Frank Ackerman on general equilibrium theory

9 May, 2016 at 22:24 | Posted in Economics | 1 Comment

Frank-Ackerman_0General equilibrium is fundamental to economics on a more normative level as well. A story about Adam Smith, the invisible hand, and the merits of markets pervades introductory textbooks, classroom teaching, and contemporary political discourse. The intellectual foundation of this story rests on general equilibrium, not on the latest mathematical excursions. If the foundation of everyone’s favourite economics story is now known to be unsound — and according to some, uninteresting as well — then the profession owes the world a bit of an explanation.

Frank Ackerman

Almost a century and a half after Léon Walras founded general equilibrium theory, economists still have not been able to show that markets lead economies to equilibria. We do know that — under very restrictive assumptions — equilibria do exist, are unique and are Pareto-efficient. But after reading Frank Ackerman’s article one has to ask oneself — what good does that do?

As long as we cannot show that there are convincing reasons to suppose there are forces which lead economies to equilibria — the value of general equilibrium theory is nil. As long as we cannot really demonstrate that there are forces operating — under reasonable, relevant and at least mildly realistic conditions — at moving markets to equilibria, there cannot really be any sustainable reason for anyone to pay any interest or attention to this theory.

A stability that can only be proved by assuming Santa Claus conditions is of no avail. Most people do not believe in Santa Claus anymore. And for good reasons — Santa Claus is for kids.

Continuing to model a world full of agents behaving as economists — ‘often wrong, but never uncertain’ — and still not being able to show that the system under reasonable assumptions converges to equilibrium (or simply assume the problem away), is a gross misallocation of intellectual resources and time. As Ackerman writes:

The guaranteed optimality of market outcomes and laissez-faire policies died with general equilibrium. If economic stability rests on exogenous social and political forces, then it is surely appropriate to debate the desirable extent of intervention in the market — in part, in order to rescue the market from its own instability.

Real power (personal)

9 May, 2016 at 19:39 | Posted in Varia | Comments Off on Real power (personal)

 

In loving memory of Kristina Syll

The biggest mistake in the history of macroeconomic thought

8 May, 2016 at 15:35 | Posted in Economics | 6 Comments

The Keynesian economics of the General Theory is static. It purports to explain how employment, GDP and the interest rate are determined at one weekly meeting, taking the price level as fixed. Modern macroeconomics is dynamic. It purports to explain how employment, GDP, the interest rate and the price level are determined in a sequence of weekly meetings. To knit together the temporary one-week Keynesian equilibria, Samuelson, in the new-classical synthesis, used the Phillips curve, which he saw as a price adjustment mechanism in which the wage adjusts in response to an excess demand or supply of labor. This was the biggest mistake in the history of macroeconomic thought and we are still suffering the consequences as central banks work with false ideas and broken models.

prosperityIn Prosperity for All I articulate the evolution of an alternative research agenda. I argue that it is beliefs that are sticky: not prices. At each weekly meeting, the auctioneer finishes his job. The demands and supplies of all goods are equal and all markets clear; including the labor market …

The differences of this theory from all of modern macro, both classical and New-Keynesian, are profound. In my view, high involuntary unemployment is an equilibrium phenomenon. A market economy can get stuck in a Pareto inefficient equilibrium with high unemployment forever. It is the job of government to design political institutions that provide the equilibrating mechanisms that are missing from laissez-faire market economies.

Roger Farmer

Farmer has always — as did e. g. Wicksell and Keynes — made a point of the fact that equilibrium and optimality are not the same thing. That also implies that the economy being in equilibrium does not have to be inconsistent with high and persistent unemployment rates. Farmer uses a search theoretical approach to underpin this view. Although yours truly do not share his faiblesse for the Mortensen-Pissarides-Diamond modeling of Keynesian ideas re labour markets and unemployment, it will sure be interesting to take part of his hopefully more fully-fledged argumentation for his view when the book is out in September.

Whatever you do for the least of these brothers and sisters of mine

8 May, 2016 at 13:27 | Posted in Politics & Society | Comments Off on Whatever you do for the least of these brothers and sisters of mine

This one is for you — all you brothers and sisters struggling to survive in civil wars or forced to flee your homes and risking your lives on your way to my country or other countries in Europe.

