You know the financial crisis, right?

You know the 'financial crisis' right?

You know the 'financial crisis', right? Of course you do - it's been in the news constantly for over a year now. Well, you may know that we have something here in the UK called 'The Bank Of England' - a kind of lender of last resort/controller of monetary policy. Well, in the USA the equivalent is called the 'Federal Reserve'. Understand the Credit Crunch? For many moons, they - the 'Fed' - have been considered the 'Gods' of the economy - yet not a single person at the Fed (to my knowledge) predicted the current financial crisis. Even the Chairman and past Chairman did NOT even see the 'bubble' in housing as it was happening; they basically denounced such a notion.

Then, when the whole system went tits up last year, they ended up running around like damn headless turkeys...

Can economics be purchased like any business

Anyway, without going into too much 'economic' detail, I recently saw an article that claimed that the 'Fed' has effectively BOUGHT OFF the economics profession (as we know it).

In short, since plenty of people working there/ supporting the Fed and its policies work at academic journals, the article alleges that it's increasingly difficult for an economist to get work published UNLESS they 'agree' (to an extent) with the Fed's way of looking at economics (which, as I've mentioned didn't even forsee the current boom/bust).

Grumpy Teacher explain causes of WW2 and modern economics

You can believe that - it's a bit like the grumpy old teacher at school. Disagree with his thoughts on the causes of WW2, and he'd go off on one.

They may typically only have two children each, but that is still a lot of babies. Soon, however, if fertility rates continue to decline, each generation of women will be smaller than the last.

Same with the Fed? Who knows. But it's an interesting point...