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Kudlow (CNBC) – where is his ‘Critical Thinking’?

April 12, 2013

Larry Kudlow (on today’s L.K. Show) said that gold is not needed given today’s rising economy. He now thinks (after mentioning that the ‘price’ of gold has dropped by near $100) that we now have KING $, No need to worry about a crashing economy, No ‘End of the World’ psychology to worry about, No inflation, and he touts the Wisdom of Bernanke’s policies for the fall in the prices of gold. Later he reverses some of this rhetoric by saying that Bitcoin (a virtual/digital currency) needs to be stabilized via some tie to gold if it is to be viable in the future. He says that the ‘value’ of Bitcoin needs some tie to a real commodity. I listen to The Kudlow Report daily for politically correct ‘information’, deception, and media pontificating. I am sure Larry and his CNBC broadcast does influence many who lack ‘critical thinking’ skills.

First of all, Larry K. believes (according to my perception of his rhetoric) that the Fed is still ‘printing’ dollars and that our ‘dollar’ is getting stronger by the QE policies of Bernanke (at least as of now). Larry wants a KING $ and he simultaneously thinks that a KING $ can emerge ‘with’ a tie to gold (some type of gold standard) and yet today he thinks that a KING $ can emerge ‘with no’ tie to gold. Does any of this rhetoric reflect ‘critical thinking’ on these issues? Larry is for a gold standard given his rhetoric of the past and today he seems to think that gold is not needed for a KING $. Is this mindset mere media hype for the moment or real sound ‘critical thinking’ for our economy?

Finally, Larry espouses that the best road to prosperity is  historical American Capitalism and yet his concepts and principles about Capitalism change from one days program to the next. Today, he seemed to think that Bitcoin could be an alternative currency for our future. He seems unaware that his Fed Chairman, Bernanke, now uses a digital currency (similar to Bitcoin) for his QE operations (called the virtual $). Even though Ben has mentioned many times (publically) that he is NOT  ‘printing’ dollars, Larry broadcasts to the public that Ben is actually ‘printing’ dollars and our $ is getting STRONGER via his ‘printing’ policies. Is any of this accurate and representative of sound ‘critical thinking’? If a situation changes (like a huge decline in the price of gold) does this mean that gold is no longer needed for a growing Capitalistic economy? I, personally, don’t think that Larry’s mindset represents anything like ‘critical thinking’ for his vast group of listeners who look to him as a creditable media spokesperson. That is my personal opinion!

What is ‘critical thinking’? Is it important for understanding today’s confusing markets? I would suggest…absolutely! Here is one good definition of ‘critical thinking’ which I derived from (a site which views the philosopher, Socrates, as the originator of ‘critical thinking’):

“Critical thinking is the intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action. In its exemplary form, it is based on universal intellectual values that transcend subject matter divisions: clarity, accuracy, precision, consistency, relevance, sound evidence, good reasons, depth, breadth, and fairness.  It entails the examination of those structures or elements of thought implicit in all reasoning: purpose, problem, or question-at-issue; assumptions; concepts; empirical grounding; reasoning leading to conclusions; implications and consequences; objections from alternative viewpoints; and frame of reference. Critical thinking — in being responsive to variable subject matter, issues, and purposes — is incorporated in a family of interwoven modes of thinking, among them: scientific thinking, mathematical thinking, historical thinking, anthropological thinking, economic thinking, moral thinking, and philosophical thinking.” 

My personal goal is to help educate the public about our monetary and economic issues. To me, ‘critical thinking’ is very important for sound education and for understanding today’s issues. I don’t mean to belittle the Larry Kudlow Show as I do watch it on a regular basis. I do find, however, that the information presented seems to lack serious ‘critical thinking’ when it comes to issues of finance, economics, the historical principles of Capitalism, the nature of our currencies today, and the important operations of our Federal Reserve System. That is my personal viewpoint! I am:

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