Permanent Human Settlement of the Earth, Space and Ocean Frontiers

Thursday, February 12, 2009

When The Greatest Invention Of Man Goes South

When asked which was the greatest invention in all of history - Albert Einstein replied: "Compound Interest". He wasn't exaggerating. But as in all things great - it is also horribly complicated. Just ask Albert.

The economy is far more complex, it turns out, than quantum physics itself and that must have been what The Great One was alluding to. In fact, it is difficult to find ANYONE who admits to understanding it, even though last week, President Obama said, "Nowadays, everyone thinks they're an economist." And that defines the problem. Although everyone tries to represent themselves an expert - in reality, it seems no one really is. The question that was left conspicuously hanging after Obama's complaint is whether he ever found a "real" one. It is like Diogenes casting about the proverbial wilderness in search of one honest man. Our president has yet, it seems, to find one knowledgeable economist, even though one would hope than in the very center of world power, the President could locate at least one or maybe even two after weeks of desperate casting about. It appears he is still at it. So today, when we find the world's economic base is teetering on disaster, it is NOT comforting to find that those in charge don't have much of a clue and can't seem to find anyone who does. Here are two videos that demonstrate that. They are very much worth the less-than-10-minutes it will take to watch.

On the first video features Pennsylvania lawmaker Paul Kanjorski who is the second-ranking Democrat on the House Financial Services Committee. He says he was present last September when the United States and the world almost totally melted down. He then goes on to add that nobody really gets it even today, that things are getting worse instead of better and that they are even looking to private citizens for some hints and help! One has to appreciate the transparent candor of Rep. Kanjorski - a truly refreshing approach to the actual truth - whatever that may be.

These are truly some "can't miss" videos on the seemingly altogether vapid science of economics in real world practice. Fasten your seat belts for these.