International House of Horrors: Parity by Christmas...

Lately I've had to ask myself, what good are all these so-called "economic experts" so often quoted and providing sound bites?

For example, both last fall and again this summer during the time the US dollar was weak, economists in Australia were predicting Aussie dollar parity with the US dollar by Christmas. Not only has that not happened, but with the credit meltdown and softness in the commodity markets, it's sunk to levels not seen in years.

While in the US it's easy (and correct) to lay much at the feet of the ex-Fed Chairman, when you get right down to it, the whole subject of economic forecasting just seems to be akin to be a he-said/she-said/he-said of guessing. Especially since economies around the world are now globally tied together inextricably with so many variables in play no one can really tell anything.

As result, you'll always have one set of so-called experts that will predict things go up, another that says it stays the same, and another that it goes down. Of course, one of the three will be right each time; trumpeting their sageness over the others, conveniently forgetting that on the next issue (and likely the previous one) they're the ones grumbling at the fallacy of their bogus prognostications.

My view from the porch these days? I just look at the effects where I live and hold on tight.

- Farmer Ted