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Keynes On Worker Utopia Through Perpetual Threat Of War

Tyler Durden's picture


Presenting 74 seconds of pure Krugmanism from the mouth of the man himself - Keynes 1939 (pre-war) radio address on the beginning of The Grand Experiment...



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Mon, 11/19/2012 - 17:52 | 2996973 redpill
redpill's picture

Fucking madman.

Mon, 11/19/2012 - 17:53 | 2996977 BKbroiler
BKbroiler's picture

I don't think Keynes himself would put his name on what going on now...

Mon, 11/19/2012 - 17:56 | 2996986 Gene Parmesan
Gene Parmesan's picture

Did you even watch the video?

Mon, 11/19/2012 - 18:15 | 2997017 Skateboarder
Skateboarder's picture

Jaded Murderer Keynes, perpetrator of bloodshed and endless war, hero to many, scum to me.

EDIT: fuck you, Keynesian downvoters.

Mon, 11/19/2012 - 18:25 | 2997099 redpill
redpill's picture

Can you believe the "we might learn some tricks" shit?  Tricks?  TRICKS!  This arrogant dumbfuck thought our economy should be based on tricks!  That and death/disaster.  What a fuckin great guy.

Mon, 11/19/2012 - 18:26 | 2997108 Pladizow
Pladizow's picture

America's blue print!

Mon, 11/19/2012 - 18:34 | 2997145 TruthInSunshine
TruthInSunshine's picture

If Krugman ever was put into a position of actual power, he'd be one of the world's most dangerous people.

He's clearly a sociopathic, absolutely dogmatic, narcissistic personality type that's typical of some of history's most tyrranical figures.

Mon, 11/19/2012 - 18:51 | 2997195 idea_hamster
idea_hamster's picture

About half-way through, you can hear the birds in his head chirping....

Mon, 11/19/2012 - 19:09 | 2997247 Michaelwiseguy
Michaelwiseguy's picture

The only trick I learned is how to use Molotov cocktails on government employees and hollow point bullets on their elite masters.

Mon, 11/19/2012 - 19:36 | 2997326 nmewn
nmewn's picture

Fantastical Fabian bargain turns Faustian...who knew?

Mon, 11/19/2012 - 20:05 | 2997419 Enslavethechild...
EnslavethechildrenforBen's picture

Worker Utopia is when we go back to the Gold Standard an put all the Bankers behind bars

Mon, 11/19/2012 - 20:43 | 2997495 flacon
flacon's picture

Keynes, you dumbfuck - you never learned 

The Broken Window Fallacy


Mon, 11/19/2012 - 20:50 | 2997534 BigJim
BigJim's picture

Yes, Keynesian 'Economics' is just the Broken Window Fallacy writ large. It's amazing the number of people who fall for it.

Mon, 11/19/2012 - 21:29 | 2997617 Enslavethechild...
EnslavethechildrenforBen's picture

War is the only constructive endeavor to employ men.

There are no other constructive human endeavors.


Mon, 11/19/2012 - 22:29 | 2997618 TruthInSunshine
TruthInSunshine's picture

If Keynes were alive today, he'd declare Paul Krugman to be, and I quote, "batshit crazy," and sue him for slander/libel.

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth."

"As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

 --J.M. Keynes on inflation in The Economic Consequences of the Peace (p. 235-6)

Inflation/currency debasement, bitches! Even Keynes thought it was EVIL done by kleptocrats.

Mon, 11/19/2012 - 22:44 | 2997769 knukles
knukles's picture

Soiled myself....

Tue, 11/20/2012 - 01:59 | 2998025 Rogue Trooper
Rogue Trooper's picture

Got to disagree "Truth".  The guy was prize intellectual CUNT.  A PHD in bullshit from a University more famous for buggery and/or traitors, i.e., Cambridge . An advocate for central planning who thought himself smater than everyone else (sounds familier?).  He would have embraced Krugman and preached from the same songbook today.  Why do I say this?, Listen to the BBC radio broadcast again.

John Maynard Keynes, 1st Baron Keynes of Tilton in the County of Sussex

"Truth" you are way to kind to the wanker.... $60 Trillion in debt later and we are ALL gonna be fucked over.

Some compensation I see is that Krugman will see the end... wonder of he has a good "Get out of Dodge Plan"? Folks will remember his part in all of this when SHTF.

/Serious this time.

Tue, 11/20/2012 - 02:39 | 2998051 TruthInSunshine
TruthInSunshine's picture

I'm not extolling the virtuousness of Keynes.

