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but to predict the future they would have to predict how policy makers will act, which is not a function of economics at all but rather one of politics (among many other things).

Maybe they should stop trying to predict the future then.

I hate economists as much as meteorologists. I get that they're trying, but they fail as much as they succeed, so why trumpet your views like your degrees and years of research and whatever else one calls credentials are worth anything when a coin flip would be just as (in)accurate.

I get your point(s) though, doesn't make me like them (economists etc) any more or less however.

i've always enjoyed bagged milk anyway.

i like milkbags too.

Maybe they should stop trying to predict the future then.

I hate economists as much as meteorologists. I get that they're trying, but they fail as much as they succeed, so why trumpet your views like your degrees and years of research and whatever else one calls credentials are worth anything when a coin flip would be just as (in)accurate.

I get your point(s) though, doesn't make me like them (economists etc) any more or less however.

Read it

I was initially skeptical of the first piece, especially since I have an extremely low opinion of academic economists for the simple reasons that they have a HORRIBLE track record of predicting the future and also that they are on government welfare rather than making money with their supposed insights and knowledge.

However, much of what he says is farsighted and basically correct. I think his long-term analysis of the American debt situation is right on, and he's probably right it will go into partial default, or massive running of the currency.

Second piece is pure BS; anyone who thinks BRIC is a new world axis is a dumbass, because they're four very different countries, with very different agendas, that have absolutely nothing in common but disdain for the US, so saying they will become the new axis of the world when American dominance fades is idiotic because by that very eventuality the so-called BRIC group will become obsolete. Never mind that Russia and China have serious internal problems that will undermine them long before that happens.

Idiot academics like the OP in the second piece made the same "bilateral" predictions about Japan and the USSR that never materialized because both those countries had internal problems that undermined them. China is no different. But then again idiots like him will always be obsessed with what is on the front page of the news, and that's why they get interviews. Then of course other idiots read this and think they're on the inside track when they're just reading the same BS as everyone else.

Canada isn't a good long-term investment because their currency growth is driven by materials exports, which are inevitably on the long end of the pendulum because they in turn are driven by what is and is not discovered in other countries and by industrial demand. If industrial demand goes down because of a global recession, all bets are off.