Wednesday, July 30, 2014

Why Wikipedia ia a USELESS Reference Tool- Don't Waste Your Time There

           I was researching statistics on the latest European Union fiscal crisis on a number of websites and I trip over a Wikipedia post on the Eurozone Crisis, that essentially blames Greece for the entire fiasco. It even quotes Paul Krugman, who had said that austerity measures would never work and that we should continue to print money in an effort to rescue the world's economy. Well, Keynesian economics has never been very good for anything but getting people further into debt. I notice that Mr. Krugman no longer bashes austerity in the NYT, he was wrong.
            Greece was not the cause of the 2008 depression, credit debt swaps caused the economic collapse as the banks had over leveraged the underlying assets (mortgages) and when one party did not pay their debt it snowballed into the 2008 depression. Banks improperly tightened financing instead of loaning money to create cash flow, they choked off cash flow causing business after business to fail. The Keynesian collapse of leveraged debt to create wealth caused the depression of 2008-2014 and beyond.
            But, you can never tell a Keynesian economist anything because they have to mortgage the farm to buy a paper to read what you said. Shovel in hand digging through the earth to get out of debt is the Keynesian way.
            In fact, the United States Federal Reserve chose the opposite path and issued more currency further devaluing the United States Dollar. The Federal Reserve at one point owned nearly 60% of all stocks on the New York Stock Exchange as a  way to keep the stock market from collapsing. As a result, while the European Union was climbing out of debt and gradually recovering, the United States was looking for another war to stimulate their economy. In late 2012, the European Union began recovering from austerity measures that I had advised them to undergo, yet, the United States still had no budget to speak of. Under the Obama administration, the economy continued to falter as Keynesian economic principles were passed from one Federal Reserve chief to another, from one Secy. of the Treasury to another. Instead of devising a way to pay down the debt, Keynesians try to put off paying the debt.

            The Eurozone Crisis thesis had so many inaccurate dates and facts that it was ludicrous for me to try to correct them all. When I did edit some pages and cite the proper authority, Wackypedia unedited them and put back the inaccurate parts.
             When I made corrections to the wrong facts that the author had stated, Wackypedia challenged who I was to make these corrections.  Well, for one, I was the author of the EFSB, the EFSM, the ESM, austerity, the Federal Reserve, the European Treasury, EuroBonds, and many other ideas, that's who!
             When I tried to give credit to The Winkle Institute for Worldwide Economic Stability, Wackypedia again unedited the truth. Almost every citation (450 plus) of this long winded error filled paper on the Eurozone Crisis was from a newspaper, or from a Keynesian economist who was quoted from a newspaper article.
              The ECB did not violate any laws by guaranteeing loans to member nations who then provided money backed by those guarantees. In fact, the EFSM, the EFSB, and the ESM are all guarantee programs. No direct funding has ever occurred by the ECB. The appearance of the ability of the ECB to buy treasury bills was what quieted the bond markets. Mere psychology and the use of the perception of the authority" to take action has prevented the meltdown of the European Union.
              I knew when I advised the ECB at the time that direct funding was illegal under the Treaty of Lisbon. The EFSF and the ESM are legal as they only provide loan guarantees, not direct purchases. No money has ever been used by the ECB to directly purchase treasury bonds, ever. They (ECB) have the authority to, but they have not had to.
              I am one of a few people that has actually read the treaty and its windy convoluted logic. In fact, rather than amend it, I trashed it and drafted the "Proposed Constitution of the United European Union" in February 2012, which can be used if the member states ever stop fighting one another like spoiled children and work together for the survival of every member nation and their citizens.

              Wikipedia is good for a laugh. It provides a place for opinions, not facts, to be presented. If you want facts, and not just opinions, conduct your research at JSTOR or other academic sources. Wikipedia is a place where a majority of the information is one sided and is not fact. The information there is not well researched. Wikipedia does not verify the information in any way. It does not check for the accuracy of the facts presented, the dates, or the principal parties. Wikipedia is more of a comic book than a research tool. If you want a good laugh, read any entry on Wikipedia and you will find inaccuracies and faulty logic.

God forbid you try to correct the inaccuracies and lies you find on Wikipedia, their computer system will block you from editing for telling the truth.

               As an adviser to 35 countries and five major international organizations, I conduct thorough research before I say anything. I know that words are golden. I know that people and governments trust me to get it right the first time. Greece and the rest of the European Union are recovering nicely. Once more small and mid-sized business receive loan guarantees and funding, jobs will return. The key is to restart the economy slowly and at a reasonable rate.If banks start loaning money to small and mid-sized businesses, the jobs will be created, unemployment will decrease, budgets will be met, and interest rates will continue to remain within reason. Greedy bankers and stock brokers caused the economic depression of 2008, and only they can fix it by making loans and creating cash flow for the economic engine of the world.
               If austerity has taught governments anything it is that borrowing from tomorrow to pay for their needs today is not common sense. If we live within our means, we won't get rich, but we won't go broke either.
               If the author of the Eurozone Crisis article had any pride they would take the entire article down as it is a mockery of the truth. It defames the European Commission, Greece and many other countries, and the European Central Bank. I thought defamation was illegal in the European Union.
               So, now you have several reasons why YOU SHOULD NEVER USE WIKIPEDIA AS A RESEARCH SOURCE IN ANY PAPER OF ANY KIND. 

Mark Winkle-Founder
The Winkle Institute for Worldwide Economic Stability

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