6 April 2006
Kitco - Commentaries: "Numerous personal conversations with economics degree holders over the years have revealed to me an absolutely shocking display of ignorance regarding risk from debt in commerce, risk from debt in currency, lost control from foreign debt ownership, wreckage from pursuit of low-cost foreign solutions, insane reliance upon consumption instead of investment, acceptance of the entire lexicon of FedSpeak, and benign dismay of economic statistics. These people have been co-workers in industry, colleagues of friends, and acquaintances socially. One sure path to acceptance of chronic bad policy is to have it blessed by badly educated economics counselors. In fact, a full generation of badly educated economics professionals litters the Washington, D.C. and academic landscape. In a sense, the United States has 're-invented' economic theory. The movement coincides with the advent and growth of financial engineering, which is just a nice glib catch phrase for inflation & leverage.'"