It’s not clear whether overeating and obesity are the perfect allegory for a consumption based economy that has finally run aground (e.g., where are the rising and falling asset prices?), but Michael Pento nonetheless transforms many of today’s economic problems into something that anybody can understand in this commentary at Real Clear Markets.

A morbidly obese gentleman labored into Dr. Hayek’s office suffering from severe chest pain. The patient also complained that he was unable to consume his usual 10,000 calorie-per-day diet; in fact, he was feeling so sick that he could barely scarf down 9,000 calories. He noted that his love for food remained as strong as ever, but his body just wasn’t keeping up with his demands.

After having a thorough look at the patient, the good doctor could not find anything wrong outside of the patient’s extreme portliness. After a moment of reflection, he delivered to his patient a troubling diagnosis. He explained that the chest pain stemmed from the strain the patient’s 500lb body was putting on his heart, and that the lack of appetite was his body’s attempt to protect itself from this imbalance. Dr. Hayek’s prescription was simple: the patient had to dramatically reduce his consumption while undertaking a moderate exercise program, with the goal of losing 250lbs as quickly and safely as possible. Dr. Hayek was aware that it would be a physically painful and emotionally difficult process for the man, but it was the only way to avert a life of suffering – or even a heart attack.

Of course, it should come as no surprise that Dr. Keynes across the street has a completely different prescription for  this gentleman’s “temporary lack of hunger”. This is well worth reading in its entirety and its simplicity goes a long way in explaining why the American public now seems to favor the treatment of Dr. Hayek over Dr. Keynes.