As time goes by, Dr. Allan Meltzer will be vindicated in his analysis of the great moral failure of the entire American political class’ handling of the ‘Great Recession’. Dr. Meltzer had numerated his thought in several journals and lectures that I will briefly detail here at a later date. Nevertheless, I found a comment by Ludgwig von Mises that is very relevant to Meltzer’s analysis.
“The elitist political class buries its true agenda in completx economic models and tells its citizens that they are just too unsophisticated to understand. Ultimately though, the political class knows what must be done, but they don’t know how to get re-elected once they’ve done it.”
“There are in the field of economics, no constant relations.”
“All econometric models are useless because they fail to account for the coercive and distorting effects of government interventions. The Federal Reserve, Fannie Mae, Freddie Max, the tax code and all the federal bureaucracies combined en masse are exogenous factors weighing on an economy that is taxed, regulated and coerced almost to death.”