The New York Times had an article today illustrating the
propaganda purposes of mainstream economics. The bond
market rallied because unit labor costs fell. But the
traders/journalists argued that it rallied because the
unemployment rate fell, meaning a further tightening
of monetary policy, meaning lower inflationary expectations.
What incredible obfuscation. I guess that's what a
formal training in economics is for: To make a case for
tightening monetary policy when that's the last thing we
need.
Edwin Dickens