Then the righteous will answer him, ‘Lord, when did we see you hungry and feed you, or thirsty and give you something to drink? When did we see you a stranger and invite you in, or needing clothes and clothe you? When did we see you sick or in prison and go to visit you?’

The King will reply, ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.’

The euro — a Reaganomics wet dream

8 May, 2016 at 12:41 | Posted in Economics | 2 Comments

There are obviously still a lot of economists out there who do not accept the conventional wisdom that the euro is a bad idea.

However, there seems to be some rather basic facts about optimal currency areas that all economists would perhaps be wise to consider …

The idea that the euro has “failed” is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do.

That progenitor is former University of Chicago economist Robert Mundell. The architect of “supply-side economics” is now a professor at Columbia University, but I knew him through his connection to my Chicago professor, Milton Friedman, back before Mundell’s research on currencies and exchange rates had produced the blueprint for European monetary union and a common European currency.

Mundell, then, was more concerned with his bathroom arrangements. Professor Mundell, who has both a Nobel Prize and an ancient villa in Tuscany, told me, incensed:

“They won’t even let me have a toilet. They’ve got rules that tell me I can’t have a toilet in this room! Can you imagine?”

As it happens, I can’t. But I don’t have an Italian villa, so I can’t imagine the frustrations of bylaws governing commode placement.

But Mundell, a can-do Canadian-American, intended to do something about it: come up with a weapon that would blow away government rules and labor regulations. (He really hated the union plumbers who charged a bundle to move his throne.)

“It’s very hard to fire workers in Europe,” he complained. His answer: the euro.

The euro would really do its work when crises hit, Mundell explained. Removing a government’s control over currency would prevent nasty little elected officials from using Keynesian monetary and fiscal juice to pull a nation out of recession.

“It puts monetary policy out of the reach of politicians,” he said. “[And] without fiscal policy, the only way nations can keep jobs is by the competitive reduction of rules on business.”

He cited labor laws, environmental regulations and, of course, taxes. All would be flushed away by the euro. Democracy would not be allowed to interfere with the marketplace – or the plumbing.

As another Nobelist, Paul Krugman, notes, the creation of the eurozone violated the basic economic rule known as “optimum currency area”. This was a rule devised by Bob Mundell.

reaganomicsThat doesn’t bother Mundell. For him, the euro wasn’t about turning Europe into a powerful, unified economic unit. It was about Reagan and Thatcher.

“Ronald Reagan would not have been elected president without Mundell’s influence,” once wrote Jude Wanniski in the Wall Street Journal. The supply-side economics pioneered by Mundell became the theoretical template for Reaganomics – or as George Bush the Elder called it, “voodoo economics”: the magical belief in free-market nostrums that also inspired the policies of Mrs Thatcher.

Mundell explained to me that, in fact, the euro is of a piece with Reaganomics:

“Monetary discipline forces fiscal discipline on the politicians as well.”

And when crises arise, economically disarmed nations have little to do but wipe away government regulations wholesale, privatize state industries en masse, slash taxes and send the European welfare state down the drain.

Greg Palast/The Guardian

Why ‘Economics and Reality’ is on my top 10 list

7 May, 2016 at 17:11 | Posted in Economics | 2 Comments

For a good many years, Tony Lawson has been urging economists to pay attention to their ontological presuppositions. Economists have not paid much attention, perhaps because few of us know what “ontology” means. This branch of philosophy stresses the need to “grasp the nature of the reality” that is the object of study – and to adapt one’s methods of inquiry to it.

5112X+PoJkLEconomics, it might be argued, has gotten this backwards. We have imposed our pre-conceived methods on economic reality in such manner as to distort our understanding of it. We start from optimal choice and fashion an image of reality to fit it. We transmit this distorted picture of what the world is like to our students by insisting that they learn to perceive the subject matter trough the lenses of our method.

The central message of Lawson’s critique of modern economics is that an economy is an “open system” but economists insist on dealing with it as if it were “closed.” Controlled experiments in the natural sciences create closure and in so doing make possible the unambiguous association of “cause” and “effects”. Macroeconomists, in particular, never have the privilege of dealing with systems that are closed in this controlled experiment sense.

