Sinking Manufacturing Is A Stagflationary Trend

Tuesday, June 7, 2011
By Paul Martin

By Jeff Harding

It is not a surprise to me that the economy is stagnating, but apparently to everyone else it is. In almost every data report coming in are the words “unexpected”or “surprising.” One wonders why most economists didn’t see it coming. Actually I don’t wonder about it: I know. It is all about economic philosophy. One would think if the data didn’t fit the theory, economists might check their premises, but no,they do not. That is because as conformists they shut their minds to heterodoxy.
What I see is economists focusing on the wrong things. They tend to believe that what I see as “good” things are bad. And conversely,what I see as “bad” are seen as good things. Housing and quantitative easing are the most obvious examples of this phenomenon.

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