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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 

Condensed Articles

November 9, 2015

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TEDIOUS DRIVEL

By M. N. Gordon

(condensed)

One of the more tedious drivellers of popular economic thought is former Treasury Secretary Larry Summers.  There’s hardly a question he doesn’t know the answer to.   Larry Summers is the man Janet Yellen beat out for the top job at the Fed.  But now, with regular frequency, he publicly tells Yellen how to do her job. “In the face of a ‘low-flation problem,’ [there’s] no reason to raise rates.” Summers has it all figured out.  He even knows what the inflation rate will be 10 years from now.  He can predict the future because he has charts that extrapolate the past and project it into the future. 

Summers hasn’t considered what happens when artificial demand is created by people borrowing money with cheap financing stimulated by years of low interest rates.  The economy becomes so larded over with debt it becomes impossible to stimulate demand by pushing out more cheap credit.  That’s why, after seven years of ZIRP, the economy’s prone as a dead man.