But I disagree with “with no overall change in the average level of government” as the world is entering the end times, that is the last days of human government, before Christ comes to establish the Kingdom of God on earth, where the saints will rule and reign with Him for a thousand years.

The economic and political paradigm of liberalism stands at its zenith, as the Banker Regime has established a Washington US Dollar Hegemonic Empire, greatly rewarding investment choice providing a moral hazard based prosperity, based upon schemes of credit and carry trade investing.

Thus, the world is at an epic inflection point.

Jesus Christ, operating in the Economy of God, as revealed by the Apostle Paul in Ephesians 1:10, that is operating in the administration of all things economic and political, is pivoting the world into the economic and political paradigm of authoritarianism, where the Beast Regime will establish the Ten Toed Kingdom of regional governance and totalitarian collectivism, where diktat provides “the new normal” of austerity, based upon schemes of debt servitude and unified regional fiscal policy governance.

Jordan Shilton of WSWS writes Irish Government Unveils New Austerity Budget. The Fine Gael Labour coalition has outlined new austerity measures, including €1.6 billion in spending cuts aimed at the most vulnerable. And The Irish Independent reports Ireland’s Health Minister Reilly To Cut 1,000 Jobs In Bid For €666m Savings. And Bloomberg reports Euro Capitals Tighten Fiscal Leash as EU Starts Austerity.

Out of a soon coming Financial Armageddon, that is a credit bust and financial system breakdown, presented in Revelation 13:3-4, authoritarianism’s new sovereigns, that being regional nannycrats, as well as Europe’s Sovereign, described in Revelation 13:5-10, and his partner, the Eurozone’s Seignior, Revelation 13:11-18, will rise to power, establishing regional sovereignty and providing diktat money to replace fiat money.

Diktat money is defined as the compliance required, as well as the trust that is engendered, the debt servitude that is enforced, and the austerity schemes that are experienced, such as heavy losses on large bank deposits via bailins, levying additional taxes, privatizations, capital controls, import curbs of branded items, budget cuts in social programs such as Head Start, sale of a country’s central bank’s gold reserves, fiscal policy councils, such as those reported on by the IMF, Case studies of fiscal councils and The functions and impact of fiscal councils, for Eurozone wide fiscal governance, and statist public private partnerships, which oversee regional economic commerce, trade, and the factors of production, as well as in the Eurozone, a fiscal union, where sovereign regional leaders, as well as sovereign regional sovereign bodies, such as the ECB, invoke all kinds of mandates for regional security, stability, and sustainability.

These leaders, that is nannycrats include, Jeroen Dijsselbloem, President of the Eurogroup meeting of euro-zone finance ministers, Olli Rehn, Vice President of the European Commission responsible for economic and monetary affairs, Michel Barnier, EU Commissioner responsible for internal market and services, Klaus Regling, Managing Director of the European Stability Mechanism, Werner Hoyer, President of the European Investment Bank, who in the WSJ op-edited credit for the Eurozone’s economic recovery, as well as Jorg Asmussen, Member of Executive Board of the ECB, Viviane Reding, European Commissioner for Justice, Fundamental Rights and Citizenship.

And diktat money is seen in countries with high current account deficit, such as in India, where import duties have been declared on the import of gold, and the import of gold coins banned; and such as in Indonesia, where curbs are placed on the import of luxury cars and some branded goods.

Romer is an example of a Keynesian that has come out for reducing long-term debt and doing entitlement form (me too, although I’m small potatoes). Presumably some Keynesians are more skeptical.

How does that not count as supporting past attempts to tighten fiscal policy?

In any case, I was focused more on the correlation between ideology and macroeconomic theory, which I think very much holds in their case.

The late particle physicist Richard Feynman was a plain-spoken genius. This speech considers why we continue to not know the truth about many things, hundreds of years after people discovered how to do good science. An enjoyable must-read.

Cargo Cult Science
1974 by Richard P. Feynman – Commencement speech at The California Institute of Technology

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[edited]   Details that could throw doubt on your interpretation must be given, if you know them. You must do the best you can to explain them, if you know anything at all wrong or possibly wrong.

If you make a theory, for example, and advertise it, or put it out, then you must also put down all the facts that disagree with it, as well as those that agree with it.

There is also a more subtle problem. When you have put a lot of ideas together to make an elaborate theory, you want to make sure, when explaining what it fits, that those things it fits are not just the things that gave you the idea for the theory, but that the finished theory makes something else come out right, in addition.
=== ===

Prediction is everything, and it must work more than once. Explaining everything after the fact is merely making up complicated stories.

Feynman says that real science is a method for discovering facts about our world, and it requires bending over backwards not to fool others, and especially not to fool oneself. He notes it is particularly easy to fool oneself, and so requires the greatest dilligence and openness to criticism and disproof to avoid being that fool.

The complicated theorizing of New (and old) Keynesianism is a lot of story telling combined with math models which have not been shown by experience to predict anything. Then, these stories are presented, without being tested against the known supporting and contradictory evidence. It isn’t science, and it is not reliable. Yet, it is used to promote and justify massive experiments on the lives of the peasants. These experiments just happen to deliver massive resources to politicians for distribution to their friends and themselves.

EasyOpinions

You deployed your theory of PSST, to predict that New York City’s recover from last year’s hurriance would be much slower than expected, due to the complexity in it’s economy.

http://econlog.econlib.org/archives/2012/10/the_outlook_for_1.html

Do you know if these predictions have been born out?

Thanks,

Zac