[garbanzo]

One of the things people forget about Keyes is that he wrote when most major economies were on a gold standard and not in the fiat, central bank managed currencies.

[USFRIENDINVICTORIA]

Good point. That's why Keynes was so concerned with fiscal policy — especially “counter-cyclic spending”. Today, monetary policy (”printing money”) could be more effective (and dangerous). One of the problems with “stimulus” spending, is that the spending is almost never done, when it's needed. We saw that recently, when Obama admitted that there weren't actually many “shovel-ready” projects.