|Nerds and Noah Smith|
Noah has taken to attacking well-known speculator Peter Schiff, well-know financial blogger Mike Shedlock and the Austrian School of Neoclassical Economics.
Likely, Noah has learned there is a big contingent of Internet users who subscribe to Mises.org, Shedlock, Schiff and others. Likely, by attacking them repeatedly, Noah sees this as short-cut to Internet stardom. It seems Noah is trying to build an Internet reputation by associating his name with popular Internet figures — Schiff, Shedlock.
Noah first should show that he knows anything about reality irrespective of the crap that was shoved in his head in grad school. Noah Smith seems to be like most eggheads, insufferably self-deluded over importance that is woefully lacking.
That Schiff has $2 billion under management means Schiff and his team is doing something right. Schiff actually must devise speculation strategies, enough of which must be successful thus enabling Schiff to remain in for-profit, actual competition commerce, otherwise, Schiff's reputation would be so tarnished as no one would place cash and bank credits with him thus leading to his bankruptcy.
Noah Smith has exactly $0 under management. Not only does Noah not have any cash-denominated bank credit under management, but Noah relies on taxpayers of the State of New York to make sure Noah doesn't end up homeless.
I'd rather roll with Schiff than Noah Smith when laying out a bet on speculation. Rather than title his attack article on Schiff and Shedlock as When Entertainment Passes for Investment Advice, Noah should write one about himself titled, When Entertainment and Self-deluded Nerdiness Passes for Trustworthy Intellect.
In effect, Noah is a ward of the State of New York, living off the taxpayers of New York, collecting what amounts to high-paying welfare. Noah might convince himself, deceive himself even that his employment is legitimate, but free market participants have not called for Noah's work. Noah's work would not exist without heavy subsidy from both the U.S. Congress through Pell grants as well as the State of New York through massively subsidized operations of SUNY.
Politicians alone by de jure have created Noah's job. Politicians alone impose duty upon themselves to give Noah the right to collect a paycheck in name from them for make-work politicians decree.
Academia economics is so flawed as knowledge as to be laughable. Anyone professing understanding of any economy by virtue of having taken a PhD in economics is the ultimate charlatan con-man. Yet, here Noah is ranting about Schiff and Shedlock as con-men.
Austrian, Keynesian — it doesn't matter. Both are schools of neoclassical economics and as such both arise from the same false premises — scarcity and utility give rise to price. Nothing could be more wrong and more stupid than to believe such. This is why academicians of all stripes get it oh so wrong.
The problem with jokers like Smith is they believe all of the foolish flawed theory pumped into their heads from their equally foolish professors.
Here is what one of his former SUNY Stony Brook students had to say about Noah:
Here is what another student had to say:
"Noah Smith is a terrible professor. He's a straight economics academia with no way to relate to students. Knows nothing about real business while trying to teach business courses. Stay Away!! Far Away!!"
"No experience in teaching MBA courses whatsoever. PhD in Economics with no real world experience in investments or finance. Unclear in teaching methods and expects students to have a very strong background in mathematics and economics. Do not take this professor unless you want to be frustrated all semester."
For more on the failure that is economics, check out WHY IS THE ECONOMY SO HORRIBLE? BECAUSE ACADEMIA ECONOMICS IS FAKE.
Speaking of Oh No, here is the Knack singing Oh Tara, oh no.