Bush's 'new Keynesian,' Mankiw

UPI ^ | 3-3-03 | Ian Campbell

[AdamSelene235]

I'm going to shut my office door and scream for about 10 minutes now.

[AdamSelene235]

bump

[Viva Le Dissention]

I had this guy's textbook in college. All in all, not bad, although at times it descended into "Econ for Idiots."

[logician2u]

"We're all Keynesians now."

What a way to start the week. :(

[shrinkermd]

"More profoundly, the influence of Larry Summers is evident in Mankiw's paper. Mankiw tells us that "long before he was U.S. Treasury secretary Laurence Summers wrote 'the optimal inflation rate is surely positive, perhaps as high as 2 to 3 percent.' In his analysis Mankiw finds that "Fed monetary policy of the 1990s might well be described as 'covert inflation targeting' at a rate of about 3 percent. So he argues that -- unconsciously, one supposes -- Greenspan has followed a Summers line on monetary policy."

The above is what was once called "vodoo economics." Now it is standard practice. The only way you can inflate (depreciate the currency) by 3% a year is to hold commodities, and especially precious metals, steady or to a lesser increase than your inflation (currency depreciation) rate. Iy you don't investors climb aboard the commodity train early and fiercely and deprive the equity markets of venture capital.

[irish_links]

"...His mentors have been bright and prominent economists, such as Larry Summers, former treasury secretary, and Alan Blinder, formerly of the Federal Reserve. From his early 20s, Mankiw has been close to the powerful. "Choose your mentors well," is advice he himself gives in an essay on his life. In his research, he has kind words for Bush's great friend, President Bill Clinton ...."

He could hardly have picked a more dangerous group than these. Be afraid, be very afraid.

[jd777]

Wasn't John Keynes the man who designed the soviet union's currency and also married a russian dancer and honeymooned with her in the soviet union during stalin's reign at a time when no westerners were allowed in...

What a guy...

[AdamSelene235]

Mankiw has been close to the powerful. "Choose your mentors well," is advice he himself gives in an essay on his life.

Keynes was a Communist and a pedophile. Interesting choice for a mentor. His economic theories are even more disgusting. Keynesianism is nothing more than a way to produce a viable Socialist economy by placing the fruits of capitalism at the command of the central planners.

[The Vast Right Wing]

Huge mistake. This guy will be GWB's Alan Stockman. I guarantee within a few months he will be talking about 'rolling back the Bush tax cuts'. I'm speechless...

[AdamSelene235]

Wasn't John Keynes the man who designed the soviet union's currency and also married a russian dancer and honeymooned with her in the soviet union during stalin's reign at a time when no westerners were allowed in... What a guy...

And self-proclaimed "immoralist" (pedophile).

[logician2u]

This guy will be GWB's Alan Stockman.

Maybe so, but who among the Republicans in Congress are going to take the President to the proverbial woodshed about this ill-considered appointment?

(Where's Dick Armey when we could really use him?)

[Mr. Mojo]

This is all just 'strategery'. Bush has taken away the Rats' issues, and now he's taking away their economists. Brilliant, I tell you.

Can I go throw up now?

[Satadru]

Sorry you got the wrong guy. Keynes here is John Maynard Keynes, not the pedophile one. But, equally bad.

[Satadru]

Actually John Maynard Keynes was anti-communist, at a time when that was the new way of thinking. But, in his hatred towards the communists he devised a system such that government does not have to own machines and factories, but can still control the economy through fiscal policies. For example, he thinks that if the economy is doing poorly then the govt should spend more in order to boost the economy. What a genius! Seems like GWB also believes in that. Look at the state of the economy and of the federal budget.

[Satadru]

When are we going to get a solid monetarist in charge?

[AdamSelene235]

Sorry you got the wrong guy. Keynes here is John Maynard Keynes, not the pedophile one. But, equally bad.

I am speaking of John Maynard Keynes, author of The General Theory of Employment, economic architect of English socialism and gravedigger for the British Empire.

Keynes was characterized by his male sweetheart, Lytton Strachey, as “A liberal and a sodomite, an atheist and a statistician.” His particular depravity was the sexual abuse of little boys. In communications to his homosexual friends, Keynes advised that they go to Tunis, “where bed and boy were also not expensive.” As a sodomistic pedophiliac, he ranged throughout the Mediterranean area in search of boys for himself and his fellow socialists. Taking full advantage of the bitter poverty and abysmal ignorance in North Africa, the Middle East, and Italy, he purchased the bodies of children prostituted for English shillings[See Lytton Strachey, A Critical Biography, Michael Holyroyd, Holt, Rinehart and Winston, two volumes].

[AdamSelene235]

or how we ran our economy during the war years.

We've never stopped running our economy that way.

[AdamSelene235]

When are we going to get a solid monetarist in charge?

How about an Austrian?

[AdamSelene235]

But, in his hatred towards the communists he devised a system such that government does not have to own machines and factories, but can still control the economy through fiscal policies.

In other words he made collectivism economically viable.