Mailvox: It always shows up eventually

Strange Semantics wrote: I think Canada and Europe are great examples, as for the most part their economies are doing as well as the U.S.’s on a relative scale, and theirs are much more socialized societies than ours

Stephen Roach, on the other hand, wrote today: I can’t get Europe out of my mind. Most of my international travel in early 2004 has been spent hopping back and forth across The Pond to the UK and the Continent. In a series of four such visits in the first ten weeks of this year, I have met with a broad cross-section of European investors, corporate executives, and government officials. I’ve never seen Europe in such bad shape…. Europe was the exception to this otherwise synchronous outbreak of resurgent global growth, with real GDP growth falling slightly short of 1.5% in the second half of 2003. And that was before the full force of the lagged impacts of the strengthening euro kicked in. Europe’s failure to participate in the latest global upswing only adds insult to injury. Something is seriously wrong in Europe, and the Europeans know it.

I salute Strange Semantic’s willingness to take me on directly. But, as Stephen Roach is Chief Economist and Director of Global Economic Analysis at Morgan Stanley as well as a former Fed researcher, I submit that this is more evidence that SS has almost no idea what he is talking about when it comes to economics, and consequently, political philosophy.

The axiomatic Austrian approach is the only economic school that offers a solid diagnosis for what is happening in the economies of the world today. Even Keynes admitted that in the long run, his economic models disintegrated. Keynes may be dead now, but we are not and the long run, she is a-coming.

Did WFB just get snopesed?

WFB writes: Looking back on Bush vs. Gore, Professor Joseph Olson of the Hamline University School of Law in St. Paul, Minnesota, gives us a shrewd perspective. Adding up the counties in the U.S. won by the two candidates, it was Gore 677, Bush 2,434. Taking the population of those counties, it was 143 million for Bush, 127 million for Gore. In square miles of land won, Gore 580,000, Bush 2,427,000. The murder rate in Gore counties, 13.2 per 100,000 residents, contrasted with 2.1 in the Bush counties.

That sounds a lot like the bogus Macalester professor, (another St. Paul university, btw), who couldn’t remember that there are 48 states, not 50. Which is too bad, since I agreed with the conclusion of the immediately previous paragraph: Democracy just doesn’t work, much of the time.

So let me get this straight. According to a pillar of the Republican party, we’re killing people and sacrificing our young soldiers for something that doesn’t work most of the time? That sounds a lot like someone stumbling gradually towards my critique of our Commander-in-Chief’s martial performance.

UPDATE: The Original Cyberpunk adds: Professor Joseph Olson is real, I’ve met him many times, and yes, this story is completely bogus. Still, no matter how many times he denies it, it keeps coming back; sometimes saying he teaches law at Hamline (which he does), other times putting him on the faculty at Macalester, William Mitchell, or some other college he’s never taught at. Sometimes breaking it out by counties; sometimes by either 48 or 50 states. But it all cases this story is false, the stats are wrong, and you’d be well-advised not to repeat it because it is so easily, provably bogus.

Oh, how are the mighty fallen!