They did not see the tsunami coming

The economic forecasts from the Central bank hub BIS preceeding the economic tsunami now ravaging the world is interesting reading.

2005:
The consensus view for 2005 is for further robust global growth and generally subdued inflation.

2006:
The consensus forecast for 2006 is for a continuation of strong growth and low inflation worldwide.

2007:
The consensus view for the current year is for a continuation of the broad-based economic expansion

2008:

The current consensus view is still that the global economy will slow only modestly further in 2008.

Only in the 2009 wich was published in june it appears that they have noticed the serious impact of the crises.

Similarely the forecasting of the NBER is lagging 12-15 months. Only last monday did the announce that the recession ended in june 2009. Warren buffet is disputing this claiming what everybody except the keynesian *economists* knows: The US and the world is still in a crises.

The planners are looking in the mirror. And they don’t understand what they see there.

These facts should promt any man valueing his own welfare taking the steering wheel from the money wizards. They are, beyond dispute, proven incapable of steering the ship.

Who should take the wheel?

The people should take the wheel.

Society works, by far, best if people manage their own lives. Money is a far to important matter to be left to economic high priests.

  • Being a part in all transactions money is the most important commodity. The production should be left to free competition so we get the best money man can make. The governments monopoly of issuing currencies should be ended.
  • Interest is the fee paid for lending a sum of money a certain time. The interest should be decided be mutual agreement between between the saver and the lender. In this way everybody saving or lending will part in the decision of the interest.

Tips oss hvis dette innlegget er upassende

Filed under: on September 25, 2010 at 1:42 pm Comments Off

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