Well, to be clear, TGS is a short-form used by Tyler Cowen of ‘Marginal Revolution’. That is the short-form for his book, ‘The Great Stagnation’. I have read that and it is a good one. I use TGS as the short form for ‘The Gold Standard’. Of course, in some sense, the underlying message of TGS (this blog) and TGS (the book) are the same.
So, let us stick to this TGS – the blog. Paul Kedrosky recommended reading this missive from Paul Mason of BBC. I duly followed the link. In the end, I came away confused. I do not know whether Paul Mason recommends austerity, fiscal give-aways, tight monetary policy or loose. I do not blame him. His confusion is a reflection of our confusion too. None of us know. If I sympathise with Paul Mason for his confusion, I have to sympathise with myself too. I am confused too. I am clueless.
How I wish some more famous journalists and academics would admit that they are clueless instead of venting hot air every once in a while. That is the first step towards solving the world’s problems.
When you are clueless, you should do or say as little as possible. That is the first step: do no harm.