In 2013 (might have been '14) PS called for gold @ $5,000 oz. Economists have predicted 5 of the last 153 recessions. This time there's an alternative. Recall the old joke.....Peter Schiff has predicted 17 of the last two recessions. Heard at the Wharton School. Can you think of another industry where being wrong 97% of the time grants you enormous power, wealth & responsibility? An old joke in economics goes that: “Economists have predicted nine out of the last five recessions”. Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. In 1966, Paul Samuelson, the first American economist to win the Nobel Prize in Economics, was quoted as saying, “The stock market has forecast nine of the last five recessions.” Since then this joke has been generalized as, “Did you know economists have predicted nine of the last five recessions?” Recessions … It has sounded some false alarms. Economists love to call recessions. Tells the shepherd, "I will bet you $100 against one of your sheep that I … The joke dates from the mid-1960s. As the old joke has it, “Economists have predicted ten of the last five recessions.” Capitalists and communists fight each other. Economics Jokes . Protecting banks & the super rich comes with it's perks. The survey of 226 economists was conducted from July 14 to Aug. 1, before Trump announced the latest round of tariffs against China and before the last bout of market volatility. The standard joke about economists and recessions is the one made by Paul Samuelson that some economists have predicted nine out of the last five recessions. Sameulson's quote means that the stock market has often predicted that recessions would come when they, in fact, didn't. In other words, stock market downturns don't always indicate … Bitcoin. Or of course his call for hyperinflation, but we got deflation in 2008. What you say sounds right for the LEI. 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