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thecrashingisles

Anatole Kaletsky Eats His Hat

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http://www.theaustralian.com.au/news/how-we-all-got-it-wrong/story-e6frg9mx-1111118432361

WHAT went wrong? In my last article every year, I look back at what I predicted in early January, to try to shed some light on the events of the previous 12 months.

This is nearly always a humbling experience that brings to mind JK Galbraith's oft-quoted remark when he was asked about the outlook for interest rates: "There are two kinds of economists -- those who don't know the future and those who don't know they don't know."

This year, however, the routinely humbling experience has turned into a ritual humiliation.

How else can I describe the public confession that I am now compelled to make: I hereby confess that on or about January 14, 2008, acting of my own free will, not under the influence of any drug and aware of the consequences of my actions, I wrote the following statements in The Times: "The global credit crisis, far from taking a turn for the worse, is now almost over" and "There will be no US recession" and "Stock markets around the world will rise in 2008".

Some of my other points now seem less stupid: that Britain and Europe would suffer worse housing and consumer slumps than the US and that sterling would fall against every leading currency. However, these pale in comparison with my basic misjudgment and I must apologise to anyone misled by my analysis.

He craftily wrote this in The Australian to try to avoid embarrassing himself on these shores. Sadly the article ends with a plea for an even bigger state bailout...

Edited by thecrashingisles

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I suspect he is still trying to find his hat... on his ar53 or his elbow.

It is sad that they let him continue to embarrass himself.

I think it is telling that they place him underneath their admittedly hilarious cartoons.

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This wasn't just printed in the Australian in 2008; I remember the same article in the Times at the same time.

A lot of columnists from the UK have their articles duplicated in the local press here. Actually, all forms of media rely heavily on syndication from the mother country as the news articles about anything non-domestic and endless repeats of shite TV will confirm.

Not being in the UK anymore and therefore unable to pick up the dead-tree version of the paper from the office reception, I'm curious; does he still get paid to write for the bog-roll that is the Times or has he been found out?

And how's the paywall thing going for Murdoch anyway?

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Caveat emptor...its the same for all advice no matter who dispenses it.

In fact, idiots like this guy giving out sh*te advice can only help the older/craftier/artful members of society.

Sometimes it pays to be older and wiser.

As Oscar Wilde said: "Experience is the name everyone gives to their mistakes".

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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