hall of shame for economists, think tanks, bankers

we really need a sort of "amnesty international" site for all the bloody economists, advisory think tank and quangoes, government treasury officials and especially bankers who got us in this mess. a sort of fc for these bozos.

it is so clear that beneath the veneer of fancy maths (and a few people that might actually get it but know their limitations), things like black swan, etc, the reality is that there is no economic theory of value whatsoever. all that talk about stopping boom/bust by controlling interest rates, and rate limiting computer based automatic trades on the stock market to keep the system stable, and similar things are superficial - fundamentally, the root of economics that seem to support the free market idea was
the Chicago school, rooted in Nash Equilibria and game theory - but these assume rational players - as we know, people aren't rational selfish, they can be barking mad, they can exhibit herding and they can be altruistic - all of these mean that a market doesn;'t operate - Behavioural economists try to capture this, but once you open the door to including a "psychological" element to your model of the market, you have to admit that it is essneitally not a predictive model any more - it is just descriptive - and you have to agree that not only are the arrival processes of information/value heavy tailed (i.e. hard to predict rare events happen when you don't expect - so large deviation theory models, but doesn't help you contain the rare large event) but also synchronised irrational behaviour is hard or impossible to predict - some of this behaviour includes paranoia (i.e. non sharing of information) which means that the market doesn't operate correctly (e.g. bankers don't pass on risk information correctly)

all of this means that we should be haning out all the free market morons to dry in the cold cold wind.

bu alas, noone in positions of power seems to have the guts.

my proposals

1. let all the banks go broke -
get their acount information details, and bail out all indivudal savers only.
let all debtors off the hook.

2. institute a usuary-free world, worldwide - lenders can
lend for
i) share of profit only (sharia style - or just like venture capitalists, amusingly)
or
ii) as mutuals
and
iii)
all risk assesment must be published. non secondary trading (i.e. you are not allowed to sell or buy money)

of course, all the people that gave money to the democrats, republicans and tories and labour would then be broke - so?