Bankers in Jail?

indddexSuppose an engineer designed an air plane and had it built. Then he says it is such a good design anyone who flies in it has at least a 50% chance of surviving the flight. Then people from all over the world wait in line for a chance to take a ride. Is that going to happen? No,

When Ben Bernanke talks, people listen. He has never been right yet. Going back to 2006, he has not made one accurate forecast. The answers he gave when being vetted for his job by the senate now sound comical. Quantitative easing was never tested before it was tried but it did exactly what those of us who know what we are talking about said it would do. It elevated stock prices and impoverished the rest of the country.

Still Ben Bernanke is highly thought of and everything he says is taken with high regard. How is this possible? Would baseball fans get excited about a pitcher who had never thrown a strike? I guess not.

Chairman of the Federal Reserve is a person Americans worship. It wouldn’t matter who had the job. Americans don’t look at facts when they worship a person. So, after damaging the country possibly more than anyone in history, he starts making comments and writing books based on his presumed knowledge and experiences as Federal Reserve Chairman.  The American public is incredibly stupid. Very few have any knowledge of history. They have no reasoning skills. They struggle with the simplest math problems. Their self esteem is in the stratosphere. When they worship someone, everything that person says or writes is taken as the gospel. Ben Bernanke is not a good economist. Take the time to look at the facts.

Lately he has been saying that during the financial crisis of 2008 certain bankers should have gone to jail. Guess what? He is right about something possibly for the first time. But, he should go to jail with them.

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About Fantasy Free Economics

James Quillian independent scholar,free market economist,and teacher of natural law. Who is James Quillian? Certainly I am nobody special, Just a tireless academic and deep thinker. Besides that, I have broken the code with respect to economics and political science. Credentials? Nothing you would be impressed with. I am not a household name. It is hard to become famous writing that virtually no one in the country is genuinely not in touch with reality. But, if I did not do that, there would be no point in my broking the broken the code. If you read the blog, it is easy to see that there are just a few charts, no math and no quantitative analysis. That is not by accident. Given what I know, those items are completely useless. I do turn out to be highly adept at applying natural law. Natural law has predominance over any principles the social science comes up. By virtue of understanding natural law, I can debunk, in just a few sentences , any theory that calls for intervention by a government. My taking the time to understand the ins and outs of Keynes General Theory is about like expecting a chemistry student to completely grasp all that the alchemists of the middle ages thought they understood in efforts to turn base metals into goal. Keynesian theory clearly calls for complete objectivity. Government can only make political decisions. Keynesian techniques call for economic decisions. So, why go any further with that? Fantasy Free Economics is in a sense a lot like technical analysis. Technical analysis began with the premise that it was impossible to gain enough information studying fundamentals to gain a trading advantage. Study the behavior of investors instead. Unlike technical analysis, I don't use technical charts. What I understand are the incentives of different people and entities active in the economics arena. For example, there is no such thing as an incentive to serve with life in the aggregate. In the aggregate, only self interest applies. It is routinely assumed otherwise. That is highly unappealing. But, I am sorry. That is the way it is. I can accept that because I am genuinely in touch with reality. Step one in using Fantasy Free Economics is for me to understand just how little I really know. A highly credentialed economist may know 100 times what I do based on the standard dogma. Compare the knowledge each of us has compared to all there is to know and we both look like we know nothing at all. There is always more than we don't know than what we do know. I am humble enough to present myself on that basis. Why? That is the way it is. I am not bad at math. I have taught math. What I understand is when to use it and when to rely on something else. Math is useless in natural law so I don't use it. While others look at numbers, I am busy understanding the forces in nature that makes their numbers what they are. That gives me a clear advantage.
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