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Economic Brilliance at the New York Times

• William L. Anderson via
I’m not sure why I actually read the editorial page of the New York Times, except perhaps it provides me with subjects on economics and law. Maybe I just get perverse enjoyment from the humbling experience of reading True Economic Brilliance from the "intellectual" readers of "The Ruling Class." I’m not sure, but here I am again, writing commentary about how stupid and economically illiterate we Austrian economists really are.

Today, I wish to examine a column by Mr. Economic Brilliance Himself, Bob Herbert, who claims that American corporations have caused the current economic downturn to be worse because they are not hiring enough workers. Granted, I always thought that businesses laid off workers because there is a recession, not to mention economic uncertainty, but Herbert is a major spokesman for The Ruling Class, and like Dr. Science, he knows more than I do, even if he does not have a master’s degree in science – or economics.

Because I don’t want to write something that might wrongly interpret the intelligent prose from members of The Ruling Class, I will have to let Herbert speak in his own words. Granted, one might find a non sequitur or two, but that shouldn’t matter, since members of The Ruling Class do not have to follow the Law of Cause and Effect. (That rule only applies to Austrian economists, and since Paul Krugman, the Official Economist of The Ruling Class, thinks that Austrian economics is something akin to the Phlogiston Theory of Fire, one can conclude that the Law of Cause and Effect is Really Stupid Stuff and does not apply to Really Smart People.)

First, Herbert states his theme:

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