Jan

23

It's not everyday you see a Nobel prize winner outright lie to the press, but Joe Stiglitz did just that today.

From a Bloomberg story that crossed the wire this morning:

Lower oil prices mean less inflation pressure, but that doesn't seem to be going on, said Stiglitz of Columbia. The dollar has been subjected to a great amount of exchange-rate volatility, and it's not a good store of value anymore.

We can safely assume the Nobel Laureate and Chairman of Bill Clinton's Council of Economic Advisors *knows* that dollar volatility has been in a steady decline for many months, as is obvious from the attached gif, which shows 26 and 52 week volatility of DXY, the dollar index.

In ecology, we study deception and camouflage. What better disguise is there for someone whose clear purpose is to undermine confidence in the American economy than a highly-credentialed academic?

And in rhetoric, we learn that the classic definition of "demagogue" is someone who knowingly tells lies to people he believes to be fools.

Perhaps during the confirmation hearings at the start of the next Clinton administration, someone will point this out if Dr. Stiglitz's name is submitted.


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