Douglas Carswell's Blog

Save us from the wisdom of experts

If you ever want to know why we must never submit control of economic policy to "experts" and technocrats, read Nobel prize winning Paul Krugman's article here in the New York Times. 

"Trying to balance budgets in the face of high unemployment and falling inflation is still a really bad idea" he writes.  As the retail price index approaches 5 percent.  And despite the fact that more jobs have apparently been created in fiscally restrained Germany, relative to Keynesian America over the past few years.

It's precisely because such views are so prevalent amongst Western elites that Peter Schiff's How an economy grows and why it crashes has become such a must read.

When it comes to fixing the economic mess we're in, it's not deficit denial that's the problem.  Rather it's the flat refusal of too many economists and pundits to admit that the underlying problem was a run away credit bubble, caused by artificially low interest rates and credit expansion. 

More of the same won't fix the problem. 

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