We are all a bit stupid about the economy. That is because economics
really is the dismal science – except for two groups of people:
Ron Paulites, along with Andrew Jackson, the natural enemies of
fiat money, and George Sorosites, ambitious malefactors of great
wealth who in this age of get rich quick schemes want to get even
Most of the rest of us fell asleep in economics class when the
talk turned to inflation, deflation and fiat money.
We thought fiats were cars.
George Soros, the sugardaddy of the left best know as a short-buyer
who broke the bank of England, and Austrian economist Ludwig von
Mises, were wide awake in class. So was Peter Schiff, now running
for the US Senate against too long-time incumbent Chris Dodd.
Von Mises, the author of Human
Action, still the best economic book in our fragile Western
world, died with empty pockets; Soros continues to rake in the dough.
He will die a rich man, his mouth stuffed with dollars rather than
earth, after the last trumpet blows over him.
Schiff is the economic Cassandra who warned us all, during the
last heady spendthrift days of frat boy President George Bush’s
administration, that we were about to crash on the unforgiving rocks
No one paid him the least mind. And as he traveled from TV station
to TV station spreading his dismal message, the rest of us shooed
him away and tut tutted him unmercifully.
“Economic crash? Man, wake up. Thou art living a dream. Smell
the flowers. They are all around us. The economy is – how do
you put it? – SOUND in its essentials.”
But Schiff was right, as such annoying people often are.
The country was reeling like a drunken sot, from economic bubble
to economic bubble; and, as happens sometimes when one has drunk
life to the lees, all of us finally crashed into the brick wall.