I'm merely relaying one of his opinions on intentional debasement of currency as a means of stealth theft by the state, so as to highlight how frauds like Krugman have bastardized some of what Keynes opined for their own twisted objectives.

Tue, 11/20/2012 - 02:49 | 2998058 Rogue Trooper
Rogue Trooper's picture

I got that reading it again.  Keynes and the Krug just make me sick.... so no offence they both just anger me more than most.  Having said that someone else would have come along with the intellectual justification to suit the politicians agenda.

Tue, 11/20/2012 - 09:20 | 2998353 archon
archon's picture

He really was quite insane.

Mon, 11/19/2012 - 22:35 | 2997739 A Nanny Moose
A Nanny Moose's picture


Mon, 11/19/2012 - 19:19 | 2997274 kridkrid
kridkrid's picture

Whatever position of power he takes, he would merely be replacing one sociopath with another. I am of the belief that most large institutions (govt, corporations, academia) are run by sociopaths. It's self selecting.

Tue, 11/20/2012 - 01:39 | 2998015 Rogue Trooper
Rogue Trooper's picture

KRUGMAN.... I'm gonna get Medieval on your Arse.

/Mr Wallace

Tue, 11/20/2012 - 05:16 | 2998134 honestann
honestann's picture

EVERYTHING that Krugman has said in public for years has been his application to replace Bernanke as "Chairman of the Federal Reserve".

Krugman clearly knows how Bernanke got his job.  The federal government was pushing the country into economic disaster and knew the federal government would want someone to hand government unlimited money at zero interest, thereby supporting unlimited, unending abusive power for those predators who do business as the federal government.

So he wrote articles about printing money with reckless abandon and spewing them out of helicopters.  That got him the job.  Now they know they've driven the world into hyper-debt, and need someone to make Bernanke look like a piker.  So that's exactly what Krugman has been promising these past several years.

Krugman is a shoe in.

Tue, 11/20/2012 - 08:29 | 2998276 archon
archon's picture

Aren't all the most heinous, nororious mass murderers & genocidalists in history like that?  Mao, Stalin, Pol Pot, Hitler...

Mon, 11/19/2012 - 18:58 | 2997210 TwoShortPlanks
TwoShortPlanks's picture

Oh I've heard this fucktard music before.

"I am Fuhrer of a Reich that will last for a thousand years to come. No power can shake the German Reich now. Divine Providence has willed it that I carry the fulfillment of a Germanic task."
- Adolf Hitler, [following] Third Reich Speech, 1941, Wolfsschanze -

NWO = Fourth Reich

Mon, 11/19/2012 - 21:59 | 2997632 TwoShortPlanks
TwoShortPlanks's picture

And here's the shocking truth which so many people conveniently ignore, but I'm happy to ram down your throat (somebody has to).

Democracy, Communism, Socialism have all had their day; and what do we have to show for them...hummm? McMansions, Audi's, Jetski's, endless war, trading stocks and shit...fuck-me!...all of which have come at the cost to Earth and the environment. It's not worked people. Mankind is a greedy selfish child and hundreds of years of 'same-old' supports that idea. Hell, we've known about global warming and pollution for decades now and have we changed...NOPE! Now the earth faces another Billion people rising up into the middle class. Has anybody seen the polution in Asia lately? Do you think the average Chinese citizen gives a fuck about polution so long as it out of direct sight?...LOL...THERE IS NO END TO MANS' MADNESS and we're proving it every day. The moment you understand that basic in-your-face principle, then the concept of a NWO and Agenda 21 becomes a Life Boat, not a death sentence. If you cannot understand this point or choose not to see its' merit or truth, then you're gonna be facing a very grim future, and more than likely, it's the greedy selfish child within you which is rebelling against what's right and doesn't want to be separated from a never ending series of immediate gratifications....coz let's face it, we've fucked this planet up pretty good and we ain't gonna stop now.

I search endlessly through the internet, YouTube, newspapers etc, reading and watching all sorts of stuff, thousands of ideas, comments, articles and clips, and here's what I've discovered; glossy, catchy videos with good intentions lasts 5min. Well written articles porporting freedom and democracy last 5min. Protesting, ranting and raving last 5min.....eventually, greed reasserts itself and yet again the planet suffers. Want proof, just look at the warning we had from the GFC and what we've done since then....of apathy, neglect and stupidity, we are all GUILTY!

