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Samizdata quote of the day Central banks cannot solve the problems they created any more than an arsonist makes a good firefighter.
– Steve Baker MP remembers the words of Steve Horwitz, to help him explain why he is not impressed by the latest doings of Bank of England Governor Mark Carney.
The IEA is not happy either.
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I must confess that even I was shocked by Mr Carney’s latest drivel – his formal linking of monetary policy to unemployment (in reality the level of long term unemployment is determined by how free, or unfree, the labour market is – not how much money the government prints).
Mr Carney appears to have escaped from a low level (High School or undergraduate level) Keynesian economics textbook – and not even a recent one.
He appears not even to know that such things as the (so called) “Phillips Curve” has been shown to be nonsense.
Mr Carney appears to show that the one of the important features in how to be a success in life is to be ignorant – indeed more than ignorant (for that implies a blank slate), success in life appears to depend on believing (strongly believing and acting on one’s beliefs) things that are just not true.
If one is ignorant (in the above sense) one can, with conviction, advocate absurd (but politically useful) policies – and (I repeat) with total honesty, with no hesitation in the voice, or unsteadiness of eye.
Knowledge condemns people to a life of pain and humiliation – ignorance is the better evolutionary strategy.
After all Mr Carney has children – and these children are being educated in same (utterly false) doctrines that he believes (sincerely believes) in.
For their future happiness and success – this would seem to be the correct approach.
The above may even apply to the natural sciences….
For example, say that Brian is correct that man made global warming is false – surely it still better for one’s children to be taught that man made global warming is TRUE.
After all if they (the children) grow up believing that the theory is false then their lives will be a matter of pain and humiliation (as they go about in some dead end job – and their opinions mocked by wider society), whereas if they believe the theory – then a life of success and happiness is open to them, so they can bring up children of their own.
Carney to savers: Drop dead.
Q: “Mr Carney, the allegation that you are defending is that you are a Marxist drip, Do you understand the charge?”.
A: “Yes, I deny it.”.
Q: “You do not want banks to be ‘socially useless’. Is that correct?”.
A: “Yes”.
Q: “No further questions, M’lud.”.
“any more than an arsonist makes a good firefighter.”
What, has no one read Fahrenheit 451?
What puzzles me is why the Adam Smith Institute is not describing this pox ridden whore as a… er… pox ridden whore. WTF?
Aahhh, Paul, at last you see the light, very good. Pragmatism, that’s the ticket! *g*
Paul:
I have every intention of swiping this quote (with or without accreditation, as you prefer) every time the subject of “Rational Ignorance” comes up. ARRGGHHHH !!!!!
In fact, that’s my nomination for a SQUOTD.
There is a flaw in the strategy – objective reality does exist, and these policies will lead to collapse (the “Gods of the Copybook Headings” make themselves felt).
But till then….