Keynesian Economists are Narcissists who don’t know the First Thing about Economics

Posted by PITHOCRATES - March 2nd, 2014

Week in Review

There was a sketch on the Benny Hill Show that reminds me of Keynesian economists.  Benny was singing a song and they were showing the unrequited love around him.  They showed one woman who loved a man.  But that man loved another woman.  Who loved Benny.  And who did Benny love?  The camera remained on Benny.  Because that’s who he loved.

Keynesian economists are a lot like that.  They like to sound erudite.  They like to write things with impressive economic jargon in it.  The layman can’t understand a thing they say or write.  But that’s okay.  As they are writing to impress their peers.  People who are as narcissistic as they are.  And they tell each other how brilliant they are with all of their demand-side pontificating.  Pinching each other’s cheeks and saying, “Who’s a good economist?  You are.  You’re a good economist.  Yes you are.”  Even though they are always wrong.  Reminding me of another television show.  Hogan’s Heroes.  Where Colonel Hogan and Colonel Klink were disarming a bomb in the compound.  They’re down to two wires.  One disarms the bomb.  The other detonates it.  Colonel Hogan asks Colonel Klink which wire to cut.  He picks one.  And just as he’s about to cut it Colonel Hogan changes his mind and cuts the other wire.  Disarming the bomb.  Colonel Klink asks him if he knew which wire to cut why did he ask him.  And he replied that he wasn’t sure but he knew for sure that Colonel Klink would pick the wrong wire.

This is just like a Keynesian economist.  Ask them what to do to help the economy and you can be sure they’ll pick the wrong thing to do.  Because they love their demand-side economics with all their charts and graphs and equations.  For it feeds into their superiority complex.  As they can baffle people with their bull s***.  Well, the truth is that the economic data doesn’t support demand-side economics.  For all of the stimulus spending Keynesians have encouraged governments to do have never pulled an economy out of a recession.  It has only extended a recession.  And made it more painful.  For if you want to help the economy you have to work on the supply side.  Make it easier for people to be creative and bring things to market.  Things people will buy.  Even if they had no idea that they existed before seeing them in the market (see How Taco Bell’s Lead Innovator Created The Most Successful Menu Item Of All Time by Ashley Lutz posted 2/26/2014 on Business Insider).

The Doritos Locos Taco is one of the most successful fast food innovations of all time.

Taco Bell released the product in 2012 and sold more than a billion units in the first year. The fast food company had to hire an estimated 15,000 workers to keep up with demand…

The team went through more than 40 recipes, and Gomez told Business Insider he sometimes felt like the idea would never come to fruition.

“Execution was so difficult,” he said.

Gomez was eventually able to perfect the shell by using the same corn masa found in Doritos. He also discovered a process that would evenly distribute the seasoning on the shells. And the company found a way to contain the cheese dust in the production process.

Even after Gomez created the ultimate shell, he still had to design production facilities that would make millions of them.

But for Gomez, the years of effort was worth it.

“When we shared the idea with our consumers, they loved it,” Gomez said. “I was blown away with how immediately popular Doritos Locos Tacos became.”

The taco is the most popular menu item in the fast food chain’s 50-year history.

This wasn’t demand-driven.  As Keynesians believe everything is.  Get more money into the hands of consumers and they will demand things.  Thus increasing economic activity.  But not a single consumer was demanding the Doritos Locos Taco.  As there was no such thing to demand.  And giving them more money wasn’t going to bring it to market.  Only creative people with an idea and an indefatigable passion brought this to market.  Spending a lot of years and lots of money to bring to market something people weren’t demanding.  And might not even like.  But they did.  And it was a big success.  This is how you create economic activity.  On the supply side.  Cut tax rates and costly regulations.  Like Obamacare.  So other people are encouraged to be creative and use their indefatigable passion to bring other things to market.  Creating a whole lot more economic activity than just giving people a stimulus check and telling them to go out and create economic activity.  Because once that Keynesian stimulus is spent it cannot create any more economic activity.  Unlike all of the economic activity it takes to sell a billion or more Doritos Locos Tacos a year.

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FT210: “Vanity, thy name is liberalism; Liberty, thy name is capitalism.” —Old Pithy

Posted by PITHOCRATES - February 21st, 2014

Fundamental Truth

Christians believe in the Reward of Hard Work and Shun Idleness for it tends to Invite Trouble

Liberals are very confident people.  As well as arrogant.  Narcissistic.  And condescending.  Which is why they are so secular.  Wanting to take the separation of church and state argument to the extreme.  Attacking and mocking Christianity every chance they get.  As they don’t like anyone judging them.  Or setting some moral standard.  For liberals are a sinful people.

