[PEN-L:32463] RE: Re: The Economics Biz

["Devine, James" <jdevine@xxxxxxx>]

Title: RE: [PEN-L:32461] Re: The Economics Biz

This is all true about Sachs, but don't trust Jude Wanniski, who's a fool and a knave (the "supply-sider" sort that the Wall Street Journal's editorial page loves).

------------------------
Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine

> -----Original Message-----
> From: Carl Remick [mailto:carlremick@xxxxxxxxxxx]
> Sent: Friday, November 22, 2002 6:33 AM
> To: pen-l@xxxxxxxxxxxxxxxxxxx
> Subject: [PEN-L:32461] Re: The Economics Biz
>
>
> >From: michael perelman <michael@xxxxxxxxxxxxxxxxx>
> >
> >Columbia Buys Residence
> >To House Top Professor
> >
> >Jon E. Hilsenrath,
> >Wall Street Journal
> >
> >NEW YORK -- Columbia University has taken star wars for college
> >economics professors to a new level with the acquisition of an $8
> >million townhouse in Manhattan that will house one of its top
> >economists, Jeffrey Sachs.
> >
> >In April, the university lured Mr. Sachs away from Harvard
> University,
> >where he earned a reputation as a confidant to leaders in developing
> >countries. He is now head of Columbia's Earth Institute and
> an adviser
> >to United Nations Secretary-General Kofi Annan, not to
> mention Bono, the
> >rock star and activist.
> >
> >... Mr. Sachs plans to use the institute to push a broad
> agenda focused
> >on what economists call sustainable development. This means the
> >university is keen to focus not just on the cold-hard formulas of
> >economics, but also on issues like disease and the
> environment and how
> >they affect poor economies....
>
> [Wow. Making Sachs head of this Earth Institute is pretty
> much like naming
> Typhoid Mary director of the World Health Organization. 
> E.g., consider what
> Jude Wanniski had to say in 1998 about Sachs' wondrous role
> in Russia's
> economic transformation:]
>
> On Thursday, June 4, [1998] The New York Times published an
> op-ed, "Rule of
> the Ruble," by Jeffrey Sachs, director of the Harvard Institute for
> International Development, a "non-profit group" that has been
> making a
> fortune in salary and perks for the incompetent economists,
> who are living
> off U.S. taxpayer grants from the Clinton administration. You
> can read about
> this scandal in the June 1 issue of the Nation, which the NYT
> does not
> mention. Sachs from December 1991 to January 1994 was an
> "economic advisor
> to the Russian Government," according to the NYT. It was in
> fact Sachs who
> authored the "shock therapy" plan that was sold to the
> Yeltsin government,
> which sent the ruble into its inflationary spiral, from four
> to the dollar
> to more than 6000 to the dollar -- wiping out the ruble
> savings and pensions
> of the ordinary people of Russia. The "shock therapy" scheme
> was backed to
> the hilt by The New York Times editorial page, which gets its
> economic
> orders from the Harvard boys. These include Larry Summers,
> who is now the
> deputy Treasury Secretary and was the chief economist of the
> World Bank when
> Sachs was poisoning Russia with his economic nostrums. At the
> time, I called
> Summers "Mr. Inside," and Sachs "Mr. Outside." ... Countless
> thousands of
> Russians have died of malnutrition, alcoholism and disease as
> a result of
> Jeffrey Sachs and his Ph.D. henchmen from the Ivy League ....
>
> <http://www.polyconomics.com/searchbase/06-05-98.html>
>
> Carl
>
>
>
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