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'Dump the Dollar' Campaign Is Coming From Promoter of "Behavioral Finance"

April 19, 2009 (LPAC)—The economics writer for Time magazine, Justin Fox, is promoting a "dump the dollar" dialogue, through articles and blog-discussions, in the most widely-read magazine in the United States. For example, his April 9 column was headlined, "Why Supplanting the Dollar Would Be Good for America," and his April 6 piece asked, "How Doomed Is the Dollar?" His message is that SDRs are sure becoming popular, as seen by favorable comments from a UN task force, from leaders in China, from U.S. Treasury Secretary Geithner, and so on. He favorably reviews John Maynard Keynes' 1930 concept for "supernational bank money," and Keynes' world currency proposals at the 1944 Bretton Woods meeting.

Fox's method is to publicize the idea of supplanting the dollar, with no pretense of theory or argument, but in such a way as to further the policy morass now leading the world to Dark Age destruction. This, at a time when the LaRouche-reorganization approach is more known and sought after, and the economic breakdown is obviously desperate.

Not surprisingly, Mr. Fox, the author of the "dump the dollar"/chaos perspective, turns out to be a publicist for "behavioral finance." In particular, he is a groupie for the whole gang of behavioral economists centered at the University of Chicago, and now infesting the White House. In June his new book is scheduled to come out, titled, "The Myth of the Rational Market." This is described as a work-up of a December 9, 2002 article in Fortune, for which Fox was then writing, "Is The Market Rational? No, Say the Experts. But Neither Are You—So Don't Go Thinking You Can Outsmart It." It gives a favorable history of how Richard Thaler and the other behaviorists took over economics. He wrote in 2002, "The behavioralists are now clearly the dominant stream in academic finance, having made the leap from outsider status during the 1990s as a new generation of professors rose to positions of prominence." Beware.


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