Posted on 02/06/2009 10:26:42 AM PST by Steelfish
Keynes can't help us now.
Governments cling to the delusion that a crisis of excess debt can be solved by creating more debt.
Niall Ferguson February 6, 2009
It began as a subprime surprise, became a credit crunch and then a global financial crisis. At last week's World Economic Forum in Davos, Switzerland, Russia and China blamed America, everyone blamed the bankers, and the bankers blamed you and me.
From where I sat, the majority of the attendees were stuck in the Great Repression: deeply anxious but fundamentally in denial about the nature and magnitude of the problem.
Some foretold the bottom of the recession by the middle of this year. Others claimed that India and China would be the engines of recovery. But mostly the wise and powerful had decided to trust that John Maynard Keynes would save us all.
(Excerpt) Read more at latimes.com ...
Keynes never helped anybody except the Democrat Party.
Great article. This part was the nutshell:
They need to grow up and face the harsh reality:
Average household debt has reached 141% of disposable income in the United States and 177% in Britain. Worst of all are the banks. Some of the best-known names in American and European finance have liabilities 40, 60 or even 100 times the amount of their capital.
The delusion that a crisis of excess debt can be solved by creating more debt is at the heart of the Great Repression. Yet that is precisely what most governments propose to do.
I posted a direct link to the new on-line edition of the Veritas Foundation's classic Keynes At Harvard, a little while ago. (It has been out of print for 40 years.) But to better understand Lord Keynes and his friends in the British Fabian circles, check out:
Liquidity trap + Atlas Shrugged + Manchurian Candidate = 2009
I have great respect for Niall Ferguson.
His book The Ascent of Money is an excellent history of money.
“We all know how we got into this economic mess. We spent too much, borrowed with abandon, and acted like the bills would never come due. So what’s the prescription for getting out? Spending more, borrowing more, and acting like the bills will never come due.”
Steve Chapman (columnist and editorial writer for the Chicago Tribune) - January 22, 2009
http://www.reason.com/news/show/131190.html
( . . . to abandon restraint so that we can overcome the consequences of excess?)
In the end, we’re all dead - according to Keynes.
Only a sicko, fag homosexual would say such nonsense...oh, wait, we’re still talking about Keynes here.
Yes, indeed. Keynes was ahead of his time in one sense, and that is that he anticipated the moral depravity of NAMBLA by two generations! That is also covered in the book, to which I referred.
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