Friday, June 15, 2012
All the Geniuses are in America
No one seems to have noticed that Benzion Bernanke has saved America from a serious depression. Against conventional wisdom that "helicoptering" freshly printed money on the country will cause hyperinflation, he did it and it worked. There is no inflation and American economy is stable and puffing ahead. With a three years delay wasted on following the German school of economic self-starvation, the Bank of England and the Treasury has decided to follow Prof. Bernanke's doctrine and is cutting off Britain from the European Union and deploying a series of "unusual measures". The central bank has purchased £325 billion ($505 billion) U.K. government bonds with freshly created money in an effort to boost demand. It also has kept interest rates at 0.5%, a record low for the bank's 317-year history. It is a conceptual revolution. A hundred years ago, Europe led the world in economic theory. Today it is an intellectual wasteland wshere I cant find ONE original thinker. Only America has them and only in America there is a living free debate in economic theory. It seems that the last three generation of dysgenics (including the Holocaust) has decapitated European intelligentzia. This seems obvious in Russia, Poland (pic: The Kathyn massacre of the officer ranks of the Polish Army) and Hungary, where intellectuals were persecuted and killed for generations and the Jews, exterminated. It shouldnt be so in Italy, France, Holland where there were no major guillotining except in the trenches of WWI, so it may be that natural processes of differential reproduction are the cause of their current intellectual weakness.