In denial about being a sceptic
These days I listen to the radio a lot more than I used to. Steve Fielding has been interviewed many times this past week in regards to his questioning of climate science and asking whether CO2 is really the driver of global warming. He has been asking how temperature could be so flat over the last decade even as CO2 kept on rising. What has been painful to listen to has been Steve’s repeated introduction to such interviews with a deliberate statement that he is not a sceptic or an extremist. Painful because clearly he is a bit of a sceptic. And painful secondly because being a sceptic is somehow such a negative thing that Steve has to go into pre-emptive denial just to remain viable within the discussion. How did being a sceptic become so demonised?
What I also find notable is the media attention that a senator can attract. It is not as if the question he is asking has not been asked by others. In any case he seems to be handling the interviews with considerable ease. For those that have missed it here is a sample.
The Fed Might Have Painted Itself into a Corner
Guest post by Frank Shostak, originally published at www.mises.org on 12/06/09.
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A growing concern for Fed [United States Federal Reserve] policy makers is a weakening in the US dollar against major currencies. The price of the euro in US-dollar terms climbed from a low of $1.27 in November last year to around $1.41 in May and $1.43 in early June — an increase of 12.6% from November. The major currencies dollar index fell to 78.89 in May from 82.3 in April — a fall of 4.1%. If the declining trend in the US dollar were to consolidate, this could cause foreign holders of US-dollar assets to divest into non-dollar-denominated assets and precious metals. This in turn could spark another financial crisis.For instance, on June 6, 2009, Russia’s President Dmitri Medvedev said that American financial policy had made the dollar an undesirable currency for reserves held by central banks.
Also China — the largest holder of US-dollar reserves — has voiced its misgivings with the Fed’s massive money pumping, which is seen as an important reason behind the recent weakening in the US currency. Note that in March, China’s US-dollar reserves stood at $1,953.7 billion — an increase of 2.2% on the month before. The value of the China’s holdings of US Treasury securities was $767.9 billion in March against $744.2 in February and $490.6 billion in March last year.
The last gasp of a fading fool
I’m not sure if anybody takes Gerry Jackson seriously. I know I shouldn’t waste my time on him, but his articles are just so jaw-droppingly dishonest and absurd that he deserves another kick in the pants. There is a distinct possibility that he doing a parody of an ignorant old fool. If so — it’s a very good likeness.
In his latest rambling rant Gerry tries to defend his monetary confusion. And fails miserably.
After constantly attacking other free-market thinkers such as Davidson, Lindsay, Berg, Manners, Evans, Moore and many others, Gerry starts his article (as he usually does) with a whinge about how nobody is nice to him. Don’t worry Gerry, Bird and Mad-Doug still love you.
Amusingly, his first actual point is a straight out lie:
“…an overvalued currency acts like a subsidy on imports and a tax on domestic production. Humphreys states this is not possible where floating exchange rates are the rule.”
I never said this. Indeed, I directly said that the reserve bank could over-value the exchange rate by running a contractionary monetary policy. He is either grossly dishonest or unbelievably stupid. Or both.
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