Saturday, October 4, 2008

The last laugh

In the media and the bakery shop around the corner, I hear more and more people say that the global financial system is ludicrous. Yesterday, in my daily newspaper NRC Handelsblad Dutch writer Willem van Toorn said, "It is amusing for the outsider that the army of economists, who always have said to us with serious scientific economic faces that we should not stop growing, now do not seem to have any scientific text available and instead speak with deep concern about 'the emotion of the market'."

Willem van Toorn's concern (and amusement) with economists was shared the day before in the same NRC Handelsblad in a column by Jan Sampiemon, a former Chief Editor for Foreign Affairs and former Deputy Chief Editor of NRC Handelsblad. He said:

"European politics followed until the beginning of this week European business, which was captured by the new US managerial capitalism. … Among other things, you recognise an ideology by the commonness of opinion among nearly all those who are dealing with the issue as economist, politician, CEO or journalist. Relevant questions were not raised. 'Fundamentals' could not be debated and scientists who raised critical questions were turned to the corner where they could puzzle over their stalled career."

I circulated these two quotes among a number of economists of my FONDAD Network (the group is larger than the link indicates) and in response one of them sent me a nice video clip. I think it will make you either smile, burst out in laughter, or laugh like "een boer met kiespijn" (a farmer with toothache), as the Dutch expression goes. According to my dictionary the English would say, "laugh on the wrong side of your face (mouth)".

1 comment:

Elvira said...

"And then the next day the same sophisticated person says..." Hahahaha!

"You don't expect us to do it for nothing!"

"High is good, better than low." Hahaha!

Thanks for the laughs. I'm sure this video really describes part of the process (unfortunately).