There is a reason why "old" economics works and "modern" doesn't.
Old is time-tested and learned through countless mistakes of the past.
Modern is feel-good, wishing and hoping that this time it's different.
I also want to add the term "incubator economist". Theories, models
work really well on the inside of an incubator but not outside in the
real world. That is why incubator economists convinced themselves
that we had finally figured out the inflation problem and never saw
it coming.
I first raised concerns about inflation in FEB
By April I was in the inflation will be a problem camp.
Today it is self-evident at 6.8%. Many incubator economists with large followings
looked at this chart and didn't dare go against the long-term trend of more deficits
lower rates and inflation. that would be Tweeter suicide! Their goal is to tell you
what is happening and try to own it as IF they saw it coming all along when they didn't.
Hence the daily posts, slowly turning like an aircraft carrier in the middle of the
The Pacific Ocean went almost unnoticed by their unsuspecting followers.
That is why I stress learning how to do your own analysis. Don't depend on clowns
with large following assuming they have a clue. More often then not they don't!
Old is time-tested and learned through countless mistakes of the past.
Modern is feel-good, wishing and hoping that this time it's different.
I also want to add the term "incubator economist". Theories, models
work really well on the inside of an incubator but not outside in the
real world. That is why incubator economists convinced themselves
that we had finally figured out the inflation problem and never saw
it coming.
I first raised concerns about inflation in FEB
By April I was in the inflation will be a problem camp.
Today it is self-evident at 6.8%. Many incubator economists with large followings
looked at this chart and didn't dare go against the long-term trend of more deficits
lower rates and inflation. that would be Tweeter suicide! Their goal is to tell you
what is happening and try to own it as IF they saw it coming all along when they didn't.
Hence the daily posts, slowly turning like an aircraft carrier in the middle of the
The Pacific Ocean went almost unnoticed by their unsuspecting followers.
That is why I stress learning how to do your own analysis. Don't depend on clowns
with large following assuming they have a clue. More often then not they don't!
Comment:
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