Jump to content
House Price Crash Forum
Sign in to follow this  
spyguy

Failing Elites Threaten Our Future

Recommended Posts

A very active article on the FT at the mo:

http://www.ft.com/cms/s/0/cfc1eb1c-76d8-11e3-807e-00144feabdc0.html#axzz2qRpjeNxP

Basically a short article, tied in with the 100 year anniversary of WWI(Happy birthday dear kaiser ...)

There's a lot of wiggling and repositioning by Mr Wolf going here. Basically, Wolf was a cheer leader for the self-correcting finance markets.

A big proponent of the 'markets have not priced UK debt any higher so they we can borrow more' guff.

Ignoring all the fiddlying that's going on etc etc.

Very select sentences:

'Complex societies rely on their elites to get things, if not right, at least not grotesquely wrong. When elites fail, the political order is likely to collapse, as happened to the defeated powers after first world war. '

...

'First, the economic, financial, intellectual and political elites mostly misunderstood the consequences of headlong financial liberalisation. Lulled by fantasies of self-stabilising financial markets, they not only permitted but encouraged a huge and, for the financial sector, profitable bet on the expansion of debt.'

...

'The intellectual elite – the economists – was discredited by its failure to anticipate a crisis or agree on what to do after it had struck. The rescue was necessary. But the belief that the powerful sacrificed taxpayers to the interests of the guilty is correct.'

I choked on my drink on the intellectual elite. In main, economist are just a bunch of of social 'scientists' cum politician cum astrologers.

They are about as elite as Warrick Davis is tall.

Share this post


Link to post
Share on other sites
A big proponent of the 'markets have not priced UK debt any higher so they we can borrow more' guff.

Quite right too!

You've been very selective. I thought it was an excellent article.

Almost Popperian.

Share this post


Link to post
Share on other sites

'The intellectual elite – the economists – was discredited by its failure to anticipate a crisis or agree on what to do after it had struck. The rescue was necessary. But the belief that the powerful sacrificed taxpayers to the interests of the guilty is correct.'

necessary for who exactly? We're still getting poorer despite productivity increases. The 1% however...

Share this post


Link to post
Share on other sites

I've grown very disappointed with Wolf over time.

He's basically lazy.

Yes, I stopped reading when he said the bank bailouts were necessary. If he basically agrees with the policies that the elite are implementing then what's his problem?

Share this post


Link to post
Share on other sites

'The intellectual elite – the economists – was discredited by its failure to anticipate a crisis or agree on what to do after it had struck. The rescue was necessary. But the belief that the powerful sacrificed taxpayers to the interests of the guilty is correct.

and now it seems they're back - to introducing the same old policies that caused the problems in the first place. Shouldn't the word "intellectual" at least be removed from being associated with the elite if what he says is true. Maybe to replaced by something more apt - nearer to daft.

That's the very least he could have done.

Edited by billybong

Share this post


Link to post
Share on other sites

Yes, I stopped reading when he said the bank bailouts were necessary. If he basically agrees with the policies that the elite are implementing then what's his problem?

He is a spokesman for the elite. His faux handwringing is just for popular effect. Go and investigate who ultimately owns the FT group.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   208 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.