Five Mainstream Economists Sound a Warning

Wednesday, September 26, 2012
By Paul Martin

by Gary North
LewRockwell.com

The Wall Street Journal ran an article the likes of which I have never seen. “The Magnitude of the Mess We’re In.” It was written by five well-known economists. It warns readers about a series of highly destructive outcomes of the federal government’s present fiscal policies. The article says that these problems are close to being unmanageable.

The first economist involved is George Schulze. He taught at the University of Chicago and MIT. He served as the Secretary of the Treasury under Nixon and Secretary of State under Reagan. He served as the Head of the Office of Management and Budget under Nixon, and also Secretary of Labor under Nixon. I can think of no other economist with comparable experience at the highest level. He is an insider’s insider. He is 92 years old – a true elder statesman

The second economist is Michael Boskin. He teaches at the Hoover Institution. He used to teach at Stanford. He was the head of the Council of Economic Advisers under the first Bush. Then there was John F. Cogan of Hoover and Stanford. Then there was Allan Meltzer, who is the most respected historian of the Federal Reserve System. Finally, there was Stanford’s John Taylor, of “Taylor rule” fame, one of the most respected academic economists in the USA.

The Rest…HERE

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