Comments on: Keynes Returns

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By: rom

rom — Tue, 17 Feb 2009 18:34:04 +0000

The State by definition will always want to increase its own power. The dual party political ‘democracy’ ensures that the party not in power also allows and desires the increase of State power, for when they are at the helm!

Keynes simply gives arguments to these people justifying their theft, plunder and tyranny.

By: Bob Roddis

Bob Roddis — Tue, 17 Feb 2009 00:17:13 +0000

Don\\\’t forget that Keynes told Hayek that he wrote \\"The General Theory\\" as a ruse in order to use monetary dilution to reduce wage rates among British workers in the 1930s and thereby reduce unemployment. See:

http://consultingbyrpm.com/blog/2008/12/hayek-tells-bill-buckley-that-even.html

By: Terri Kurowski

Terri Kurowski — Mon, 16 Feb 2009 14:09:04 +0000

Alexa,

Just had to congratulate you for being so young and not buying the bill of goods taught in the public schools. Bravo!

You can do a lot to educate others to the Truth. It was youngsters, some young enough to be my grandchildren, who inspired me to begin reading Austrian economic theory a little over a year ago. So I encourage you to speak up and speak out.

By: Terri Kurowski

Terri Kurowski — Mon, 16 Feb 2009 13:56:19 +0000

Bob Heltman said, “I am depressed over the fact that all the bright minds inside the Washington Beltway cannot listen, read, or learn that Keynesian thinking has and is devastating our economy.”

I’m depressed too but did you ever consider that it might be deliberate? In other words, Keynesian theory combined with the central bank, the government credit card, gives our elected representatives license to plunder, steal, erode freedom and gain more and more power?

By: Dudley Horscroft

Dudley Horscroft — Mon, 16 Feb 2009 09:48:11 +0000

It would be interesting to compare the steps now being taken by Bush and Obama with those taken by Hoover and Roosevelt to create and extend their depression.

Here in Australia, we had the Reserve Bank getting very worried about \"inflation\" and putting up the Bank Rate numerous times, even during the November (2007) election campaign. Their logic was based on the fact that the consumer price index was rising. Much of the CPI rise was due to the increased price of imports (especially oil), and in fact the alleged rise in inflation was largely mythical. Since July 2008, there have been several major cuts in the interest rate, concern about inflation totally forgotten.

It seems to me that the only way that increases in interest rates can stop inflation is by generating a recession, or a depression. But unfortunately reduction in interest rates does not necessarily abolish a recession or depression – witness the years Japan was in the doldrums with interest rates close to zero.

An interesting subject for a PhD would be the correlation between Central Bank interest rate changes and the effect on the economy. Is there any – do they work as required?

By: Sevket Duran

Sevket Duran — Sat, 14 Feb 2009 23:44:42 +0000

Krugman and et al will complain that $850B for bailouts, $ 820B for stimulus, and $ 2 trillion for bad-bank is not enough. If they really believe that they will create $1.38 of economic activity for each dollar of stimulus, why not spend 20 trillion dollars or something? If democrats had 60+ senators, maybe they would.

By: David S. McQueen

David S. McQueen — Sat, 14 Feb 2009 15:02:35 +0000

I’m no defender of Keynesian economics but remember that “The General Theory” was written in 1936 in the middle of the Great Depression.

Remember also that one of the perplexing problems in economic theory back then was the business cycle, the boom-bust-boom. Many economists, including Keynes, realized that savings weren’t going to pull an economy out of the depression, as had been conventional wisdom.

Keynes thought that in the current depression with the lack of demand for goods and serivces, businesses would NEVER expand without governmental injection of money. Later, some economists would say that FDR (who liked Keynes) had the right idea but simply didn’t inject ENOUGH money.

Sounds very much like the current thought in the USA.

By: jet Beckum

jet Beckum — Sat, 14 Feb 2009 14:13:01 +0000

Freedom is under attack from all sides especially from public education. Students are not learning basic reading and writing, they
are deliberately being brain washed to the idea that government is the answer to all problems. Keynes would be proud of todays students they are mindless robots.

By: Adam Rott

Adam Rott — Fri, 13 Feb 2009 23:21:48 +0000

A timely and well written expose of Keynes’ underlying philosophy. It is fascinating to read Keynes in his own words and realize that he really did believe in the failure of the free market, and the necessity of government and force, and then realize that he had no problems just coming out and saying it plainly.

By: John Abbott

John Abbott — Fri, 13 Feb 2009 21:45:41 +0000

I am glad to see that the education continues. This reminds me of Professor Richard Ebeling from my days at Hillsdale College! Keep up the good work!

By: D.B. Cooper

D.B. Cooper — Fri, 13 Feb 2009 21:05:08 +0000

The failure will blamed on the “fact” that politicians didn’t do/spend enough. Krugman and company are already preping thier comrades to really go for broke, next time. That time will be on us before we would like to imagine. It appears the time between “crisis” is getting shorter and the “solutions” are getting bigger.

By: Alexa

Alexa — Fri, 13 Feb 2009 20:55:10 +0000

I’m a seventeen year old high school student.
Going to a public school, I can state that the ignorance of true economic principles comes from the education we’re being spoon fed.
What it will take to change the “cronism” and social ideals in Washington will be do educate students about the truth. It’s a scary reality.

By: Dan Fernandes

Dan Fernandes — Fri, 13 Feb 2009 20:17:34 +0000

Politicians find Keynes irresistible because he gives them simple theories for appearing to do somthing to help a faultering economy and playing the big heros. Never mind that the theories don’t work, the political rewards are too great, even in failure. An educated public is the only solution.

By: D.B. Cooper

D.B. Cooper — Fri, 13 Feb 2009 17:25:52 +0000

Bob Heltman wrote:
“What will it TAKE?!?”

Answer:
“The tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants.”
– Thomas Jefferson

I’m ready! Are you?

By: Sheldon Richman

Sheldon Richman — Fri, 13 Feb 2009 17:24:04 +0000

I read somewhere that he chose the title “The General Theory” because of Einstein.

By: RICH

RICH — Fri, 13 Feb 2009 17:13:32 +0000

I’m curious how much popularity & notoriety Keynes deliberately tried to get by playing off of Einstein’s “General Theory” ?

By: Bob Heltman

Bob Heltman — Fri, 13 Feb 2009 16:52:00 +0000

I am depressed over the fact that all the bright minds inside the Washington Beltway cannot listen, read, or learn that Keynesian thinking has and is devastating our economy.

All brains seem inside places like FEE, Heritage Foundation, ACRESUSA, etc. while ego driven, power hungry, omnipotent “leaders” keep spending and adding to governmental size and meddling, aided by left of Harvard “experts.”

What will it TAKE?!?

By: Stephen Grossman

Stephen Grossman — Fri, 13 Feb 2009 15:54:09 +0000

The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. [_General Theory_.... Keynes]

He confesses ignorance of the future effects of his ideas.