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Nobody Knows Anything

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Posted in China, Contemporary economics, History of economics, US politics Tagged with: , , , ,

Cowperthwaite.  Sir John Cowperthwaite. An unlikely guru, to be sure. But at the end of the week in which the Republican Party lifted caps on discretionary public spending by $300 billion over the next two years, putting the US on what appears to be a path to permanent $1 trillion deficits; in which the era of austerity was said to come to an end; in which the Dow Jones Industrial Average swung wildly and declined sharply for no apparent reason: Cowperthwaite was the authority who came to mind. It was Cowperthwaite who, along with a small cadre of other civil