Nearly everyone today is talking deflation, deflation, deflation.
Among the savvy that alone ought to be a sign.
At some point, however, deflation is like that card game Texas Hold 'Em, it's all in the market.
So to the Martin Wolfs of the economic world, spare us, sir, your crybaby columns calling for more Keynesian nonsense.
Wolf's latest lament in the Financial Times, "The curse of weak global demand," is beginning to sound a lot like the late Freddy Fender's "Before the next teardrop falls." Wolf and his fellow Keynesian bellyachers keep urging Mario The Dragster Draghi and his fellow band of bankers to do something before the next teardrop hits the ECB balance sheet.
For Wolf and his minions there are two culprits--austerity and what Wolf apparently with a straight keyboard typed: chronic demand deficiency syndrome. That's correct. You're reading that right. Now let's all hear it for CDDS.
Anyone who doesn't recognize this as stand-up comedy material doesn't understand stand-up comedy. Where is Monty Python when he's needed? If we aren't careful we will all have something to really worry about like finding CDDS right up there with STD, PTSD, ADHD and 20 million other acronyms.
"Extreme policy has been ineffective," Wolf claims, "because economies suffer from such deep seated ailments." Conspicuously missing from Wolf's list of deep seated ailments is bloated global bureaucracies and their historical obsession with economic scatology.
In all of Wolf's wailing there's scant mention of just letting the market do what markets always do when unfettered by government meddling and nonsense--let those who ought to disappear disappear. It's called repairing the structure, not just slapping a fresh coat of paint on the exterior until the next time.
Like many others of similar bent, Wolf clearly missed his life's calling.
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