[lbo-talk] Socialism by any other name?

[Bill Bartlett]

At 2:05 PM +0800 11/6/03, Grant Lee wrote:
> >
>> The insurance company that raised money by issuing such securities
>> would use the proceeds to buy securities linked to a lot of other
>> countries' GDPs. So it would end up with payouts linked to its own
>> country's GDP, but income linked to other countries' GDPs. Get it?
>> Provided all countries didn't go into recession at the same time, the
>> company would have shifted some of the risk of a local recession.
>>
>
>I guess Shiller hasn't heard about 1929, or 1847, or....

Cognitive dissonance? We could go on all day picking at the big holes in the theory, but what's the point? Any sentient being can see the flaws in most of these economist's stuff and the only exceptions are those who draft such tortured and convoluted language that no meaning is discernable.

Bill Bartlett
Bracknell Tas