Martin Armstrong Rages: Ken Rogoff Is "An Elitist Who Has No Respect For The People"

Tyler Durden's picture

Submitted by Martin Armstrong via ArmstrongEconomics.com,

Kenneth Rogoff is a Professor of Public Policy and Economics at Harvard University.

Rogoff calls critics of negative interest rates “ignorant” despite the fact that negative interest rates have been used since 2008 without any success.

He had the audacity to say that people should not look at their short-term personal losses, but rather look at the long-term vision of the central banks. He is such an elitist. I cannot find words appropriate to describe how this academic, who has zero experience in the real world, is incapable of comprehending that his Marxist style intervention is creating the next crisis.

1933 London Economic Conference

Yes, negative interest rates lower deficits. But who will buy the negative debt besides central banks? Why borrow money at all and compete against the private sector? Interest rates are negative to punish savers for saving. He wants them to spend their money. Fine – stop government borrowing altogether and just print what is needed for the expense of government. Stop this elitist Marxist concept that people like Rogoff can play the role of emperor and manipulate society to do whatever they believe is appropriate.

Just before his death in 1946, John Maynard Keynes (1883-1946) told Henry Clay, a professor of Social Economics and adviser to the Bank of England, that he hoped that Adam Smith’s invisible hand would help Britain out of its economic hole.

 “I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.”

Checkmate

Economists such as Rogoff are still basking in the ideas of Karl Marx that government can and should manipulate society to achieve the public policy dreams of those in power. Rogoff is not willing to even think about what he has done to the pension system and how we are looking at states like Illinois becoming broke.

In California, less than four years have passed since it fought to achieve a balanced budget by raising taxes to the highest level in the nation. Politicians cannot manage the economy and negative interest rates are destroying pensions. There is no long-term gain, for Rogoff cannot imagine the next step. The central banks are trapped and can never resell what they have bought under Quantitative Easing. We are rapidly approaching the point of no return or no bid. That is when government tries to sell its debt to pay off the last chunk and there is no bid. Oops! Checkmate!

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JRobby's picture

Rogoff is terminal. Euthanize.

Creative_Destruct's picture

Rogoff = The  IYI Archtype.

Arrowflinger's picture

Armstrong ignores that can always be a bid for bonds to infinity with fiat to infinity out of nothing.

Al Gophilia's picture

Martin, he understands fully. These "professors" study both sides of the equation, it's because he's an ideolog and one with clout. You won't chang their thinking, circumstance has to do that. Our problem is that his fucked up thinking holds sway over or compliments the thinking of the bureaucrats, whose livelihood depends on this Marxist,counterfeiting diabolical scheme; Fiat Currency.

Oldwood's picture

The basis of progressivism is the demand of self sacrifice for the collective, for the agenda, for Utopia.

The Wizard's picture

No surprise here. Just another Keynesian apologist

Why Elites Hide Bilderberg But Showcase Davos

https://www.youtube.com/watch?v=cpZfbn5QwIA

Uzda Farce's picture
Uzda Farce (not verified) The Wizard Jan 19, 2017 12:48 AM

Ken Rogoff is just one of many Rockefeller/CFR members speaking at Davos this week, including CFR directors Laurence Fink of BlackRock and David Rubenstein of Carlyle Group. See member lists at cfr dot org.

http://www.cfr.org/about/people/board_of_directors.html

https://www.weforum.org/events/world-economic-forum-annual-meeting-2017/...

carbonmutant's picture

Example of the academic hubris of trying to apply linear solutions to fractal problems...

Cognitive Dissonance's picture

Well, it worked in the lab on campus. So what's the problem with going live, and world wide, with the experiment?

/sarc in case it isn't obvious.....and apparently it isn't.

Nobodys Home's picture

I despise this man. He is going to be looked back on as one who enabled the ruination of the world if he's not stopped now.

tuetenueggel's picture

he ´s a stupid pencil molester. ( Harvard i guess home of the drunkards )

MASTER OF UNIVERSE's picture

As an orthodox Grumpy Marxist I, for one, think Armstrong's ad hominem raging against Professor Emeritus Karl Marx is uninformed blather not worthy of reading whatsoever.

 

Note: Martin Armstrong knows nothing about Karl Marx whatsoever.

samsara's picture

You go to incredible lengths to make crystal clear how little you know on a multitude of subjects.

JohnG's picture

A professional dumbass troll, he is.

Al Gophilia's picture

Martin might not but there are countless millions who do, thanks to his misguided experiments in social control. You're just another idealog in the Rogoff mould; fuckwits both, based on your belief that your are smarter than every other guy on how they should run their lives. Fuck off and die you miserable prick. I'm sick to death of you pontificating, interfering, pompous wankers. Keep it up you cunts. You'll pay. You'd better keep hiding behind your avatar and not go public, because it's coming. Just watch the response to the proposed disruptions by you leftist asswipes at the inauguration for a glimpse of what to expect.

new game's picture

i am soooooooooooo tired of these self appointed elitist mutherfuckers...

vengence can't come soon enuf.

Mazzy's picture

It starts with you and me, and others who have woken up.

Eventually we will have nothing to lose anymore: the house is gone, the wife has left and taken the kids, meaningful work will be hard to come by, real small community businesses will dry up.

Will we then take pitchforks to their bellies?

The odds of history say that we won't....but we can choose to be different.

 

Mazzy's picture

".....but had understoond they had nothing left to lose and boldly set up in the downstairs hall an ambush of half a dozen people with axes, hammers, polkers, or whatever else was at hand?"

-A.S.

marbilly's picture

i would totally skullfuck kenny

Mazzy's picture

(((Kenneth Rogoff)))

FrankDrakman's picture

What is that, some LISP fragment?

chosen's picture

Why give these academic shit-heads a forum?  Just let him blabber away, but don't bother me about it.

