...We’ve just embarked on something called QE2, with the association of its name (a cruise ship on vacation) a cruel joke. QE2 is an academic’s solution to a problem whose only real solution is a realization that real gain only comes from real sacrifice. QE2 is an economist’s answer. Like most every economic theory---economics is a dismal science at best, alchemy and fraud at its worst---it starts with an assumption. In the case of QE2 this is: assume infinite money.
So far the reaction is such that the economists are patting themselves on the back. They not only think they are correct---despite the historical fact that they, from Bernanke to Greenspan to Summers have never been right once in their entire lives---they continue to take the masses for fools.
Maybe we are fools. Certainly we are lazy. We are probably also cowards. We are lazy because we failed to demand real change, not the silly change that spews from a politician’s lips as easily as all of his other lies. We let them do this to us. We let them fool us. We let them put the final stake in the heart of America and guarantee its demise. We are too late. That is our sin.
HT: ZH, great post