“The Quieter You Become, the More You Can Hear”

By | May 06, 2019

“The Quieter You Become, the More You Can Hear”

So I read famed economist Joseph Stiglitz of Columbia University, where I once studied, remarked: “the cryptocurrencies should be shut down.”

Normally, when I see a comment like that I go into pontification mode. But Professor Stiglitz is a learned, respected economist. A former White House hand (Clinton).

Let’s invoke the Listening Rule. Or check Wiki. Here we find:

“The Greenwald-Stiglitz theorem posits market failure as the norm, establishing “that government could potentially almost always improve upon the market’s resource allocation.” And the Sappington-Stiglitz theorem “establishes that an ideal government could do better running an enterprise itself than it could through privatization.”

In economics parlance, we’d call that man a “Keynesian” – shorthand for John Maynard Keynes, the British macroeconomist who believed government could scarcely do no wrong.

“Government could potentially almost always improve upon the market’s resource allocation….,” Mr. Stiglitz wrote.

Por ejemplo, as they say in Buenos Aires: Medicare & Medicaid. Deficits. Public pensions like the Teacher’s Union in Chicago. I could go on. I’ll stop.

If you believe government is a panacea, then, btc may not be suitable to you. The End.

2019-05-09T18:48:39-05:00May 6th, 2019|

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