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Economists and Chickenhawks

This is sobering.What's interesting is that "experts" in the United States keep saying, "That won't happen here."  When you ask them, "Why not?" how many have a good answer?  Even with all the benefits of hindsight, today's economists don't even know what caused the Great Depression.  So how much credibility do their statements that Great Depression 2.0 won't happen have?Is there a betting market for this?  There should be?  I've long believed that, in a perfect world, experts who tell others how to spend their money would be forced to take identical market positions.  Some would say, "But that would chill speech!"  But are we really facing such a scarcity of opinions that we'd not want people to show that their belief in something involves more than pen on paper?  Experts keep saying that a second Great Depression is an "extremely low probability event...continue to full post

Full post as published by Crime & Federalism on November 09, 2008 (boomark / email).