Sunday, September 5, 2010

Stiglitz: Iraq War ‘Partly To Blame’ For Financial Crisis

Analysts: Iraq war ‘partly to blame’ for financial crisis | Raw Story
In an article in Sunday's Washington Post, former Clinton-era economic adviser Joseph Stiglitz and Harvard University public policy lecturer Linda J. Bilmes say that the Iraq war forced the US to take on more debt than it had to, and caused in part the rising oil prices that resulted in large amounts of money flowing out of the US economy.

No shit. Thanks for the 20/20 hindsight...7 years too late. OK, so let's look at who called this BEFORE it happened. These dumbshit economists that seem to get so much attention only seem to be smart in retrospect. Let's ask ourselves which economists got it right BEFORE it happened. Invariably, you'll find that economists following the Austrian school, NOT the Keynesians, had it right. They had it right on the banks, they had it right on the mortgage industry, they had it right on the war, they had it right on military spending, they had it right on the efficacy of the Fed. How much more evidence to you need Let's stop listening to Stiglitz and Krugman! Don't you see it's time for a change of philosophy?

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