron Paul Ron Paul Liberty Report Video Roy Sebag Russia National Security Russia U.S. Relations Rutherford Institute Self-Sufficiency Self Driving Cars Shadow Government Shifting Jobs to Mexico Silver Silver Constituional Money Silver Price Forecast Small Business SoCal Methene Gas Leak Socialism Socialized Medicine State of the Nation State of the Union Address Stefan Molyneux Stock Market Bubble Stock Market Crash Supposed Conspiracies Surveillance Syrian Refugees Tara Mann Tariiffs on Imports The Big Short Movie The Constitution The Meaning Of Liberty The Middle East The U.S. Government Thomas Jefferson Tianjin Explosion Tom Woods Top 2016 ETF Gainers Top Google Searches 2015 Trans-Pacific Partnership Trey Gowdy Trey Gowdy Marco Rubio Trump Twitter Alternative U.S. Elections U.S. Military Bases in the Middle East Unalienable Rights United State Broke University Economics Urban Homesteading USAWatchDog.com US Debt Ceiling US Dollar Devaluation Useless Politicians US Government Tracking Venezuela Vladimir Putin Wall Street on Parade War on Gold War with Russia Weak Car Sales What we Tweeted About in 2015 Who Voted For the Omnibus Spending Bill Wired Cars ZIRP
 

What is Liberty?

  1. Rights belong to individuals, not groups; they derive from our nature and can neither be granted nor taken away by government.
  2. All peaceful, voluntary economic and social associations are permitted; consent is the basis of the social and economic order.
  3. Justly acquired property is privately owned by individuals and voluntary groups, and this ownership cannot be arbitrarily voided by governments.
  4. Government may not redistribute private wealth or grant special privileges to any individual or group.
  5. Individuals are responsible for their own actions; government cannot and should not protect us from ourselves.
  6. Government may not claim the monopoly over a people’s money and governments must never engage in official counterfeiting, even in the name of macroeconomic stability.
  7. Aggressive wars, even when called preventative, and even when they pertain only to trade relations, are forbidden.
  8. Jury nullification, that is, the right of jurors to judge the law as well as the facts, is a right of the people and the courtroom norm.
  9. All forms of involuntary servitude are prohibited, not only slavery but also conscription, forced association, and forced welfare distribution.
  10. Government must obey the law that it expects other people to obey and thereby must never use force to mold behavior, manipulate social outcomes, manage the economy, or tell other countries how to behave.