Austrian Economist addresses NY Fed: Leave the building!

Robert Wenzel was, to his surprise, invited to address economists working at the Federal Reserve Bank of New York. He didn’t mince his words. His closing remarks were particularly harsh for a normally polite man. … e-Building

Come on Robert, tell us what you really think.

I wonder how many of those he is addressing knows he’s right ?

The Fed employs some of the best minds in economics today.

At the same time, every science is beset with scientific cranks, frauds and bunglers, which is why there is a system of peer review to protect against the swamping of the science with them.

But there can be a certain value in these contributions sometimes - An insight that would not be available elsewhere.

You only have to do a quick search to see that Wenzel is one of the greatest crank, fraud and bungler we have with us today.

Example -

It’s not that anything he has to say is of any value to anyone who lives in the real world. It is the possibility that he might say something that might spark off a productive train of thought in somebody accomplished and competent.

That said, his contribution was still off the scale - bungling and inane. No wonder he gets applauded. As I 've said here before, middle America seems to be ‘catching’.

ha haa, that speech sounds like a zerohedgewet dream

He puts the boot into Bernake

He’s not right. The Austrians havent been right about anything or have you not noticed that? :angry:

From memory, one of them was very right

Peter “Hyperinflation! Hyperinflation!” Schiff.

As I said, the Austrians havent been right about anything. But their supoorters seem worryingly impervious to the facts.

How do you define “anything”.

You seem reluctant to admit that they spotted the Housing Bubble and the biggest reccession since the great depression when Bernanke and the rest missed it.

Have you got something from a Keynsian economist showing where his models predicted the recession years in advance?

They werent the only ones, but credit where it due to those who did flag it.

I would be genuinely interested in seeing anything they wrote warning about the dangerous practices of Wall Street investment banks.

Round and round we go - the never relenting advance of the nineteenth century zombies…

Here is a specific reply to you on this question before - viewtopic.php?f=19&t=31369&p=561521#p561521

And also posted before, a speech from Krugman on this question - ‘ECONOMICS IN THE CRISIS’.

Let it be said that Krugman was a lot more vocal on this at the time than the conservative right and their flunkeys down in the Mises Institute. I would also put to you that the majority of these same people were far more heavily involved in the speculations of the (boom) time than Krugman (and where they were vocal, it was in calling for tax-cuts), and that their current intent lies far more in protecting their gains made during this time, than to anything else.

Funny, Wenzel sees Keynesians where I see Monetarists.

He’s a bit of a clown - speech reminds me of a roasting at a press correspondents’ dinner.