Interesting points about what the procession of Harvard Business School elites has wrought on the American economy were made on Tucker Carlson Tonight. Making them was Duff McDonald, author of The Golden Passport.
Nothing in the interview was said about the baleful contribution of John Maynard Keynes’s credit and consumption-based voodoo economics on the entrenched thinking at Harvard Business School, and on world political establishment. (That’s not to say Keynes’ “politically inspired economic theory” is not covered in the book. It could well be.)
Because consumption is its be-all and end-all, consumer confidence is crucial to the Cult of Keynes. If the consumer is not crazy confident—even when he ought not to be—goes the “thinking,” he’ll quit consuming until he drops. In short, Keynesian economic animists hope that the holy spirit of “confidence” will enter the once bitten, twice shy lender, and make him lend. The same spell is supposed to mysteriously move the unemployed and penniless to spend.
In his wonderfully learned book, The Failure of the ‘New Economics, Henry Hazlitt summed-up the essence of Keynes’ General Theory: “The great virtue is Consumption, extravagance, improvidence. The great vice is Saving, thrift, ‘financial prudence.'” Duly, Keynes’ acolytes in all administrations are always vowing to make credit flow “the way it should.” Never mind that “all credit is debt,” and that, in Hazlitt’s words, “proposals for an increased volume of credit are merely another name for proposals for an increased burden of debt.”
Ilya Somin, Professor of Law at George Mason University, states that “free migration throughout the world could potentially double world gross domestic product.”
Relying on the GDP measure to motivate for open borders is typical of the arguments made by lite libertarians.
The GDP measure is itself a state-driven metric. Official GDP numbers are deceptive because they chart—and include—the growth of government debt. In order to come to grips with America’s real economic prognosis, you must tease apart modest economic growth from the monstrous accretion of public debt.
“The GDP is a political construct, defined, tracked and manipulated by the D.C. political machine. GDP statistically conflates the growth of debt with economic growth.”
In a word, the good and surely sincere professor is relying on one statist scam, GDP, to promote another, centrally planned mass immigration.
Besides, a country is more than an economy.
Good retort from Trump on trade: “I disagreed with Ronald Reagan.”
I’m being honest. Trump won the 2nd debate, not the 3rd.
Spending more doesn’t increase the deb. LOL.
Crappy Chris Wallace’s questions:
Hillary doesn’t know her ass from Aleppo:
Why didn’t Trump blurt out that Clinton Foundation rigged an election in Haiti?
Motormouth Clinton even manages to make business look bad compared to a government job:
She killed jobs, never created em. Why didn’t he say it?
Nukes: Another missed opportunity:
If I were preparing Trump to one-two punch Hillary on her Putin prattle, I’d have told him to say, “Now there’s a conspiracy theory.”
Clinton should have been nailed strongly on the Constitution as a living document.
Hillary Clinton has issued a decree about the Federal Reserve Bank, to the extend she understands that the Fed’s monetary policies are what monetize the debt she and her kind run up.
According to Clinton, the tool that greases the operations of government “should be off-limits for U.S. presidents and presidential candidates. You should not be commenting on Fed actions when you are either running for president or you are president,” commanded this illiberal, controlling, presidential candidate.
Donald Trump, on the other hand, gets that the Fed is “keeping the rates down so that everything else doesn’t go down,” and that, “We have a very false economy.”
And he says so.
To contrast with the lack of awareness of monetary policy among his rivals, Donald Trump’s awareness of the destruction created by the Federal Reserve system was commended in “The Trump Revolution: The Donald’s Creative Destruction Deconstructed”:
“The consummate homo economicus, Trump is a rational actor in the market place. Unlike the rest of the GOP contenders who’re guided by political calculations; Trump speaks like a man to whom rational economic choices are second nature. And so he gets that the ‘stock market is bloated’; that the Stock Exchange is a laughing stock, and that soaring stock prices are a consequence of centrally planned, monetary stimulus.” (p. 45.)