Sustain the implausible work.
BB
REPLY: I’m not completely certain why the WSJ and the FT, amongst others, won’t talk about the ECM. They solely preach the normal Keynesian Economics that’s nonetheless taught in universities, sustaining that the enterprise cycle will not be definitive. Thus, it’s random, so it may be manipulated underneath Keynes to remove recessions and depressions. That was the identical storyline I used to be taught in class again within the ’60s.
Apart from Nick Palmgarten on the New Yorker, who referred to as the ECM the Secret Cycle, no main media has ever needed to debate that there’s a definitive facet to the enterprise cycle. That goes in opposition to all of the Ivy League universities. I suppose they don’t wish to rock the boat. I had a dialogue about this mannequin with Paul Volcker again in 1999. Paul agreed the enterprise cycle was about 8 years. He had even put out his guide entitled Rediscovery of the Enterprise Cycle.
Anybody who has had actual reside expertise has conceded there’s a definitive enterprise cycle. Arthur Burns was Fed Chairman when Bretton Woods collapsed. He, too, concluded that the enterprise cycle at all times gained.
Milton Frieman got here to hearken to one in all my lectures in Chicago. Milton mentioned I used to be doing what he had solely dreamed about. He had written {that a} floating trade fee like we now have in the present day would emerge again in 1953 – 18 years earlier than it befell in 1971. Milton understood the worldwide interconnections, and that’s the reason he got here to hearken to me.
I attempted the BS random walks idea, which appears to be created by individuals who can not predict something. Even Keynes’ entire idea doesn’t maintain up. The market has NEVER peaked with the identical stage of rates of interest twice as a result of it’s NOT some silly one-dimensional relationship. I warned the ECB that going to destructive rates of interest would fail. If there’s NO CONFIDENCE sooner or later, individuals won’t spend – PERIOD!!!
With the prospect of wars all over the place, Kamala promised to alter the filibuster guidelines so she will be able to get Abortion by means of to kill limitless quantities of infants, creating deep divisions after which taxing UNREALIZED positive factors that our laptop warns would outcome within the largest 2-year crash of the Nice Despair ranges, with such uncertainty, we’re headed right into a recession into 2028.
It’s hopeless. Now we have to crash and burn earlier than anybody dares think about any new chance.
