Today is one of those days. The gem today normally would be filed under 'Utterances of the Village Idiot', but that would be an insult to village idiots around the globe. Today's piece via Der Speigel entitled Can Higher Inflation Be a Good Thing, comes from Olivier Blanchard, chief economist of the IMF.
"The chief economist for the International Monetary Fund, Olivier Blanchard, recently argued that Western economies should accept inflation rates of up to 4 percent. State meddling in the economy may not be such a bad thing either"
Pretty easy to see why the IMF's track record in economics is akin to the NFL's Detroit Lions won-loss record. You just can't make this shit up if you tried. Village idiots around the globe today are resting at ease with the likes of Msr. Blanchard on the loose.
In his defence, chief economist Blanchard is most probably a first rate gentlemen and all around nice guy to his family and friends. Sadly he is simply another example of one the smartest guys in the room turning out to be swift as a bag of hammers.
Maybe just maybe we should quarantine these smartest guys in the room and let some of the dumbest in the room have a crack at it.
Could we, eeerrrr excuse me, they do any worse. Okay it's we, I'm in that group. But still, could maybe the opposite to what they're doing be the answer? How about doing nothing? Just a thought.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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