Pundit, Heal Thyself!

Conservatism,Economy,Inflation,Journalism,libertarianism,Media

Today was the day MSNBC located the word debt in the dictionary. Michael Smerconish—who calls himself conservative, but isn’t—was asked by Obamahead David Schuster whether our foreign debtors might call it quits and stop funding the orgy.

Smerconish looked surprised, and said he had no idea, which was honest enough. Then he quickly padded the ego by adding: Let nobody claim he has an idea, or that he foresaw the current crisis.

When you shut serious libertarians (Neal Boortz and Treason Magazine are precluded, naturally) out of the discourse, you are also able to pretend they don’t exist or have not been warning of a meltdown. (And then steal their insights to present to mainstream when the time is ripe.)

This column was warning in 2003, if not earlier, of the consequences of endless debt and the dangers of hyperinflation. An example is “Bring ‘Em Home, Mr. Bush”:

“This means we’re into Keynesian deficit spending—the government is borrowing and inflating the money supply to fund its profligacy, a practice that will accelerate the depreciation of the dollar, and may even lead to the horror of hyperinflation.”

At the very least, is the ignorant Smerconish not aware of one congressman who ran for president, Ron Paul, and who’s been speaking about the day of reckoning for decades?

Investors may be aware of Peter Schiff’s spot-on predictions. They too go back years.

Smerconish is bright in that gabby, establishment-friendly way, so “speechless” did not look good on him.

Here’s a suggestion: in the future, if MSNBC brings up the topic of debt financing and the future of the dollar, suggest that the Us beg for debt forgiveness. Like a Third World country.

Seriously, when will America pull the plug on these pathetic pundits and seek out those of us who have a record of accurate predictions on the defining issues of the day?

To plagiarize myself:

“Suppose your doctor misdiagnoses your condition – he tells you that six months hence you’ll be stone-cold dead, pushing up the daisies. As it turns out, however, you did not have leukemia after all, but were only suffering from Lyme disease. Would you not consider switching practitioners?

Say your stockbroker’s picks leave you with a portfolio more volatile than Vesuvius and an eviscerated bank account. Short of buying shares in a Baghdad bed and breakfast, he did everything wrong. Would you still entrust him with your money?

Imagine you’re a fisherman. Your local weatherman predicts calm, but you lose your boat in treacherous seas. (Thankfully your life is spared.) Then he forecasts a storm, but the sea is as calm as glass, and you miss out on the biggest catch ever. How long before you stop trusting his “expertise”?

These analogies came to mind as I listened to a different sort of failed “expert,” for whom public goodwill runs eternal.”

3 thoughts on “Pundit, Heal Thyself!

  1. John Danforth

    The stock-cheerleader channel pundits are all pretty red-faced after calling a bottom on the housing and stock markets every day for months on end. Finally, they have assumed a palms-up attitude, resignedly wondering what the next bit of bad news will be. They seemed to be a lot more interested in having Peter Schiff as a guest when they could laugh out loud at him as he warned them that this was coming.

    Yesterday, on CNBC, there was a moment of hilarity. Apparently Rep. Spencer Bachus of Alabama was scheduled to be first out of the gate in the banking committee hearing, but he gave his time to Ron Paul. CNBC carried the opening statement live, and it turned out to be a ringing denunciation of Fed policy and how it is destroying our nation. The announcers cut in, obviously stunned, and stammered about how that wasn’t planned, then went to commercial. It’s absolutely funny (to me), an accidental confession after two minutes of unfiltered truth slipped by the censors.

    “Alright, Um, This is not going as planned…”

    http://www.youtube.com/watch?v=aW2V50AS7K0

    And who is that skank, anyway? Never mind, I don’t care.

  2. JP Strauss

    I read Vox Day a lot too and he predicted that the median house price in the US would fall to ~$175000. Turns out he was off by a mere $400. This from a man who does not even pretend to be a great economist.

    [It goes without saying: My colleague Vox is a libertarian Austrian thinker; of course he’s on the ball about economics.]

  3. Myron Pauli

    To JP Strauss – housing prices in Fairfax VA are still way up near $ 1 million for 4 bedroom houses – thanks to the growth of government! Who says government spending doesn’t work? (Actually, the Fairfax County school system is in a panic because assessments dropped 3%). Dracula (Obacula?) may be feasting on the rest of the country but things aren’t so bad here in Transylvania DC.

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