Economica Mogambo: The Desk Reference, by Richard Daughty, collects some of the most irreverent writings on economics of the last 10 years. It allows the reader to look back and compare the records of people like Alan Greenspan and Ben Bernanke with outside critics such as the author himself and many others. The results are startling.
The modern calamity really begins just after the terror attacks on Sept. 11, 2001: a time when the national security state ramped up its “protection” of the American people and the Federal Reserve went to work to save the economy from the effects of terrorism. It became a matter of national pride.
The narrative of the book begins a few years later as the much-promised recovery failed to manifest itself — the beginning of 10 years of egregious failures by the Fed, the Treasury, and the entire governing elite. The author made a bold prediction in 2004 that flew in the face of all prevailing claims and conventional wisdom: “The American economy will probably not recover for at least a decade.”
Such a claim in those days sounded absolutely outlandish because Congress and the Fed would do everything humanly possible to accomplish what they set out to do. And here was our author saying that there would be no recovery, only continuing stagnation of one sort or another. He was dead on.
|Author: Richard Daughty|