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Monday, 15 February 2010

20 Economists? What a Shame!

Half a dozen 'persons of distinction' have subscribed to a letter that the SUNDAY TIMES was delighted to publish, which takes a very grave view of the prospects facing the British economy.
The force of the argument is vitiated by all twenty signatories being tagged as Economists: members of a disgraced caste which validated all the excesses of the securities industry and facilitated some of the most egregiously insubstantial 'products'.
Their 'profession' has not yet explained to the Queen why they did not forsee and forestall the crunch. The long delayed response from the LSE to her direct question was a fatuous suggestion that Her Majesty should personally monitor the economy, on the basis of regular ministerial briefings.
It is sad that the highly respected Roger Bootle was a signatory: presumably he is more concerned about publicising the peril facing the economy than he is about any tag that is hung around his neck. His participation is a clear signal that the content of the letter is highly revelant to the present situation.
But it is a great pity that the argument has been presented under that disreputable banner.

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