Thanks to Dan Jones and Fred Brown for this article. See: http://www.marketwatch.com/story/a-20-rule-manifesto-for-new-no-growth-economics-2011-08-30?pagenumber=1
Aug. 30, 2011, 12:01 a.m. EDT
A 20-rule manifesto for New No-Growth Economics
Commentary: Classical economics is fatally flawed
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) – Yes, a New Economics. With new rules. Why? Classical economics is fatally flawed. So investors better learn the new rules that will win in the New Economy. Delay, deny, you’ll lose.
After the coming global collapse – the big wake-up call – classical economics will be exposed as a fraud sabotaging investors, destroying America.
Yes, new rules. Why? Because everything you know about economics is wrong. Everything. The old economics is a rigged game in a Wall Street casino. The cards are stacked in favor of the banks and their co-conspirators, political lobbyists, corporate CEOs and the Super Rich. The house always wins. You always lose. Worse, America is losing.
Here’s why: All classical economic ideas derive from one central idea. Not a scientific theory, merely an unproven hypothesis. Worse, all economic conclusions are based on this illusion, a fantasy, myth, wishful thinking. Consequently, all economic conclusions are speculations.
This central hypothesis of today’s economists – from Ben Bernanke’s Fed staff, economists in the World Bank, IMF, CBO and White House economic advisers, to economists at Wall Street banks, think tank and academic economists – is the unquestioned acceptance of the dogma of “Eternal Growth.”
Get it? All economic thought evolves from one unproven and fatally flawed hypothesis: The unscientific assumption that the global economy will continue growing indefinitely … that the world’s economies will be able support global population growth indefinitely … and that all necessary commodities and essential natural resources will be available indefinitely to sustain the world’s relentless economic and demographic growth….
To read the full article, please click here: http://www.marketwatch.com/story/a-20-rule-manifesto-for-new-no-growth-economics-2011-08-30?pagenumber=1
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