The Seven Deadly Sins are wrath, greed, sloth, pride, lust, envy, and gluttony.  Christians try to avoid these.  They forgive their enemies instead of getting angry at them.  They tithe to their church instead of keeping all of their money greedily for themselves.  They believe in the reward of hard work and shun idleness for it tends to invite trouble.  They are humble and don’t strive for attention.  They have strong self-control and make sacrifices for a better future instead of giving in to current wants and desires.  They tend to be happy with what they have however modest their lives may be.  Instead of being envious of others.  They don’t eat, drink or live to excess, preferring to do everything in moderation.  Things you just don’t associate with liberals.

Now think of some liberals you know of.  Think of the vicious things liberal Democrats say about Republicans (such as a campaign commercial showing a Republican pushing ‘Grandma’ off a cliff).  The vulgar things some liberal commentators say about Republican women.  And the ridicule of conservatives on late-night television.  Rich liberals who want to raise taxes on the rich (which includes the middle class) to pay for a generous welfare state while giving little to charity themselves.  As they are far more generous with other people’s money than with their own.  And never risk their own money in risky investments such as Solyndra.  Preferring to risk the taxpayers’ money.

Liberals attack the Rich because they are Envious of their Hard Work and Success

Liberals always want a bigger federal government with an ever-growing bureaucracy.  So they can be career politicians without ever getting a real job where they have to work hard to earn a living.  Liberals like to brag about how smart they are and how brilliant their legislation is.  Taking credit for things they didn’t even do.  Such as President Obama taking credit for the surge in natural gas production done on private land by private companies.  Or boasting how their economic policies are working even though the real unemployment rate is in excess of 13% (when you count those who have left the labor force and those who can only find a part-time job).  And their refusal to admit they wrote a terrible law.  Such as Obamacare.

Liberals never want to wait for anything.  They don’t believe in hard work.  They believe in early retirement and generous pensions.  For their friends in the union.  Like the UAW.  In the public sector unions.  And those in government jobs.  They attack the rich because they resent their hard work and success.  Are envious of them.  And want to punish them because they were never as good as they are.  With higher tax rates.  And punishing regulations.  Hollywood celebrities and the Washington elite live the most extravagant lives.  In some of the most expensive homes which are filled with the finest food, drink and toys.  And when that’s not enough some further their excess with drugs.

These are things you just don’t associate with Christians.  In fact, these are things Christians frown upon.  Even telling their congregation not to live lives like these in their church services.  For these are not Christian lives.  Some people could have everything they could possibly want or desire but are still not happy.  Or are bored because it came too easily.  Or too soon.  Turning to other outlets to excite them.  Alcohol and drugs.  Drag-racing in expensive sports cars on neighborhood streets.  Partying all night in the hottest clubs.  Or blowing a lot of money gambling.  Anything to escape the boredom of an idle life.

For a Better Life we should Shun Liberalism and Embrace Free Market Capitalism

This is why liberals attack Christianity so much.  As well as one other reason.  Because they don’t like believing in a higher being.  For they are so arrogant and narcissistic that they can’t stand the thought of some being that is greater than themselves.  For they hold liberalism sacred.  And if anyone worships anything they want the people to worship them.  Because they believe they are the smartest and the most insightful people in the universe.  Yes, vanity, thy name is liberalism.  Which is why they believe they should control government.  And our lives.  Because they’re smarter and wiser than business owners.  Bankers.  Entrepreneurs.  And market forces.  For they are the higher being.  Not what those silly Christians worship.

A lot of people have felt like this throughout history.  Adolf Hitler.  Mao Zedong.  Saddam Hussein.  Benito Mussolini.  Muammar Gaddafi.  Kim Il-sung.  Kim Jong-il.  Kim Jong-un.  Fidel Castro.  Supreme leaders and ruthless dictators who preferred their people to worship them like a god.  And imposed socialism, fascism or communism on their people.  Using their supreme intelligence and insight to make the state a better place for the people.  Making the state supreme.  While subordinating the individual.  And elevating the supreme leader above everyone.  Something liberals have been trying to do all their lives.  Only without the torture and genocide.

But their efforts share a similar trend with these ruthless dictators.  The quality of life declines under their rule.  Some of the worst places to live when it comes to human rights have been in Nazi Germany, the People’s Republic of China, Iraq, Fascist Italy, Libya, North Korea and Cuba.  While some of the best countries to live in are the United States, Canada, the United Kingdom, Australia and Hong Kong.  All once part of the Christian British Empire.  An empire that embraced free market capitalism.  And when people practice self-control and make sacrifices for the future engage in free market capitalism they make a better place to live.  At least this is what history has shown us.  So if we want a better life we should shun liberalism.  And embrace free market capitalism.  For liberty, thy name is capitalism.

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