Our mathematical representations of both individual and system behaviour require the assumption of closure for the models to have determinate solutions. Lawson, consequently, is critical of mathematical economics and, more generally, of the role of deductivism in our field. Even those of us untutored in ontology may reflect that it is not necessarily a reasonable ambition to try to deduce the properties of very large complex systems from a small set of axioms. Our axioms are, after all, a good deal shakier than Euclid’s.

The impetus to “closure” in modern macroeconomics stems from the commitment to optimising behaviour as the “microfoundations” of the enterprise. Models of “optimal choice” render agents as automatons lacking “free will” and thus deprived of choice in any genuine sense. Macrosystems composed of such automatons exclude the possibility of solutions that could be “disequilibria” in any meaningful sense. Whatever happens, they are always in equilibrium.

Axel Leijonhufvud

Modern economics has become increasingly irrelevant to the understanding of the real world. In his seminal book Economics and Reality (1997) Tony Lawson traced this irrelevance to the failure of economists to match their deductive-axiomatic methods with their subject.

It is — sad to say — as relevant today as it was seventeen years ago.

It is still a fact that within mainstream economics internal validity is everything and external validity nothing. Why anyone should be interested in that kind of theories and models is beyond my imagination. As long as mainstream economists do not come up with any export-licenses for their theories and models to the real world in which we live, they really should not be surprised if people say that this is not science, but autism!

Studying mathematics and logics is interesting and fun. It sharpens the mind. In pure mathematics and logics we do not have to worry about external validity. But economics is not pure mathematics or logics. It’s about society. The real world. Forgetting that, economics is really in dire straits.

To many mainstream economists, Tony Lawson is synonymous with anti-mathematics. But I think reading what Tony Lawson or yours truly have written on the subject, shows how unfounded and ridiculous is the idea that many mainstream economists have that because heterodox people often criticize the application of mathematics in mainstream economics, we are critical of math per se.

Indeed.

No, there is nothing wrong with mathematics per se.

No, there is nothing wrong with applying mathematics to economics.

amathMathematics is one valuable tool among other valuable tools for understanding and explaining things in economics.

What is, however, totally wrong, are the utterly simplistic beliefs that

• “math is the only valid tool”

• “math is always and everywhere self-evidently applicable”

• “math is all that really counts”

• “if it’s not in math, it’s not really economics”

“almost everything can be adequately understood and analyzed with math”

What is wrong with these beliefs is that they do not — as forcefully argued by Tony Lawson — reflect an ontological reflection on what can be rightfully expected from using mathematical methods in different context. Or as Knut Wicksell put it already a century ago:

Knut-WicksellOne must, of course, beware of expecting from this method more than it can give. Out of the crucible of calculation comes not an atom more truth than was put in. The assumptions being hypothetical, the results obviously cannot claim more than a vey limited validity. The mathematical expression ought to facilitate the argument, clarify the results, and so guard against possible faults of reasoning — that is all.

It is, by the way, evident that the economic aspects must be the determining ones everywhere: economic truth must never be sacrificed to the desire for mathematical elegance.
 

Economics and Reality was a great inspiration to me twenty years ago. It still is.

Mångkulturalism — ett hot mot jämställdheten

7 May, 2016 at 09:55 | Posted in Politics & Society | Comments Off on Mångkulturalism — ett hot mot jämställdheten

Är mångkulturalismen ett hot mot jämställdheten?

Det beror på hur majoritetssamhället agerar. Men om tassandet kring frågan fortsätter så är risken stor att svaret blir ja.

Med stort mod och hårt arbete har Sveriges kvinnor vunnit en sexuell frihet våra förmödrar bara kunde drömma om …

Men det här är inte en kvinnofråga. Det ingår om Sverige ska förbli en västerländsk liberal demokrati – det bästa sätt att leva ihop som människan hittills kommit på …

Repressive-Islamic-beliefs-on-women-gays-and-freedom-create-social-chasm-in-Britain-990x556I Europa ifrågasätts rätten till abort. I spåren efter den arabiska våren krymper kvinnors livssfär. I krig är våldtäkt fortfarande ett vapen. I FN har frågor om mänskliga rättigheter hamnat i händerna på några av världens mest repressiva regimer.

Kvinnors rättigheter begränsas med hänvisning till traditioner, religioner och kulturer …

Det går att välkomna flera kulturer, men då krävs att det finns tydliga spelregler – som alla förväntas följa:

Respekt för de mänskliga rättigheterna, för åsiktsfrihet, religionsfrihet, yttrandefrihet, tryckfrihet. För jämlikhet och jämställdhet och allas rätt att välja sitt liv.

