Inside The Doomsday Machine

Virtually no one — be they homeowners, financial institutions, rating agencies, regulators, or investors — anticipated what is occurring. — Deven Sharma, President of Standard & Poors, Testimony before the U.S. House of Representatives October 22, 2008 Readers will recall … Continue reading

Iceland Wins The Bank Bailout Scheme — By Default

Trying to convince anyone that the bank bailout was a dumb idea, that it would have been better and wiser to have let the stricken banks fail, is a doubtful undertaking. The accepted wisdom is that they were “too big … Continue reading

Macroeconomic Theory Has Failed and Keynesian Economics Is A Crock

Anyone interested in how macroeconomic theory has fallen apart and Keynesian Economics still entrances politicians in spite of all the evidence that it does not deliver on its promises will want to read the last 4 or 5 posts on … Continue reading