IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy

The president of the New York Federal Reserve said the devastation caused by Hurricanes Harvey and Irma could boost the U.S. economy in 2018 because of the rebuilding efforts that will have to take place.

IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy William%252BC%252BDudley%252BGeithner%252BBernanke%252BTestify%252BnrOflXcwxJSl

IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy William%252BC%252BDudley%252BGeithner%252BBernanke%252BTestify%252BnrOflXcwxJSl

“The long-run effect of these disasters, unfortunately, is it actually lifts economic activity because you have to rebuild all the things that have been damaged by the storms,” William Dudley said in an interview with CNBC.

What an idiot, rebuilding things that have been destroyed by hurricanes does not "lift economic activity." It causes activity to shift from creating new goods and services to rebuilding goods that have been damaged or destroyed.

This is the fundamental lesson taught in Henry Hazlitt's important introductory economics book Economics In One Lesson.

I am putting a copy in the mail to Keynesian crackpot.

http://www.economicpolicyjournal.com/2017/09/idiot-new-york-fed-president-says.html?spref=fb
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IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy PgkowJT

IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy PgkowJT

IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy

IDIOT: New York Fed President Says Hurricanes Harvey and, Irma to Give Boost to U.S. Economy

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