Sverige behöver tydligt formulera vad som gäller. Och se till att detta efterlevs. Inte fastna i kulturrelativism …

Det handlar om att våga stå upp för vad som gäller i Sverige. Det handlar om att inte separera kvinnor och män i det offentliga, att inte svika de unga som gör uppror mot hederskulturen. Det handlar om att stå upp för att Sverige har valt en annan samhällsmodell – i demokratiskt ordning – och att den inte bara är annorlunda, utan bättre.

Heidi Avellan

Som så ofta numera väljer fler och fler viktiga opinionsbildare att bryta mot den tystnadens politik som i decennier lagt ett förödande lock över frågor om invandring och ‘multikulturalism’ i vårt land. Det är på tiden. Och nödvändigt — om vi ska kunna visa på hållbara alternativ till Sverigedemokrater och andra xenofoba populistströmningar i vårt samhälle.

Why Africa is so poor

5 May, 2016 at 19:15 | Posted in Economics, Statistics & Econometrics | 1 Comment

A few years ago, two economics professors, Quamrul Ashraf and Oded Galor, published a paper, “The ‘Out of Africa’ Hypothesis, Human Genetic Diversity, and Comparative Economic Development,” that drew inferences about poverty and genetics based on a statistical pattern …

dumb_aWhen the paper by Ashraf and Galor came out, I criticized it from a statistical perspective, questioning what I considered its overreach in making counterfactual causal claims … I argued (and continue to believe) that the problems in that paper reflect a more general issue in social science: There is an incentive to make strong and dramatic claims to get published in a top journal …

Recently, Shiping Tang sent me a paper criticizing Ashraf and Galor from a data-analysis perspective … I have not tried to evaluate the details of Tang’s re-analysis because I continue to think that Ashraf and Galor’s paper is essentially an analysis of three data points (sub-Saharan Africa, remote Andean countries and Eurasia). It offered little more than the already-known stylized fact that sub-Saharan African countries are very poor, Amerindian countries are somewhat poor, and countries with Eurasians and their descendants tend to have middle or high incomes.

Andrew Gelman

The long run fallacy

5 May, 2016 at 10:06 | Posted in Economics | 5 Comments

It appears to me that one great cause of our difference in opinion, on the subjects which we have so often discussed, is that you have always in your mind the immediate and temporary effects of particular changes—whereas I put these immediate and temporary effects quite aside, and fix my whole attention on the permanent state of things which will result from them.

Letter from Ricardo to Malthus January 1817

long run.jpgOn this issue Keynes agreed with Malthus, and it was probably the debate between Ricardo and Malthus that Keynes was thinking about when he formulated his most well-known aphorism, in A Tract on Monetary Reform (1923):

But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again.

Eric Schüldt — ett ljus i det musikaliska mörkret

5 May, 2016 at 09:13 | Posted in Varia | Comments Off on Eric Schüldt — ett ljus i det musikaliska mörkret

radioI dessa tider — när ljudrummet dränks i den kommersiella radions tyckmyckentrutade ordbajseri och fullständigt intetsägande pubertalflamsande tjafs — har man nästan gett upp.

Men det finns ljus i mörkret! I radions P2 går varje lördagmorgon ett vederkvickelsens och den seriösa musikens Lördagsmorgon i P2.

Och nu är även söndagarna räddade!

3270059_612_344I programmet Text och musik med Eric Schüldt — som sänds på söndagsförmiddagarna i P2 mellan klockan 11 och 12 — kan man lyssna på seriös musik och en programledare som har något att säga och inte bara låter foderluckan glappa. Vilken lisa för själen.
 

I söndags spelades filmmusik av Zbigniew Preisner och vår egen Stefan Nilsson. Den senares musik till Ingmar Bergmans och Bille Augusts Den goda viljan är bland det vackraste och mest suggestiva i filmmusikväg som gjorts.

Tack Eric för alla dessa fantastiska program. Du är ett ljus i mörkret!