And get this point straight. When civilization was 1.5 Billion, freedom and democracy would have been a wonderful thing, but today there are 7 Billion consumers, wasters, polluters and in a general sense, NOBODY is prepared to act in sufficient amounts to create synergy with the environment....NOBODY!

Like it or not, the cure is Elitist Aristocracy. Like Monarchial Rule of old, when an elite few own all they WILL protect all. The child-minded greedy selfish masses are/must and WILL be controlled. The Kings lands are/must and WILL be protected.

Freedom or Survival; we've driven this monster to the pont where we only get to choose one.

My words may at first brush seem pessimistic, but they're not. Everyone wants to leave a legacy when they die; money, property, gold, cars, artwork....hey, here's a crazy fucking idea, how about we leave behind a nice planet, or is that too radical?!

Maiora pluraque in vita facienda sunt quam vivere!

Mon, 11/19/2012 - 22:03 | 2997684 Enslavethechild...
EnslavethechildrenforBen's picture

Historically speaking, periods on the Gold Standard are about a hundred times less destructive than periods when humans can just print paper money.

Mon, 11/19/2012 - 22:07 | 2997692 Yellowhoard
Yellowhoard's picture


Mon, 11/19/2012 - 23:40 | 2997728 TwoShortPlanks
TwoShortPlanks's picture

Agenda 21 is so big you'll never stop it or even outrun it. Grabbing an armful of baked beans, guns and ammo and taking to the hills won't help, coz that's what they're trying to protect.

This isn't Germany 1928, this is a global initiative. IUCN-CEL is located in Bonn Germany and was established under Swiss Law. They answer to the UN and only the UN. Thus, whomever controls the UN effectively controls the 'Sustainable Development Program'. 170 countries have already signed up, so they're legally bound to the program.

So who's the "Fool" YellowHoard???...LOL...try digging a hole and sticking your head in it. While you're down there, here, familiarize yourself with what the Fourth Reich expects of so kind as to take a shower so that we may reduce your carbon footprint.


UN Doc, Environment and Sustainable Development:
Agenda21 DOC:
Agenda21 DOC:
Agenda21 DOC:
Agenda21, 'Water For Life':

Hope you enjoy the read!

Tue, 11/20/2012 - 04:27 | 2998114 Sanksion
Sanksion's picture

The planet is fine, the people are fucked up.

Tue, 11/20/2012 - 08:57 | 2998304 archon
archon's picture

"The urge to save humanity is almost always a false front for the urge to rule..."  (H.L. Mencken)

Mon, 11/19/2012 - 18:27 | 2997102 Pladizow
Pladizow's picture


Mon, 11/19/2012 - 18:30 | 2997124 HoofHearted
HoofHearted's picture

And his worshippers get Nobel prizes in things like econ (that asshole Krugman) and PEACE (that fuckup Obama). Pass me another drink...make it something strong.

Mon, 11/19/2012 - 18:46 | 2997179 Bollixed
Bollixed's picture

From Mark Ames: "In fact, there is no such thing as a Nobel Prize in economics; its real name is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” and it was first launched in 1969 by the Swedish Central Bank and has since been denounced by Alfred Nobel’s heirs."

They're even bigger douchebags than we've been led to believe...

Mon, 11/19/2012 - 19:30 | 2997310 ShrNfr
ShrNfr's picture

I am a Austrian School myself, but Keynes was dead right about "The Economic Consequences of the Peace" Freebee for your Kindle: or get it gratis from Project Gutenberg

Mon, 11/19/2012 - 22:45 | 2997768 elementary
elementary's picture

Keynes was a bolshevik, collectivist, pervert, pedophile, homosexual and drug addict, with a proclivity toward the outrageous and push all boundaries. He later admitted that his economic theories were just that: theories. He wanted to play with the big boys and enjoy the lifestyle of the rich and famous. Therefore, he created theories about economics that TPTB wanted to hear. It was then, and is still now all rubbish.

Tue, 11/20/2012 - 02:13 | 2998035 Rogue Trooper
Rogue Trooper's picture

Well Krugman 

"Well, Fitzgerald knew a thing or two. And I'm definitely functioning. As a good socialist, I'm going where the money is; as a good capitalist, I'm sticking with the revolution, because if you can't beat it, spy on it! Don't look like that, George. It's the name of the game these days. You scratch my conscience, I'll drive your Jag, right?"

The Roy Bland line from: Tinker, Tailor, Soldier, Spy.

Tue, 11/20/2012 - 00:33 | 2997951 Overfed
Overfed's picture

Keynes was a pederastic monster. He engaged the services of child sex-slaves all over the world. I hope he has a special place in hell all to himself.

