Economic Revisionism

Recently the Guardian published an article by J. Bradford Delong (June 29, 2012) Explaining current US Treasury rates is beyond even the economic prophets which tries to rehabilitate mainstream economists. Sadly no comments were possible on the paper's website, but two non-orthodox economists have replied:

Bill Mitchell: Revisionism is rife and ignorance is being elevated to higher levels.

Steve Keen: What utter self-serving drivel, Brad Delong!

Both of these commentators point out in some detail, with extensive quotes and many links, that the people Delong suggests we trust with the economy have always been and still are clueless about what is going on. They are part of the problem not the solution.

Meanwhile the scandal over interest rate fixing is highlighting how corrupt banks and the finance sector have become under deregulation and a culture of greed.