Via Ritholtz, I see bonddad is upset about the politicization of economics by econ-illiterate political bloggers. I presume Ritholtz somewhat approves of this message, even though he adds it’s more about “dishonesty” and “lack of integrity.” Bonddad posts some questions for both the left and right to answer before they open their stupid yaps again.
I have some questions for bonddad, Ritholtz, and economists more generally, in return:
1. How is it possible to have infinite growth on a finite planet? Who are the genius economists who have repealed the laws of thermodynamics?
2. On a related note, if you can’t have infinite growth, how long before a debt-based economy implodes or is forced to declare a debt jubilee as debt inevitably outstrips real wealth? Again, we’re talking about a measurably finite planet. I’m pegging it at some time around Lehman, but Europe will also do nicely. (also, what is the notional value on outstanding CDS; and when is a default not a default?)
3. How many species will be extant by 2050? How much polar ice will be left?
4. Where is the accountability for outright fraud on Wall Street? For “privatizing gains, while socializing losses?”
5. To what extent did tax cuts for the rich and imperial wars of aggression contribute to our debt? Globalization? Free trade agreements? If the United States in not an empire, then what is it? If an empire is not a wealth pump aggressively pursuing wealth from the periphery to pump it into centers of power (and how!), then what is it?
6. When did we return to “mark-to-market” accounting?
7. How’s the “experiment” in austerity working out?
8. Are the busses still running in Detroit? Do they have streetlights? Jobs? Is everyone’s tummy full?
That’s just for starters.