[garbanzo]

It’s the difference between sopping up excess inventory and devaluation. I don’t think Keynes ever advocated the latter. I think even Keynes would find the debt levels we’ve obtained with cheap credit offensive and counterproductive.

[USFRIENDINVICTORIA]

Exactly! That's why I used the term “ersatz Keynesiasm”. Keynes, himself, advocated paying back any debts incurred at the trough of the business cycle, during the peaks. BTW, ironically, the OWS crowd would class Keynes as a 1%er — he made a bundle through investments.