Economists are crap says the Queen

OK, she didn’t actually say that but she came as close as Royal protocol would allow.

On a tour of the London School of Economics she asked Professor Luis Garicano why, given the enormity of the financial crisis, did none of the experts see it coming? 

The prof replied:

At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.

And the Queen’s succinct one-word response: “Awful!”

That pretty much sums it up.

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5 Responses to Economists are crap says the Queen

  1. jameshigham says:

    Hmmm – does that actually mean though that she thought economists were crap?

  2. Rick says:

    I wouldn’t presume to second guess the Queen but, by all accounts, she sounded pretty pissed off that none of the experts, i.e. economists and bankers, had spotted any of this coming. (Actually, one or two did but no-one listened to them, which probably makes them even more culpable.)

    Apparently, the Queen has lost about £25 million. Not a lot for her but still enough to piss her off, I would think.

  3. CherryPie says:

    It’s the same old story, nobody listens to the few that hear the alarm bells ringing.

  4. “Apparently, the Queen has lost about £25 million. Not a lot for her but still enough to piss her off, I would think ”

    A similar amount we have to pay each day to Brussels I’m led to understand.

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