A little "social media" request........

As a few old-timers here may know, I spend just a little time "commenting" on news stories in the major media; The New York Times, The Washington Post, sometimes Huffpo and others.

If, and when, I have something to say, and if and when I think someone might actually listen.

I have a little request for you - which might make a difference.  We all know that "economists" couldn't predict their way out of a wet paper bag - but people still keep asking them what to think.  Mind boggling.

Right this very minute - the New York Times has a nice feature pointing out that the entire world has entered a "slow growth" phase.  And that the "forecasters" once again didn't see it coming; and still persist in saying growth will resume very soon.  We base our fiscal "policy" on these fantasies.

I made a comment.  At the moment, to my surprise, it's running high in the readers "Readers' Picks"; about 6th in the list.

Basically it says "this is what ecologists have always predicted - and here we are."

The vast majority of the commenters add ideas and theories from "economics".  All beautifully explanatory and contradictory - and authoritative.  Despite never having accurately predicted anything.

You know - I think it just MIGHT make a difference if a bunch of the readers here added their recommendations - and bumped that comment up in the list.  Perhaps a few more people might notice "- hm - economists' predictions never work out - ecologists' predictions usually do..."

I think that would actually be progress.  Give it a try!  Can't hurt - might help.

The Whole Truth About "Economics".

Buckle up.  Exactly how often these days do you have a chance at "the whole truth"??  But here it is.

A couple days ago, Ilargi over at The Automatic Earth posted a cartooned short lecture from "legendary economist Ha-Joon Chang" on - Economics.

Back in the dark ages of blogging, around 2008-2010, when I was posting frequently, I tracked the "rank" of my blog using the now extinct Technorati statistics.  I was pleased when I eventually ranked up in the top 4% (as high as I got, but darn good) - but surprised to find that their measure of my "authority"; a statistic I don't understand at all, had me ranked pretty high for ecology - but higher for economics.  What? A surprise to me; though both fields have the same Greek root in oikos, house, they notoriously don't talk much.

Apparently though, if you are trained in the study of resources, their uses, values, and flows - it becomes easy to notice when Economists are talking total nonsense.  Which is often/always; as every study has always shown.  Look up 'monkeys are smarter than investors" if you want to get into that topic.  Ha-Joon Chang has noticed the nonsense from inside the field - a considerable recommendation.  Take a look; not while you're distracted, because between the ironic narration and the double-entendre animations, this is packed tight:

Then; if you have the urge; take the time to search this blog right here for the simple word "economics".  You'll find I made many of the exact same statements about economics and economists, years ago.  Alas that I can't claim to be a legendary economist, though.  (No disparagement of Chang intended, I actually think he is truly brilliant - and speaks the truth.)

And the Moral Of The Story: according to both a legendary economist and Greenpa; Economics is a meaningless field of study.  Really.

No, the economy isn't fixed.

In the spirit of trying to help folks understand what's hitting them; I'll share a metaphor that hit me, today, as I was attempting to respond to yet another bit of absolute nonsense in the mainstream media "financial chatter" pages.

So! The Eurozone leaders have reached an agreement! Hallelujah!! Hot Diggety! Man, now I can get some sleep; Happy Times Are Here Again!

I desperately need to find some more boggles, somewhere; I've gone through my entire supply at this point, the mind can't boggle any more; I've just used them all up. Here was my reply to one of the professional pundits, pontificating about "well, except for a few details" all is now, clearly, perfectly well.

"Nope. Fantasy is just not enough, anymore.

"Let's see if I can put this in terms the "econoastrologers" can actually understand.



"What they've just done is put more gasoline into the Automobile of Europe; which is stalled, engine dead, on the side of the road.

"Thing is; gasoline is not the problem. The problem: the engine has a cracked block; cracked wide open. It's broke- and dead; and all the gasoline in the world, will not fix it.

 Folks will hop back in the driver's seat; turn the key a few times- and the engine will not catch. Once again, they'll be out on the road trying to flag down help. But the engine block will remain cracked."

If you're reading all those financial sector headlines, and shaking your head a bit, mumbling to yourself; "but, that really doesn't make sense..." you're entirely correct.

It's the "Real Economy" that is truly broken. That's the phrase the econo-astrologers themselves use for it. Jobs? Work? Value creation? We ain't got none; can't see any in the pipeline, either; not here, not in Europe, not in China.

Eventually, the Real Economy has to pay ALL the bills for the debt; principle, and interest. And nobody has fixed it. The block is cracked; we're going to need a new engine- and nobody currently on the world radar has any clue of where to find one. And just maybe; there isn't one.

Quite possibly, that's why they avoid talking about the Real Economy. They have no idea what to say; and it's too depressing to dwell on. Bad for the markets, dude.

Oh, and incidentally, Big Oil is loudly announcing that they've siphoned another huge block of real money out of the Real Economy; $20 billion in the first quarter, just for Exxon and Shell. That'll help; as that money moves from Joe Lunchbox's savings into the stockholders' portfolios. And; of course, it's not Big Oil's fault; they just can't help it when prices go up.

Now if that doesn't cheer you up! I just don't know what will!!

:-)

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Update; next day; CNN Money headline: European Rescue Sugar Rush Wears Off.

Fancy that. It's dawned on them that "this may not be enough." To succeed, there must be economic "growth" - and there is none, they know. So, are they now addressing the real problem? Don't be silly!

"Prime minister Silvio Berlusconi (Italy) has pledged to enact broad reforms to cut spending and boost economic competitiveness. But analysts say implementing those reforms could be difficult given the current political climate in Italy."

In our automotive metaphor, he's saying "We're going to install a new high efficiency fuel injector!"

You can put new wax on the car, too- but the cracked block is still not going to work.