Mon, 11/19/2012 - 17:54 | 2996985 TheGermanGuy
TheGermanGuy's picture

And if it worked back then it will work again

Mon, 11/19/2012 - 17:55 | 2996989 Stoploss
Stoploss's picture

The only hope left, is that mother fucker burning in hell..

Mon, 11/19/2012 - 18:00 | 2996998 vast-dom
vast-dom's picture

war may cure unemployment, but death cures all.

Mon, 11/19/2012 - 18:09 | 2997023 LouisDega
LouisDega's picture

Private Joker quote.. " The dead know only one thing: It is better to be alive".

Mon, 11/19/2012 - 22:41 | 2997759 A Nanny Moose
A Nanny Moose's picture

"In the long run we are all dead...." - JMK

Mon, 11/19/2012 - 18:06 | 2997013 oblom
oblom's picture

So Keynes is evil,  I get it (never mind the fact that probably fewer than 1% of visitors here read him).


So who do we worship this week? Is it Friedman's turn or Hayek's?

Mon, 11/19/2012 - 18:16 | 2997049 Opinionated Ass
Opinionated Ass's picture

Instead of worshiping as a collective "we", how about you try thinking as an independent "I". Scary, but you can do it.

Mon, 11/19/2012 - 18:23 | 2997091 oblom
oblom's picture

Sorry, can't do that. For as a *group* of individuals you are too easily programmable.

Mon, 11/19/2012 - 19:00 | 2997223 Poor Grogman
Poor Grogman's picture

Gee,  that really hurt my feelings..

Boo hoo

sniff sniff

Mon, 11/19/2012 - 19:02 | 2997226 TwoShortPlanks
TwoShortPlanks's picture

Like I wrote before, Gold is a wonderful metal for its ability to store value, and its dense weight for caving-in fucktard skull.

Oh, and it's peeeerdy!

Mon, 11/19/2012 - 19:02 | 2997227 Hammerabi
Hammerabi's picture

Does Rothschild pay you per post?

Mon, 11/19/2012 - 22:41 | 2997762 A Nanny Moose
A Nanny Moose's picture

All value is subjective.

Tue, 11/20/2012 - 00:58 | 2997971 redpill
redpill's picture

The only thing that *we* will agree on is that *you* are a dumbfuck.

Mon, 11/19/2012 - 18:17 | 2997057 BKbroiler
BKbroiler's picture

ha.  This week it's Ayn Rand.  Hayek was last week.  Get with it.

Mon, 11/19/2012 - 21:58 | 2997671 earleflorida
earleflorida's picture

yeah..., but three weeks ago the sheeple knew of either...


Tue, 11/20/2012 - 02:43 | 2998047 Rogue Trooper
Rogue Trooper's picture

Neither you fool.  I think for myself..... although the 'Road to Surfdom' is quite topical considering the current 'issues' we face. Monetarism / the Chicago School also suck.

Why are you here... if your not a troll then why not just fuck off to a site where they/it may actually care? E.g, the NYT's KRUG blog.



Tue, 11/20/2012 - 04:16 | 2998109 Captain Kurtz
Captain Kurtz's picture

Road to surfdom, is that like driving to California?

Mon, 11/19/2012 - 18:03 | 2996975 piceridu
piceridu's picture

Just think what an alien invasion could do...

Mon, 11/19/2012 - 17:52 | 2996976 Escrava Isaura
Escrava Isaura's picture

I hope it goes virus!!!

Mon, 11/19/2012 - 17:54 | 2996980 LawsofPhysics
LawsofPhysics's picture

Orwell and Bradbury were way ahead of their time.

Mon, 11/19/2012 - 17:57 | 2996993 piceridu
piceridu's picture

My favorite Bradbury quote:

I don’t try to predict the future. I try to prevent it.

Mon, 11/19/2012 - 18:00 | 2996999 DavidC
DavidC's picture

Nice one.


Mon, 11/19/2012 - 19:46 | 2997356 sunaJ
sunaJ's picture

Nice call on Bradbury.  Orwell for sure.  I have been thinking a lot about my favorite Bradbury story and how prescient it is to our current predicament. 

Tue, 11/20/2012 - 04:27 | 2998116 Rogue Trooper
Rogue Trooper's picture

Appreciated the link.... will give this a read.

Mon, 11/19/2012 - 17:54 | 2996981 vmromk
vmromk's picture

I hope that Hitler is buttfucking Keynes in hell.

