When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Monday, April 1, 2013

"There is such a thing as a free lunch"

Obama and Bernanke's Truth in the great New Normal--

Take Everything You Know, And Burn It: A "New Normal" Recantation In Six Simple Lessons | Zero Hedge: " . . . . Lesson #3 Darwin & Schumpeter were wrong, creationists are right; there is such a thing as a free lunch - I once thought that economic growth emerged from the unplanned process of "creative destruction" identified by a charlatan Austrian-American economist named Schumpeter. This was a misunderstanding since wealth and economic growth are both created "ex nihilo" by a benevolent god called "the state," whose role is to stimulate demand by buying goods and services that nobody needs with money that does not exist. This process, of course, leads to an ever rising standard of living. Such truth was revealed by a great prophet named "Keynes" who some years ago endowed a new church and its clergy of "civil servants" who obey the orders of their economist cardinals. Such fellows are beyond criticism as they selflessly strive to improve the lives of lesser mortals. For their service and their abnegation, they are usually very well paid (as the clergy class always is when it supports the dominant political power). They deserve their stipend, or at least this is what they say, and, of course, unnecessary questioning of settled truths can be a bad career move. . . ." (read more at the link above)

    

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