I am also aware that there are those who think I have forecast eleven of the last three downturns. I accept that because I believe that the current structures of our economy, and the beliefs that underpin it, are systemically flawed I tend to read coming crises into situations more readily than I would if I believed that prevailing mainstream economics did actually have something useful to say on how to manage our situation and if I believed the structures we have in place might work.
That’s an interesting admission of prejudice.
I forecast wrongly because I don’t believe conventional economics. Conventional economics seems to be right about my predictions but I’ll believe me anyway.
One clue as to the problem might be:
markets exist in the moment
Most odd. All that conventional economics insists that market are forward looking. But then The Tuberoso has always had problems with the concept of discounting and net present value, hasn’t he?
So let me offer my advice. I’m now older than Jack was when I first met him. My suggestion is read, write, think, and act on what you learn. That is how we get ready for the next time. And that is how next time does not go to waste.
So he’s a Friedmanite again. When a crisis occurs the solutions are found in those ideas already lying around?