ASK 12 ECONOMISTS AND GET 13 DIFFERENT OPINIONS!

Stevewo rightly castigates our failures over economics. Mrs Thatcher held similar views about economists. She did not even trust her own Chancellor Lawson preferring to take advice instead from her economic adviser Sir Alan Walters. To my mind economists are just a bunch of overpaid quacks. In theory deflation could not possibly happen - then along came Japan. Now we are confronted with stagflation which throws them all into confusion and despair.

After 1929 President Hoover supported by an army of economic "experts" threw everything at the post crash economic crisis including cheap money, wage increases, subsidies to farmers, massive public works, increases in taxes, curbs on immigration - the list is endless. He should have left office a hero but when Roosevelt took over in 1933 the USA was in economic ruins and the Great Depression continued until 1939. So much for the experts!

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