Quotes of the week:
Here’s the thing. The Bernank thinks the Great Recession happened because teenage girls piled to the rafters in export company dormitories in China went on a savings binge. Purportedly, the Fed had nothing to do with expanding credit market debt outstanding by $22 trillion or nearly 6X the growth of nominal GDP during the short interval between the time he joined the Fed in 2002 and the massive Wall Street meltdown of 2008.
Economics may be a dismal science, but politics is a dismal superstition.
Genuine enemy of humanity. A literal malefactor.
Tho Bishop, on this mean lady.
If you’re living high on that cheap credit hog
Don’t look for cure from the hair of the dog
Real savings come first if you want to invest
The market coordinates time with interest
Your focus on spending is pushing on thread
In the long run, my friend, it’s your theory that’s dead
So sorry there, buddy, if that sounds like invective
Prepared to get schooled in my Austrian perspective
Ryan McMaken quotes “Hayek” (with an “H”, pronounced like “high explosives”), for Hayek’s birthday, from Papola’s rap, on Keynes’s economics.