The current financial state of world economies attest to the veracity of this statement, which at first flush might appear like an exaggeration. Unfortunately, it’s not.
With the help of a nonsensical training that teaches them to ignore that between one third and one half of all economies is publicly-generated economic rent*, they’ve managed to turn the commonsense logic of daily living into an occult art, underpinned by nonsensical mathematical models. Reality, it seems, comes a bad last with economists.
Whilst economies founder against the specious rocks of supply and demand economists have created, the wonder of it all is that we, and our politicians, still take heed of these modern day high priests of obfuscation and nonsense!
At the Federal Reserve Bank’s annual get-together for these twisted souls at Jackson Hole, their leader-in-chief Ben Bernanke has at last admitted he’s out of tricks about how to resurrect the US economy. He’s wiping his hands! Wonder of wonder! I said as much back here. He now says “political leaders will have to do more to boost jobs and the housing market.”
Fat chance! Our so-called political leaders are in the thrall of OTHER economists, and the following facts continue to elude them:-
- Tax systems currently punish workers and producers alike
- Tax systems reward the parasitical rentier class by allowing them to privatise the public’s land and natural resource rents*
- Tax systems therefore send production offshore, to where land, labour and taxes are cheaper
- If we really want to resurrect economies, we need to shift revenues off production, exchange, thrift and industry and onto natural resource rents, including land
As these simple details are far too difficult for the failed modern economist, business analyst and political leader to contend with — and a number of people (though rapidly diminishing) still believe economists have something to offer us — the world economic depression is therefore destined to continue having its way with us, when it need not.
Errant tax regimes will meanwhile help keep rentier-thief billionaires’ methods invisible to the vast majority of humanity. Where the only certainties in life are death and rents, we’ve come to believe their spiel that it’s death and taxes – and don’t quite understand the difference.