Why Economists and Scam Merchants are the Same
Today’s news that the cost of the global credit crunch meltdown has quadrupled in a year should come as no surprise to followers of the GoogleTreasureChest scamsters. See :
Last year, the highly salaried ‘professional’ economists at the IMF, many having spent a lifetime in the field, said the cost would be $1T. Now it’s going to be $4T. Presumably next year it will be $16T? I think my guess is as good as anyone’s – and that’s all they appear to be doing for their pay – guessing.
It’s not a skill being an economist. It’s certainly not a science.
It’s actually more like the Google Treasure Chest scam than a professional approach to money management. All they’ve actually done is say the cost is small, and then whack on huge bills afterwards.
- If they knew things would get this bad then they should have said so initially instead of lying.
- If they didn’t know, then what are they being paid for? They should be sacked for incompetence. Can they not add up?
The worst part of it all is that the IMF can and do impose swingeing conditions on national bailouts. Ghana is the latest country to feel their whip. All Ghana is asking for is $1G, 1/4000th of the IMF’s miscalculation! Ghana will have to sell it’s soul, grow cash crops instead of food for it’s people, and be in hoc with the IMF devil for decades. If the rich countries had kept their 2005 promises, none of this would have been necessary.
Now can you see the similarity between an economist and a Scam merchant?
Links:
- Wall Street wounded Ghana. IMF tonic could hurt it more: Small but steady growth has been undermined by a banking crisis far away. Now is a test of whether G20 aid will really help – Guardian article by Polly Toynbee
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