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September 13, 2003

Beyond Linear Economics 

This post is not for grannies and all those of a nervous disposition...

According to The Daily Reckoning:
If people really understood the deep context of Greenspan's speech, they would have panicked long ago. Because they would have known that the Fed chairman is nothing more than the mumbling mouthpiece for the greatest bamboozle in world financial history. Here we are, at the beginning of the 21st century, and the entire global economy rests on a compound fraud: that American consumers can continue to take up the world's excess production, forever...and that Mr. Greenspan can see when the economy is headed for trouble and take swift action to lead it to prosperity.

A sample from Greenspan's full speech at the start of Septerember:
"Uncertainty is not just an important feature of the monetary policy landscape; it is the defining characteristic of that landscape."..."...Econometric models, no matter how elaborate and thoughtful, are not enough to establish policy. Welcome to the world of behavioral economics... The world is far to complex to be understood totally in some linear, static computer model. There are too many variables, and as soon as one starts changing, the inter-relationships in and of themselves begin to change, thus making the model less useful..."

Another Commentary (tell us if you see others to add to the uncertainty of all our financial futures)

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