Top 10 Economics Books

4 May, 2016 at 15:16 | Posted in Economics | 7 Comments

top-10-retail-news-thumb-610xauto-79997-600x240-1

  • Karl Marx, Das Kapital (1867)
  • John Maynard Keynes, General Theory (1936)
  • Kenneth Arrow, Social Choice and Individual Values (1951)
  • John Kenneth Galbraith, The Affluent Society (1958)
  • Amartya Sen, Collective Choice and Social Welfare (1970)
  • Nicholas Georgescu-Roegen, The Entropy Law and the Economic Process (1971)
  • Michal Kalecki, Selected Essays on the Dynamics of the Capitalist Economy (1971)
  • Paul Davidson, Money and the Real World (1972)
  • Hyman Minsky, John Maynard Keynes (1975)
  • Tony Lawson, Economics and Reality (1997)

Price rigidities and unemployment

3 May, 2016 at 15:11 | Posted in Economics | 4 Comments

There are unfortunately a lot of mainstream economists out there who still think that price and wage rigidities are the prime movers behind unemployment. What is even worse is that some of them even think that these rigidities are the reason John Maynard Keynes gave for the high unemployment of the Great Depression. This is of course pure nonsense. For although Keynes devoted substantial attention to the subject of wage and price rigidities in General Theory , he certainly did not hold that view.

Since unions/workers, contrary to classical assumptions, make wage-bargains in nominal terms, they will – according to Keynes – accept lower real wages caused by higher prices, but resist lower real wages caused by lower nominal wages. However, Keynes held it incorrect to attribute ‘cyclical’ unemployment to this diversified agent behaviour. During the depression money wages fell significantly and – as Keynes noted – unemployment still grew. Thus, even when nominal wages are lowered, they do not generally lower unemployment.

In any specific labour market, lower wages could, of course, raise the demand for labour. But a general reduction in money wages would leave real wages more or less unchanged. The reasoning of the classical economists was, according to Keynes, a flagrant example of the ‘fallacy of composition.’ Assuming that since unions/workers in a specific labour market could negotiate real wage reductions via lowering nominal wages, unions/workers in general could do the same, the classics confused micro with macro.

Lowering nominal wages could not – according to Keynes – clear the labour market. Lowering wages – and possibly prices – could, perhaps, lower interest rates and increase investment. But to Keynes it would be much easier to achieve that effect by increasing the money supply. In any case, wage reductions was not seen by Keynes as a general substitute for an expansionary monetary or fiscal policy.

Even if potentially positive impacts of lowering wages exist, there are also more heavily weighing negative impacts – deteriorating management-union relations, expectations of on-going lowering of wages causing delay of investments, debt deflation, etc.

So, what Keynes actually did argue in General Theory, was that the classical proposition that lowering wages would lower unemployment and ultimately take economies out of depressions, was ill-founded and basically wrong.

To Keynes, flexible wages would only make things worse by leading to erratic price-fluctuations. The basic explanation for unemployment is insufficient aggregate demand, and that is mostly determined outside the labour market.

The classical school [maintains that] while the demand for labour at the existing money-wage may be satisfied before everyone willing to work at this wage is employed, this situation is due to an open or tacit agreement amongst workers not to work for less, and that if labour as a whole would agree to a reduction of money-wages more employment would be forthcoming. If this is the case, such unemployment, though apparently involuntary, is not strictly so, and ought to be included under the above category of ‘voluntary’ unemployment due to the effects of collective bargaining, etc …
The classical theory … is best regarded as a theory of distribution in conditions of full employment. So long as the classical postulates hold good, unemployment, which is in the above sense involuntary, cannot occur. Apparent unemployment must, therefore, be the result either of temporary loss of work of the ‘between jobs’ type or of intermittent demand for highly specialised resources or of the effect of a trade union ‘closed shop’ on the employment of free labour. Thus writers in the classical tradition, overlooking the special assumption underlying their theory, have been driven inevitably to the conclusion, perfectly logical on their assumption, that apparent unemployment (apart from the admitted exceptions) must be due at bottom to a refusal by the unemployed factors to accept a reward which corresponds to their marginal productivity …

Obviously, however, if the classical theory is only applicable to the case of full employment, it is fallacious to apply it to the problems of involuntary unemployment – if there be such a thing (and who will deny it?). The classical theorists resemble Euclidean geometers in a non-Euclidean world who, discovering that in experience straight lines apparently parallel often meet, rebuke the lines for not keeping straight – as the only remedy for the unfortunate collisions which are occurring. Yet, in truth, there is no remedy except to throw over the axiom of parallels and to work out a non-Euclidean geometry. Something similar is required to-day in economics. We need to throw over the second postulate of the classical doctrine and to work out the behaviour of a system in which involuntary unemployment in the strict sense is possible.

