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Economists Say Food Crisis Prediction From Beck's Inflation 'Expert' Is "crazy"

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Turborama Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-19-10 02:29 AM
Original message
Economists Say Food Crisis Prediction From Beck's Inflation 'Expert' Is "crazy"
Edited on Fri Nov-19-10 02:41 AM by Turborama


Economists tell Media Matters that they've "never heard" of the organization Glenn Beck has cited to fearmonger over a coming "food crisis," and mocked the group's conclusion that massive inflation in food prices is imminent.

Last week, Beck repeatedly used his Fox News show to hype predictions from the "credible people" at the National Inflation Association (NIA) of a coming "food crisis." Beck cited NIA's forecast of huge increases in the cost of food staples, which Beck has said is a result of both the Federal Reserve's efforts at quantitative easing, and George Soros' supposed sinister plot to devalue the dollar for his own personal gain.

Dean Baker, the co-director of the Center for Economic and Policy Research, said he's "never heard" of NIA, but told Media Matters their conclusions are ridiculous on their face: "Inflation is falling, not rising, this is crazy." Josh Bivens of the Economic Policy Institute agreed, saying that he's "definitely never heard of them," but that based on their forecast, "no one would say they're a group you'd look to for serious analysis." Likewise, Mark Thoma, professor of economics at the University of Oregon, who blogs at Economist's View, said, "I have never heard of this association and would not give it any credibility." He added that "credible economists concerned about inflation do not believe we will get anywhere near to hyperinflation."

According to its website, the NIA "is an organization that is dedicated to preparing Americans for hyperinflation and helping Americans not only survive, but prosper in the upcoming hyperinflationary crisis." The group is headed by Gerard Adams, who is also president of Wall Street Grand, a website that makes penny stock picks. NIA also makes stock picks.

Continues: http://mediamatters.org/blog/201011170013

Related news from TPM: Glenn Beck Hawking Survivalist Disaster Kits

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truedelphi Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-19-10 02:38 AM
Response to Original message
1. I think that Jon Stewart had some footage of some of the members of the NIA
In his broadcast shown earlier. You can go to Comedy Central and check out his show for Nov 18th.

For some reason, most of these characters look like odd little stuffed animals or puppets.

And Jon did a hilarious piece of mimicry by which he spoofed Glenn Beck.
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Turborama Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-19-10 02:48 AM
Response to Reply #1
2. Awesome. Thank you for the heads up!
Edited on Fri Nov-19-10 02:49 AM by Turborama
I can't get Comedy Central where I live so I'm going to check to see if it's online yet.

:hi:
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