“EUROZONE CONFIDENCE FALLS” (August 30, 2012)
Thus The Wall Street Journal today. “Confidence among eurozone consumers and businesses fell to its lowest in almost three years in August,” elaborates the newspaper, “below economists’ forecasts and suggesting that the economy in the debt-saddled currency bloc has further to fall.” Pretty good news, this. At least consumers and businesses understand what is going on and what is likely to follow. To hell with economists’ forecasts. So far, and especially after the onset of the Great Recession in 2008, the bungling profession has amply demonstrated its irrelevance. Nay, its perilous incompetence. Under the circumstances, confidence surveys are the best way to proceed when gauging the future. Luckily, there are many other professions that can administer such surveys and interpret their results. The economist should be sent packing. Chances are that a confidence survey about their professional competence would point in the very same direction. Farewell, bunglers!