J M Keynes General Theory

DSGE models — a costly waste of time

2 May, 2016 at 21:35 | Posted in Economics | 1 Comment

Commenting on the state of standard modern macroeconomics, Willem Buiter argues that neither New Classical nor New Keynesian microfounded DSGE macro models have helped us foresee, understand or craft solutions to the problems of today’s economies:

buiterThe Monetary Policy Committee of the Bank of England I was privileged to be a ‘founder’ external member of during the years 1997-2000 contained, like its successor vintages of external and executive members, quite a strong representation of academic economists and other professional economists with serious technical training and backgrounds. This turned out to be a severe handicap when the central bank had to switch gears and change from being an inflation-targeting central bank under conditions of orderly financial markets to a financial stability-oriented central bank under conditions of widespread market illiquidity and funding illiquidity. Indeed, the typical graduate macroeconomics and monetary economics training received at Anglo-American universities during the past 30 years or so, may have set back by decades serious investigations of aggregate economic behaviour and economic policy-relevant understanding. It was a privately and socially costly waste of time and other resources.

Most mainstream macroeconomic theoretical innovations since the 1970s … have turned out to be self-referential, inward-looking distractions at best. Research tended to be motivated by the internal logic, intellectual sunk capital and aesthetic puzzles of established research programmes rather than by a powerful desire to understand how the economy works …

Both the New Classical and New Keynesian complete markets macroeconomic theories not only did not allow questions about insolvency and illiquidity to be answered. They did not allow such questions to be asked …

Charles Goodhart, who was fortunate enough not to encounter complete markets macroeconomics and monetary economics during his impressionable, formative years, but only after he had acquired some intellectual immunity, once said of the Dynamic Stochastic General Equilibrium approach which for a while was the staple of central banks’ internal modelling: “It excludes everything I am interested in”. He was right. It excludes everything relevant to the pursuit of financial stability.

The Bank of England in 2007 faced the onset of the credit crunch with too much Robert Lucas, Michael Woodford and Robert Merton in its intellectual cupboard. A drastic but chaotic re-education took place and is continuing.

I believe that the Bank has by now shed the conventional wisdom of the typical macroeconomics training of the past few decades. In its place is an intellectual potpourri of factoids, partial theories, empirical regularities without firm theoretical foundations, hunches, intuitions and half-developed insights. It is not much, but knowing that you know nothing is the beginning of wisdom.

Reading Buiter’s article is certainly a very worrying confirmation of economics becoming more and more a total waste of time. But why are all these macro guys wasting their time and efforts on these models? Besides simply having the usual aspirations of being published, I think maybe Frank Hahn gave the truest answer back in 2005, when interviewed on the occasion of his 80th birthday, he confessed that some economic assumptions didn’t really say anything about “what happens in the world,” but still had to be considered very good “because it allows us to get on this job.”

Models vs. reality

1 May, 2016 at 17:51 | Posted in Economics | 1 Comment

So by using a representative-agent, perfect-foresight, complete-markets model, David is ignoring a bunch of things that we know can totally change the answers to the exact policy questions David is thinking about.

So what should we do instead? One problem is that models with things like heterogeneity, stochasticity, and imperfect markets are a lot more complicated, and therefore harder to apply in quick or casual way. If we insist on using models with those elements, then it’s going to be very hard to write blog posts thinking through monetary policy issues in a formal way. Maybe that’s just the sad truth.

Noahpinion

Yes indeed, isn’t it a shame that David Andolfatto’s and other mainstream economists’ models have to somehow relate to the real world? How much easier things would have been if only reality had the courtesy to mimic mainstream economists’ models …

reality-header2

A moron courting other morons

1 May, 2016 at 09:59 | Posted in Politics & Society | 2 Comments

 

Living in the U.S. you soon find out that it’s a country with exceptionally many gifted and bright people. But, unfortunately, it is also a country where a moron with lots of money may run for president — and where, sadly enough, a lot of other morons obviously will vote for him …

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