Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (67542)	4/15/2001 6:31:21 AM
From: d:oug	Read Replies (2) \| Respond to of 116960

wicked new discipline "behavioral economics" aka ron-ron The journalist Anne Williamson spoke brilliantly... ... her criticism of the credit bubble is aimed at the international economic order that GATA also is out to disturb... REMARKS TO THE COMMITTEE FOR MONETARY RESEARCH AND EDUCATION The Union Club, New York City, April 4, 2001 By Anne Williamson When CMRE President Elizabeth Currier and I first discussed... "Behavioral economists help to explain how booms persist while busts are difficult to reverse..." "And if the behaviorists prevail, the mainstream view of a rational, self-regulating economy may well be amended and policies adopted to control..." ... the most long-lived legacy of these economists is the intellectual deceit in which they engaged. While employing only the rhetoric of free markets, and not the true methods of economic liberty, they were in fact dispensing statism and cronyism. ... and market collapse to tens of millions of people. What they hadn't counted on was that the host country of their presumed empire would, in time, experience the same miserable result in a global boom gone bust. Today Americans are faced with collapsing share values, and, as a consequence, the cancellation of credit cards, the foreclosure on loans extended for the purchase of homes and automobiles, of corporate layoffs and of factory cutbacks and/or relocations abroad to venues with lower labor costs. These results are not the "new era" goods the Ivy League's quant jockeys have been advertising these many bubbly years. In the certain absence of apology or remorse, what's their defense to be? ... we can all guess, even without the assistance of... or the Ivy League's newest generation of economists, the behaviorists... the problem lies not with their theories nor the greatest expansion of cash, credit... but with the people. ... silence is what all these behaviorists share. Not a one of them will discuss the true source of bubbles, panics, and manias, which is not a predictably responsive human psychology, but rather the secret and destructive operations of a central bank. To these men I say: Banks and citizens did with money what they are supposed to do; they invested it. Just because the money monopolists and their spokesman do not address the Federal Reserve's having been engaged in a money-printing mania does not make it any less true. ... explain to the rest of us our stupidity and cupidity. The implication is that they themselves -- the global managerial class that itself is so very redolent of Milos Djilas's "new class" -- are like gods, and if we but listen to them and follow their edicts, all will be well. I assume they mean that all will be well just as it was in Thailand, the Phillipines, Indonesia, South Korea, Russia, Brazil, Argentina, and Turkey. I shake my fist in their collective face. The truth is that wealth -- real wealth that serves all men... ... and when the greater of us suck dry the lesser of us, we debase both ourselves and our shared future. ... that until we free the money creation process from the manipulative hands of a self-proclaimed elite and return government to its proper role as the regulator of weights and standards -- and I do use those words symbolically -- everything we treasure as individuals and as a people is at risk. ... shall in coming days, of the behaviorist economists, when their as-yet-obscure names are the stuff of talk shows, scholarly journal articles, and think-tank manifestos, only then will you be able to say we've found the bottom. After all, it's a tricky matter to decide at which exact point the zeitgeist is to change from hailing consumers as heroes to denigrating them as greedy fools. ... they'll figure it out, and they'll let us all know long after most of us have stopped caring. And, again, that's when you'll know the market has found its bottom. I just hope that when we all get there, there's a drop of liberty left. In the meantime I'll keep praying that those human bricks of civilization -- the toiling mass of mankind -- are wise enough to resist the siren call of their betters, who will surely be promising falsely a perpetual security in return for the last of our freedoms. -END-