Did the Fed Economist Slam Bloggers for the Same Reason that Fundamentalist Priests Slammed the Printing Press?
by George Washington
Kartik Athreya of the Richmond Federal Reserve Bank argues that bloggers are stupid, and that only PhD economists have a right to say anything about economics policy.
This distinction is a little ridiculous, given that many of the world’s top PhD economics professors are bloggers.
And it must be noted that the Fed ignores any PhD economist who exercises any scintilla of independence.
For example, all of the PhD economists who say the economy won’t recover unless we break up the giant banks are ignored (even if they happen to be former Federal Reserve chairmen or Fed Bank presidents).
And well-known PhD economist James Galbraith is ignored when he argues that – because fraud caused the economic crisis – economists should move into the background, and “criminologists to the forefront”.
And of course, the PhD economists calling for a complete audit of the Fed or – heaven forbid – a challenge to Fed powers, are ignored.