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In Their Own Words

If you’re not sure exactly what I’m talking about when I refer to “the absurdity of the Keynesian ‘demand side’ economics,” watch Peter Schiff talk about the American on an Island again and then read this article in the Wall Street Journal.  Notice the following absurd statements made by our financial savior Tim Geithner and others:

Given the broader shifts under way in the U.S. economy towards higher domestic savings, without further progress on rebalancing global demand, global growth rates will fall short of potential.

Fiscal reforms are necessary for growth, but they will not succeed unless we are able to strengthen confidence in the global recovery.

…the global economy (can’t) fly on just one engine, the U.S.

The last is my favorite (though it’s not Geithner it’s his predecessor).  The fat guy on the island whose job it is to eat is now going around chastising the rest of the islanders for not pulling their weight.  I fear where this may be leading.  They are creating a picture of a “global economy” which supports the idea that we not only have to prop up every other bankrupt nation, but we have to make sure “aggregate demand” is high enough in all these countries for the sake of this global economy.  These people always see the answer to their problems in some higher level of government control.  Their solution to our own economic issues is always to prop up the economy by borrowing and taxing the rich.  On who’s back are we going to prop up the “global economy?”  The Chinese?

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  1. May 16, 2013 at 6:53 pm

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