Mon, 11/19/2012 - 18:16 | 2997050 MachoMan
MachoMan's picture

I'm pretty sure hitler has his time filled recovering from the pineapple:

Mon, 11/19/2012 - 17:56 | 2996987 Escrava Isaura
Escrava Isaura's picture

Great job Tyler finding this audio.

Mon, 11/19/2012 - 17:56 | 2996990 Dr. Richard Head
Dr. Richard Head's picture

I will have whatever the fuck that madman was smoking.

Mon, 11/19/2012 - 18:00 | 2996997 Thecomingcollapse
Thecomingcollapse's picture

You sure about that?!?  I don't want none of that medicine! Causes mass Delusions

Mon, 11/19/2012 - 18:01 | 2997002 1100-TACTICAL-12
1100-TACTICAL-12's picture

And to think, some elements of society take that shit for the gospel truth. We are truly screwed..

Mon, 11/19/2012 - 18:27 | 2997112 Cruel Aid
Cruel Aid's picture

Clearly a pussy!

Mon, 11/19/2012 - 17:59 | 2996996 DavidC
DavidC's picture

Rather than going to war, why don't we just go round and destroy everything peacefully and then employ ourselves putting it all back together again?

Keynes and Krugman et al, what a bunch of educated idiots.


Mon, 11/19/2012 - 18:24 | 2997096 exi1ed0ne
exi1ed0ne's picture

The part that is missing from your equation is making dead people unencumbers assets.

Mon, 11/19/2012 - 20:21 | 2997454 Irwin Fletcher
Irwin Fletcher's picture

That was Donald Trump's proposal to rescue the housing market. A successful realtor even tried to convince me that it made sense. I don't even have a word for that kind of thinking. Just unbelievable.

Tue, 11/20/2012 - 00:52 | 2997958 Incubus
Incubus's picture

When faced with a dearth of innovation and creativity, you are only left with the choice of mindless destruction and mindless rebuilding.

This system is the product of the many decades spent dumbing down the populace through a failed-by-design education system and mass media.


Do any of these idiots ever take a step back and just think about what they're saying?  Destruction is good?  The only time "destruction" is good is when it's a purge to rid a society of the filth that's accumulated on it in order to facilitate the growth of ideas and innovation.

The parasitic beast has grown too large. The host is dying, and I don't think there's another host around. So, this is it. 

You'll watch this pathetic thing struggle for blood when there's none to be found.  Dust-ridden corpses, dusty corpses.  Such a shame. For all of our greatness, in the end, death is all we know.

Mon, 11/19/2012 - 18:03 | 2997005 ZFiNX
ZFiNX's picture

There hasn't been a useful goddamn thing out of Europe for more than a century and still Americans have to listen to their pause-laden, intonation-saturated fantasies, laced with such pithy aphorisms as "war creates employment". By employment I suppose policy-makers mean the occupation of a man's time in something other than undermining their power. I can't wait until Europe blow themselves all to fiscal hell and finally realize their relative worthlessness and underproducivity in this modern, global economy.

Screw the Europeans, they're our ideological enemy. Let them rot, invest accordingly.

Mon, 11/19/2012 - 18:07 | 2997015 magpie
magpie's picture

Europe is the future /with and without sarc

Mon, 11/19/2012 - 18:11 | 2997026 negative rates
negative rates's picture

They don't relize that money and borrowing had to come from somewhere.

Mon, 11/19/2012 - 19:56 | 2997394 123dobryden
123dobryden's picture

printingpress the place, Grand Experiment about to end

Mon, 11/19/2012 - 20:50 | 2997532 Stoploss
Stoploss's picture

The future of fascism.

Mon, 11/19/2012 - 18:12 | 2997029 Neethgie
Neethgie's picture

Oh dear, i see we are still going down the route of Merica is fine...

We have to here and watch obarry do the same things that fucked greece then he has the gaul to get on a fucking plane come over here and tell us how to fix shit whilst doing nothing to fix his own mess.

The best part is when you said we preach to you.. yeah fucking right we have to put up with you sending your half black prez god king round here to tell us what to do.. before that you sent bush who told us who to kill..,.

Ideological enemy? what? its you with the printing press going batshit insane, its you who is QETERNITY,  it's us who are cutting budgets or atleast supposed to be, your answer to the fiscal cliff is gonna be to push it back a year...

Europe might have a lot of shit ideas and every few years we kill each other.. 

But we certainly do not have a monopoly on shit ideas..

