Monday, May 25, 2020

My letter to the NY Times re: Exaggerated Monetary Consensus

From: Patrick Barron
Sent: Monday, May 25, 2020 10:29 AM
To: NY Times
Subject: Exaggerated Monetary Consensus
 

Dear Sirs:
In his May 17 article titled (print edition) "A Giant Deficit, Once Dreaded, Is Now Desired" Mr. Tankersley claims that "A legion of economists, Federal Reserve officials and even some of the most outspoken proponents of deficit reduction in recent years are now urging Congress and President Trump to continue spending trillions of dollars to prevent a long-term collapse in business activity and prolonged joblessness."

Really? Just who are these economists? Turns out that Mr. Tankersley drags out the usual suspects--two Harvard economists and an economic advisor to socialist Bernie Sanders. He did find a couple very mild quotes by semi-sound money economists who otherwise are critics of deficits. They support the fallacious idea that government should spend during recessions. Left unsaid is that these same economists recommend running budget surpluses during the good times. Of course, the spend-until-you-drop economists are much loved by the political class, because they tell politicians exactly what is manna to their ears; i.e., you do not have to economize...just spend! On what? Lord Keynes, much loved by the political class, famously advised that people be paid to dig holes in the ground and then other people be paid to fill the holes back up. Yes, he really did say this!

Well, Mr. Tankersley, there is a "legion of economists" who know that budget deficits MUST BE PAID in some fashion. We the people are paying for it now with a diminution of the purchasing power of existing dollars. There is no other possible outcome to printing money out of thin air. Please, Mr. Tankersley, look beyond the Keynesian dogma and read Mises, Hayek, and Rothbard. Why there is even a real economist right there in Manhattan: Professor Joe Salerno of Pace University. Take him to lunch sometime and have the scales removed from your eyes. You will be a better man for it.

Patrick Barron

Sunday, May 17, 2020

My letter to "The Ethicist" at the NY Times re: Popular Delusions

From: Patrick Barron
Sent: Sunday, May 17, 2020 9:32 AM
To: ethicist@nytimes.com
Subject: Popular Delusions
 
Dear Judge Hodgman,
In reference to your response to a college professor who is troubled by a colleague who "spouted bizarre conspiracy theories and generally denied the severity of this (coronavirus) virus", you recommended students read Charles Mackay's 1841 classic "Memoirs of Popular Delusions". Yes! By all means, recommend this book! May I also suggest that students read "Damned Lies and Statistics" by Joel Best. Both will open one's eyes to how public opinion can be manipulated.

Sincerely,

Patrick Barron
20 McMullan Farm Lane
West Chester, PA 19382
Phone: 610-793-3605

Judge Hodgman has a "Dear Abby" or "Ann Landers" type column in the Sunday NY Times. Frankly I find his answers not up to par with Abby and Ann. In this case, he had severely ridiculed the college professor who refused to toe the government and main stream media line about the coronavirus. I wonder if he will recognize my jibe that at the present time we really don't know which side is delusional.

Pat Barron