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February 12, 2013

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Gareth Morley

I am not an expert in cults, but my understanding is that they involve people who have even more of an aversion to disconfirming evidence than is normal to Homo Sapiens. People who have been freaking out about inflation through five years of weak demand and no inflation would be right up there. It is always 1976 in their world. As Keynes put it, they yell, "Fire! Fire!" in Noah's Flood.

Messrs. Kreiser and Herbert seem like they are auditioning for captain of Noah's fire brigade.

The consequences are terrible for working people. Long spells of low demand degrade people's work skills. As Milton Friedman understood, they also make people embrace bad anti-market policies.

Moin

And welcome back Gareth.

Gareth Morley

Glad to see you posting. Especially since Russ isn't supposed to have any interesting opinions any more.

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