The Bank of England Lights A Fuse Under the Field of Economics
"No fears folks, we have been onto these guys for some time now" - First Financial Insights
| The High Priests of Dark Linguistic Arts and Evil|
Since well beyond the conception of this site, we have been crusading against the clear and obvious shortcomings of neoclassical economics and their High Priests - Economists. The eye-opener coming with the 2008 Meltdown Revealing that there was a very serious undetected aliment at works. Economists were largely blind-sided by these and subsequent events; that we foresaw over a year beforehand, despite all preceding assurances and declarations that they were self-professed - "Masters of the Universe".
Except they missed one important point - forgetting to tell the universe. Why?
Typically, economists are people who do not endear themselves to the virtues of good sense, but rather they prefer the comforts of group-think, fairy tales and fabrications beyond the sanity of reason. Sure in these
contexts they have demonstrated remarkable skills - slippery sales and wordmanship that win honours in The Snake Oil Hall of Fame. For instance, try explain to an economist that the doctrine and dogma of infinite growth within a finite construct is not possible. Good lock, because they have a crafty word repertoire used to prove how ideas alone can override all universal laws and constraints of physics and their related mathematics.
Anyway, here is what The Bank of England said, and you may compare their noted highlights to many of our preceding articles over the years, listed below. The similarities are apparent - but the most important point is that more and more people, groups and organizations are tuning in and waking up to the absurd abstractions that this so-called field of study or social science has promoted to the detriment of greater human interests, and particularly its longevity. Rather as we all now know - they served the dishonest and limited vested interests of a few self-concerned entities. Their masters.
The Bank of England Highlights:
Discredited, just at first count, 1) the majority of economics textbooks,
2) vast swaths of the entire field of economics, run as it is by economists educated by those same textbooks,
3) most governments’ economic policies, designed by these economists,
4) much of its own work, also designed by the same economists,
5) Paul Krugman and
6) the “committee” that hands Krugman and his ilk their Not-So-Nobel Prizes.
Indeed, the message the Bank’s people send is so devastating to economics as it is taught today that their document will most likely simply be ignored, even though that probably shouldn't really be possible with an official central bank report.
Invisible Genocide; Fallacy of Economic Growth
The Wealth of Planets
With this we say,