October 30, 2012
Did you know Hurricane Sandy is a good thing?
That according to “macroeconomist” Peter Morici, who writes today:
Disasters can give the ailing construction sector a boost, and unleash smart reinvestment that actually improves stricken areas and the lives of those that survive intact. Ultimately, Americans, as they always seem to do, will emerge stronger in the wake of disaster and rebuild better-making a brighter future in the face of tragedy.
$35 to $45 billion in financial loss from the freak storm “will unleash at least $15-$20 billion in new direct private spending” for an economy “still struggling to overcome the Great Recession.”
Keynesian economists invariably ignore, avoid or are incapable of understanding why we are in a “Great Recession” (actually turning out to be the Greatest Depression). Fiat money arrangements create asset bubbles which inflate and in turn deflate and cause recessions and depressions.
“Moving toward honest money—and away from discretionary government fiat money—is essential for future prosperity and freedom. Postponing real reform will only delay the day of reckoning,” warns Jerry L. Jordan, a former President of the Federal Reserve Bank of Cleveland.
Instead of honest money and free markets, we should instead wait around for the next hurricane. Maybe it will wash prosperity ashore and deliver us from the disaster banksters and Keynesians have created.