Mazzy's picture

This helps people to wake up.  They're going to talk, they're going to converse.....we might as well hear about what they're plotting.

 

Squid Viscous's picture

Ken, theoretically it's just a shower...step in

Youri Carma's picture

Why do we humans let these psychopaths run our lives? Apes don't, they kill them.

Cruel Joke's picture

 

Nobody has ruled out killing. It's an option.

tuetenueggel's picture

Rogoff is the idiot, who told the wporl that a debt of 60+ % of any state never could be payed back.

After fe weeks one of his students told him, having checked his professor´s maths, that he had placed a decimalpoint a bit to far to the left. means that this calculation was completely nonsens. But shit had hit the fun because world had been informed of this shitty calculation and Rogoff didn´t want to lose his reputation, so kept shut up.

An Idiot with no balls.

Sizzurp's picture

I wouldn't be surprised to hear his name get mentioned for the next Fed Chairman position, but let's hope Pres. Trump has someone else in mind. Negative interest rates and gov. controlled digital currency are economic weapons of mass destruction.  They will usher in another dark age, and a barter economy.

I mentioned this before. Imagine if we split the country in half based on GDP and allotted equal debt to both sides, so we now have 2 countries. Now imagine the first country defaults right away on all debt, restructures and goes through bankruptcy.  They adopt sound money, small government and a balanced budget. They let the free market determine rates of interest. They have mostly free trade and banking privacy with a national sales tax.  The next country carries on with current policy: Extend and pretend with continued debt accumulation, financial repression with negative rates, high taxes and austerity. The simple question is which country is better off after 10 years, and which country would you rather live in? Is this even a question worth asking? Default and get it over with.

red1chief's picture

I doubt the politicians will completely eliminate cash. How could they discreetly hire prostitutes?

wdg's picture

Kenneth Rogoff is a Jew - full stop. This is not about economics and Rogoff, Krugman, Bernanke and Larry Summers - and the list goes on and on - understand this very well. The objective of Marxism, the Frankfurt school of Sociology neoliberalism and neoconservatism, ideologies and institutions founded and run by Jews, is to destroy Western Civilization. Keynesian "economics", printing to infinity by Jewish-controlled cnetral banks such as the Federal Reserve, and negative/zero interest rate policies are crackpot theories designed to destroy the US and indeed the entire western world. However, these Jewish "economists" are not crackpots because they know exactly what they are doing. And to understand better the evil forces at play, just read the Talmud. There is an elephant trashing the kitchen that no one, including Martin Armstrong, wants to talk about, but there will be no solution to what ails western civilization until we acknowledge the utlimate cause of our economic and social collapse.

FrankDrakman's picture

Keynesian "economics", printing to infinity by Jewish-controlled cnetral banks such as the Federal Reserve,

 

That is NOT Keynesian economics. He DID NOT advociate "printing to infinity". He advocated deficits in downturns and surpluses in booms. That idiots like Rogoff and Krugman have bastardized Keynes' works does not make Keynes wrong, or those assholes right. 

swmnguy's picture

Correct.  Marx never advocated diverting the public's wealth into private pockets to bail out the finance sector, either.  Once can argue against Keynes or Marx, or anyone else for that matter, but it's more convincing to attack them for what they actually said and did than to use their names as empty epithets for things we don't like.

I can certainly understand why Capitalists don't like Marx.  However, if they're the least bit familiar with Marx, they know he remains the only economist who has truly understood how capital works, and what happens to capitalist systems.  Only Marx's theories account for what we see in action around us.

Marx was, of course, a horseshit political philosopher.  That in no way detracts from his pre-eminence as an economist.

overmedicatedundersexed's picture

wdg, your eyes are no longer wide shut..bravo

jm's picture

Ok, I'll bite.

Why do you give a crap what this ex-con thinks about anything?

opaopaopa's picture

there is a word for it - "jew"

Hammer of Light's picture

Let me help you, NOT a Judeo Christian Jew...

this maggot... a Khazarian Zionist Jew... understand the difference now?

The Khazarian Zionists are the ones tossed out of every nation on the planet who seek only to enslave us and control us with their diseased financial terrorism and Luciferian mental sickness.

Put this sickening Khazar-Zio maggot up against the wall and pull the trigger.

When you see his face, know that you are looking at a true enemy of humanity and the true face of evil itself.

Read a book if you read, Pawns in the Game ~ William Guy Carr

You can download it for free if you look for it.

This man is as dangerous as they come... it should be killed before it can kill more of humanity while enslaving us all.

iAmerican3's picture
iAmerican3 (not verified) Hammer of Light Jan 19, 2017 1:24 AM

The Synagogue of Satan is largely made up of, and their satanic cult psychosis shared by, the ZioTalmud false-Jew Khazar descendants of the cult impaling Christ-killers Rome hired for gold from Gog and Magog to crucify "tens of thousands" of Christs and Christ Immanuel, for twice denying Caesar was God (viz. "sedition" under codified Roman law).

This is how the Empire grew so quickly.

When God Incarnate, risen from the dead after His crucifixion on Golgotha, demonstrated Caesar was not God, the word spread and the Roman Empire reconfigured itself as the Roman Church, whose America-usurping Fifth Column Beast of (((Gog))) and Babylon is soon to be cast down, praise God.

Offthebeach's picture

Rogoff,  et al.

 

Makes me yearn for a Pol Pot.

monad's picture

It only stands to reason that where there's sacrifice, there's someone collecting the sacrificial offerings. Where there's service, there is someone being served. The man who speaks to you of sacrifice is speaking of slaves and masters, and intends to be the master. Ayn Rand