This guy thinks we are stupid jerks. Big surprise - he works for the Fed.
This is rich. Tyler Durden via lewrockwell.com points us to a rambling, anti-blogger rant from some faceless Fed functionary about how people without PhDs in economics should just shut the hell up and allow our betters to make everything all better by a heavy application of Keynsian theory (Durden’s commentary is priceless, and you MUST read the comments).
Well, forgive me if I am being impolite to even mention it, but the esteemed Lord Keynes, did he have a PhD in economics? Why, no, he did not. Did he have a PhD in anything? Why, no, he did not. Well surely he MUST have had an undergraduate degree in economics, at very least. Well, uh, also no, his Bachelor’s degree was in mathematics. Which tells you all you need to know about Lord Keynes’ facility with classical economics, e.g., virtually none.
Meanwhile, the leading figures in the late classical economics movement, Austrians Ludwig von Mises and Friedrich Hayek, along with Murray Rothbard, Hans Hoppe, Joe Salerno, and a cadre of others, who propound a body of economics colloquially called the Austrian School, are being proved right again and again (as we repeatedly have pointed out) , as stimulus after massive stimulus (as propounded by lackeys like Kartik Athreya) fails to revive the corpse of the Keynsian economy of the past century.
Oh, and all of the major Austrian School scholars had PhDs.
Note also that Charles Darwin was not a *scientist* by training. Yet he’s still up on a pedestal for eco-pagans.
Exactly. Not taking anything away from any actual scholarship, on the part of Darwin, Athreya or (((shudder))) Keynes, the defenders of the status quo are trying to dictate what critiques of their unaccountable actions shall be permitted to be uttered in public. In case Comrade Athreya has forgotten, there is a reason the US Constitution contains a First Amendment guarantee of speech free of government action against it. Even a low-level functionary in an unaccountable public-private hybrid like the Fed needs to be ever-mindful of the fact that he is not just a bureaucrat, and his agency not just a bureau, but rather a representative of and a conduit for the monopoly on aggressive force that we call the Federal Government.