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Do You Listen to Economists? You Shouldn't


Written By: Phil Davis

December 2014

“You could line every one of the world’s economist—place them head to foot—and they would not meet a conclusion.”

I don’t remember where I heard that tongue-in-cheek phrase, but it certainly seems to apply to the experts who believe they have figured the economy out—the economists. To be sure, there are some who seem to get it, although, they are suppressed by the mainstream media. At the same time, some have been bought-off by big money and politics to sway you and me in to believing something that always entails the unwanted separation of our money.

If you think I am just smoking too much pot (I live in Colorado) let me give you a good example in Mr. Alan Greenspan—you know him—The Chairman of the Federal Reserve of the United States from 1987 to 2006.

In a 1966 essay, “Gold and Economic Freedom"—Alan Greenspan observed:

"Under a gold standard, a free banking system stands as the protector of an economy's stability and balanced growth."

Yes, that is correct—the Greenspan the younger was a gold bug. He rightly realized that a gold standard has the advantage of stabilizing the economy, whereas a paper money—central banking—system as we have now, does not.

Barron’s Magazine wrote an interesting story in 2008, “Greenspan Was Right: The Case for Gold,” where it noted:

He affirms that gold would check price inflation, referring to the "gold standard's inherent price stability." So why not support gold for this important reason? It turns out that, while the Greenspan of 1966 objected to chronic deficits financed by "an unlimited expansion of credit," the Greenspan of 2007 now accepts that very thing. 'I have long since acquiesced in the fact that the gold standard does not readily accommodate the widely accepted ...view of the appropriate functions of government,' he candidly admits -- namely, the "propensity of Congress to create benefits for constituents without specifying the means by which they are to be funded."

In other words, the world does not want the gold standard because it can’t then create money out of nothing—as the central banking system can.

Somewhere along the line of time, Mr. Greenspan joined the Dark Side of world finance—he was bought-off, or sent to the secret underground laboratory of the Federal Reserve to be brainwashed; either way, he was changed.

Now to the point of this article—the proof that economists cannot agree and have no idea how to forecast the future economy, as presented by Vox:

‘A new analysis from Deutsche Bank's Torsten Slok (and tweeted by Business Insider's Joe Weisenthal on Thursday) shows that economists' forecasts of the 10-year treasury rate have been way, way off for more than a decade now.’

Back in the USA News Story: Do You Listen to Economists? You Shouldn’t. www.backintheusa.us

Those dotted lines—they are the forecasts from Fed's Survey of Professional Forecasters—the economists. Furthermore, as pointed out by Deutsche Bank's Torsten Slok—even the sacred market was indeed wrong, too.

Back in the USA News Story: Do You Listen to Economists? You Shouldn’t. www.backintheusa.us

There are two things to take away from this article:

  • Always place your hand on your wallet when dealing with a forecaster, especially an economist
  • And secondly, perhaps the market and the erring forecasters (unknowingly) have been silently telling us something about our economy we don’t want to admit to. Maybe things are not as rosy as they seem or we are told

Information is power, but it must be correct information. Stay tuned as we follow emerging economic developments, and that knot in your stomach, it may have more prediction powers than all those economists have.

Oh yes… buy American products www.backinthusa.us.

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Other Articles of Interest:

Inflation, Deflation, and a Depression...Really?

A Quick Look at the New Spending Bill

We Don't Want to Spoil the Holiday Financial Good Cheer-But...

Government Math on Job Growth-Fail!

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