Friday, December 02, 2011

The other credibility chasm

It seems that I am far from being the only one ill at ease with AEP's nostrums. Mish's Global Economic Trend Analysis has weighed in with a pretty comprehensive condemnation.

What is beginning to emerge (or perhaps not just beginning) is the inability of traditional sources and establishment analysts to understand, and therefore deal with this current crisis. The problem may be that it is a political crisis masquerading as an economic crisis. And given how little most commentators actually understand of European politics, it is unsurprising that they are being caught out. Some of the commentary in the MSM is almost child-like in its naïvety.

AEP has less excuse than most, as he was for many years the Failygraph's Brussels correspondent - and a good one. One can only assume that, with him now working from the London office, he is breathing in the "stupid gas" which is pumped into the air conditioning to keep the hacks on-message.