Paul B. Farrell: A 20-rule manifesto for New No-Growth Economics

[marmar]

By Paul B. Farrell, MarketWatch


SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, a New Economics. With new rules. Why? Classical economics is fatally flawed. So investors better learn the new rules that will win in the New Economy. Delay, deny, you’ll lose.

After the coming global collapse — the big wake-up call — classical economics will be exposed as a fraud sabotaging investors, destroying America.

Yes, new rules. Why? Because everything you know about economics is wrong. Everything. The old economics is a rigged game in a Wall Street casino. The cards are stacked in favor of the banks and their co-conspirators, political lobbyists, corporate CEOs and the Super Rich. The house always wins. You always lose. Worse, America is losing.

Here’s why: All classical economic ideas derive from one central idea. Not a scientific theory, merely an unproven hypothesis. Worse, all economic conclusions are based on this illusion, a fantasy, myth, wishful thinking. Consequently, all economic conclusions are speculations. ............(more)

The complete piece is at: http://www.marketwatch.com/story/a-20-rule-manifesto-for-new-no-growth-economics-2011-08-30?link=home_carousel

[BadGimp]

1. CLAP TRAP - not worth a read

when taken in its entirety..

[4dsc]

4. Consumerism and growth are dead

So I would listen to any new ideas about how we are going to handle the future.

[saras]

2. As reasonable as is typical for the Wall Street Journal

... it just happens to be from a slightly different perspective.

The fundamental thesis - our "science" of economics is based on the false assumtion that eternal growth is both possible and desirable. Beyond that, they suggest that people will keep struggling with things until a workable new system arises. A trifle optimistic for the WSJ world, but better than most corporate media articles about the economy and the future.

[LetTimmySmoke]

3. Faith in financial capitalism has taken a nosedive this month.