Unethical lawyers can be disbarred.  Yes... I know you think most should be, but at least they can be disbarred.  Ethics committees can do this.  And judges can sanction lawyers who practice before the court.

But not economists.  They don't have to take an exam to practice economics.  They are not licensed.  They cannot have their license revoked. They just get a degree and "presto!" they are an "economist."

The Wall Street Journal prints the wayward thoughts of some of the dumbest economists. 

And in this Wall Street Journal article, Charles Wolf, Jr. claims a revaluation of the Chinese yuan against the dollar would not affect the trade deficit.  So, Charlie, when your competitors have artificially lower costs, it does not make a difference?  Input costs have no impact?  Are you serious?

Today, Michael Moran says the U.S. trade deficit is narrowing, and we're doing great:

"We're doing very well on the trade front," said Michael Moran, chief economist at Daiwa Securities America Inc. "We're starting to see an improvement" in the current account after its record $217.3 billion deficit in last year's third quarter, he said.

Maybe Moran has not been looking at this graph.  What does everybody have against balanced trade?  Why is that a strange concept?

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