commentary on economics, politics & other things
George almost gets what Austrians always knew- It's the money supply George and who's got the monopoly on that?
Economics is similar to climatology everyone has an opinion on it. But economics is even worse, economists think that people like Soros whose main talent is for buying low and selling high is likely to make sense.Can you imagine a physics blog taking seriously the opinions of an astronaut regarding the properties of black holes?(If the guy wasn't obscenely rich this piece would be considered nonsensical rant.)
Astronaut's are monkeys stuck in a pre-programmed module. As Tom Wolfe pointed out in The Right Stuff this is how the 'space program' bureaucrats seem them.I've got more time for Soros because in order to buy low and sell high you need to understand these markets. J.M. Keynes incidentally was also a successfully speculator.I think Soros' reflexivity theory has some merit. Market prices do get systematically out of wack in the long-run as bubble theory suggests. And of course these distortions affect real outcomes. I respect Soros greatly. He has a good understanding of financial markets, offers practiocal solutions to policy issues and, at core, has a deep-seated interest in the welfare of his fellow men.
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