Tag Archives: Pretense Of Knowledge

Bill Bonner: Aiming for Aristotle’s Head

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“Why a city state and not a country state? Why couldn’t people rule themselves? Who was to say who the ruler should be?  You could ask as many questions as you wanted. Aristotle would have just as many silly answers. But even the ancients were on to him.  ‘None of us knows anything, not even whether we know anything or not,’ said Metrodorus of Chios, aiming for Aristotle’s head. But it was the great Pyrrho from Elis who developed the philosophy we know today as ‘skepticism.’ Loosely, a skeptic is someone who suspects that other people don’t know nearly as much as they think they do. And when it comes to central banking and central economic planning, they are always right.”

http://www.bonnerandpartners.com/aiming-for-aristotles-head/

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Bill Bonner: Repeat After Me – Economics Is NOT a Science

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“The problem is you don’t know anything. You don’t know if an economy really is like water. You don’t know where sea level is. For all you know, you’re high in the Alps. And you don’t know whether the fuel you’re using adds to the fire… or subtracts from it. QE, for example, may help heat up the economy. Or it may not. No one knows for sure.  And get this. All those little molecules, you know – those individuals in the great economic pool? As soon as they catch on to what you’re doing, they will change their behavior. That’s the big difference between water and people. Water does the same thing no matter what you say or what you think. People don’t.”

http://www.bonnerandpartners.com/repeat-after-me-economics-is-not-a-science/

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Bill Bonner: A Barbarous Fed…

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“Barbaric people used force and violence to get what they wanted; civilized transactions are based on mutual consent and cooperation.  We know that the economy of the Soviet Union, driven by brute force, was a disaster. How do you think the economy of the US – heavily persuaded by the padded force of the Yellen-led Fed – will fare?  Is today’s Fed a modern, civilized institution? Or an archaic throw-back to the past?  And what about the dollar itself? Is it a form of modern money… or a barbarous relic, depending on the police power of the state to give it value?”

http://www.bonnerandpartners.com/a-barbarous-fed/

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Finally, the End of Keynesianism

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“Are you a Keynesian? So many seem to be. Do you really believe that a properly functioning, mathematically literate approach to high finance can salvage what’s left of the financial systems of the US, the West, the entire world?  Top central bankers apparently don’t. Just look at this article excerpt. They’ve retreated from the idea of tapering until 2014 and Peter Schiff was probably correct that they won’t really taper at all because they can’t.  That should put an end to Keynesianism, though probably it won’t. The technocratic meme of money control is the most cherished of all dominant social themes.”

http://www.thedailybell.com/news-analysis/34695/Finally-the-End-of-Keynesianism/

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Bill Bonner: Alan Greenspan’s Shock Revelation

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“We know from bitter experience that trying to force economies to do what you want is a thankless task. Markets are fundamentally based on free exchange, cooperation, trust and trade. Force them in one direction or another and you are just asking for trouble. As Alan Greenspan described this week, in an interview with John Stewart on ‘The Daily Show,’ people are a little ‘screwy’ from time to time. Which means they don’t necessarily go along with your central planning, no matter how good you think it is. But still economists insist that, if they are allowed to monkey around with it, they can make an economy better. This is occasionally true.”

http://www.bonnerandpartners.com/alan-greenspans-shock-revelation/

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Bill Bonner: What a Wheeze!

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“In the modern world homicide didn’t pay off as it used to. The United States’ entire imperial enterprise has been a losing proposition. The Philippines, World War I, World War II, Korea, Vietnam, Afghanistan – the net return on investment was starkly negative, though probably none so deeply in the red as the war against Iraq, estimated to cost as much as $5 trillion – with no discernible off-setting gain of any sort. But as the rate of return from violence declined, the rate of return from cooperation increased. The win-win deal did not simply transfer wealth. It added to wealth.”

http://www.bonnerandpartners.com/what-a-wheeze/

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Federal Reserve Policy Failures Are Mounting

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“One possible reason why the Fed have consistently erred on the high side in their growth forecasts is that they assume higher stock prices will lead to higher spending via the so-called wealth effect. The Fed’s ad hoc analysis on this subject has been wrong and is in conflict with econometric studies. The studies suggest that when wealth rises or falls, consumer spending does not generally respond, or if it does respond, it does so feebly. During the run-up of stock and home prices over the past three years, the year-over-year growth in consumer spending has actually slowed sharply from over 5% in early 2011 to just 2.9% in the four quarters ending Q2.”

http://www.caseyresearch.com/articles/federal-reserve-policy-failures-are-mounting

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Barack Obama’s Nixonian Fed Pick

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“As a result of the Fed’s Quantitative Easing programs, banks are now sitting on more than $2.2 trillion in excess reserves. How the Fed eliminates these excess reserves before they produce an explosive growth in the money supply and surging inflation should be more of a concern to the next Fed Chair than an unemployment rate that is more the product of uncertainties associated with deficit spending and business fears about Obamacare than any lack of liquidity caused by the Fed. Yellen’s defenders say there’s nothing to worry about. As Georgetown University professor Henry Holzer put it, Yellen is fully aware of inflation and not a ‘mindless stimulator.’ Others aren’t so sure.”

http://www.independent.org/newsroom/article.asp?id=4757

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We All Know Who Janet Yellen Is, And That’s Terrifying

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“The acclaim in the media sends a shiver down the spine.  Janet Yellen, just nominated by President Obama as the next head of his Federal Reserve, will be ‘the most powerful woman in the planet’.  If we were living in a stable monetary order she would be the least powerful woman in the world.  Think back to the era of the gold standard before 1914.  Britain was the leader of the orchestra in the monetary system.  But no one outside a few discount brokers in London knew the name of the Bank of England Governor, who changed each 2 years.”

http://www.forbes.com/sites/realspin/2013/10/14/we-all-know-who-janet-yellen-is-and-thats-terrifying/

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Bill Bonner: The Fed Chief America Deserves

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“If it were that easy to create real wealth, of course, everybody would be doing it. Real wealth – like everything else that is precious – takes time, patience, and forbearance. You don’t get it by using cheap tricks and economic gimmickry. Instead, you have to pay for it. That is, you have to give something up in the present to gain more prosperity in the future. The feds’ programs promise the opposite: Americans will get something now… and pay (dearly) later. Eventually – sooner or later – Mr. Market will come down hard on investors’ heads, like a murderer armed with a claw hammer.”

http://www.bonnerandpartners.com/the-fed-chief-america-deserves/

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