Paul B. Farrell
Aug. 30, 2011
Commentary: Classical economics is fatally flawed
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, a New Economics. With new rules. Why? Classical economics is fatally flawed. So investors better learn the new rules that will win in the New Economy. Delay, deny, you’ll lose.
After the coming global collapse — the big wake-up call — classical economics will be exposed as a fraud sabotaging investors, destroying America.
More of the same old voodoo? Barack Obama said he would unveil proposals next week aimed at spurring job growth in part through infrastructure improvements. He also named Princeton economist Alan Krueger as head of the Council of Economic Advisers.
Yes, new rules. Why? Because everything you know about economics is wrong. Everything. The old economics is a rigged game in a Wall Street casino. The cards are stacked in favor of the banks and their co-conspirators, political lobbyists, corporate CEOs and the Super Rich. The house always wins. You always lose. Worse, America is losing.
Here’s why: All classical economic ideas derive from one central idea. Not a scientific theory, merely an unproven hypothesis. Worse, all economic conclusions are based on this illusion, a fantasy, myth, wishful thinking. Consequently, all economic conclusions are speculations. Continue reading »
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