Mon, 11/19/2012 - 21:14 | 2997583 Harbanger
Harbanger's picture

Obama is President of the Socialist World, show some respect.

Mon, 11/19/2012 - 21:36 | 2997633 David449420
David449420's picture

+ 100.

And NO, I'm not American or European.

Mon, 11/19/2012 - 21:36 | 2997634 David449420
David449420's picture

+ 100.

And NO, I'm not American or European.

Fri, 11/23/2012 - 21:13 | 3007818 ZFiNX
ZFiNX's picture

Your red herring stinks, Frenchy.

Mon, 11/19/2012 - 18:39 | 2997162 Parrotile
Parrotile's picture

There hasn't been a useful goddamn thing out of Europe for more than a century

Really? Then all the European luxury items that the US Consumer hungers after as "Status Symbols" must be a figment of everyone's imagination mustn't they?? You know, brands such as Mercedes, BMW, Lamborghini, Ducati, Ferrari in the car / transport category; Longines, TAG-Heuer, Raymond Weil, Breitling in the timepiece category, and more "Must Have" Fashionwear brands than I can comfortably remember.

Mon, 11/19/2012 - 20:57 | 2997551 faustian bargain
faustian bargain's picture

Key word being 'useful', i suppose.

Mon, 11/19/2012 - 18:04 | 2997011 Whalley World
Whalley World's picture

Why look for an outside foe when a perfectly good civil war would do.  Keep the bombs and torn limbs local.  Great for the recycling and medical industries.

Mon, 11/19/2012 - 18:28 | 2997118 Winston Churchill
Winston Churchill's picture

The DHS is way ahead of you in that idea.

Its now 1.5bn rounds of assorted ammo on order.

Time to invest in a tank,or three.A couple of MANPADS could come

in handy also.

Mon, 11/19/2012 - 18:06 | 2997014 bigkansas
Mon, 11/19/2012 - 18:07 | 2997016 Shameful
Shameful's picture

In the spirit of war being good for the economy and politicians blaming social ills on the young not being culled in war, why not simply kill off say 5% of the least productive in ones society every year?  Surely the motivation of imminent murder would spur on greater competition and growth!  Besides think of all those shovel ready jobs a 5% yearly kill rate would provide.

I wouldn't be surprised if the above statement was actually bandied about seriously in macadamia.

Mon, 11/19/2012 - 18:13 | 2997034 negative rates
negative rates's picture

Or we could just pay to feed them donuts and junk food until they got so fat the rate would fall just as you predicted.

Mon, 11/19/2012 - 21:22 | 2997606 Ballin D
Ballin D's picture

unless we pay for their healthcare too.

Mon, 11/19/2012 - 21:44 | 2997652 Cheesy Bastard
Mon, 11/19/2012 - 18:31 | 2997130 smlaz
smlaz's picture

Soviets did it for 80 years.  Seemed to work then, why not now?

Mon, 11/19/2012 - 18:12 | 2997018 Quinvarius
Quinvarius's picture

Suddenly it all makes sense.  This reminds me of when I was in Special Forces... 

Seems a thousand centuries ago. We went into a camp to inoculate some children. We left the camp after we had inoculated the children for polio, and this old man came running after us and he was crying. He couldn't see. We went back there, and they had come and hacked off every inoculated arm. There they were in a pile. A pile of little arms. And I remember... I... I... I cried, I wept like some grandmother. I wanted to tear my teeth out; I didn't know what I wanted to do! And I want to remember it. I never want to forget it... I never want to forget. And then I realized... like I was shot... like I was shot with a diamond... a diamond bullet right through my forehead. And I thought, my God... the genius of that!

The genius!

Wait!  Nevermind.  That was Colonel Kurtz talking about the moment he lost his fn mind in Apocalypse Now.

Mon, 11/19/2012 - 18:09 | 2997021 PUD
PUD's picture

The Sudan is booming!

Mon, 11/19/2012 - 18:13 | 2997030 Global Hunter
Global Hunter's picture

I can tell right away by his accent that he's an upper class pampered twit.  Upper class pampered twits give great advice when it comes to gardening, how to make a proper cup of tea, ornothology etc. however when it comes to matters on a grand scale-steer well clear of them and accept the advice of a person who appears "uneducated" over an educated person 99 times out of 100.

I cannot help but feel that the world would have been a better place had when J.M Keynes been a teenager, that he were been punched in the nose or had come out the loser going in to a 50/50 tackle in a soccer game in the park.  It would have given him and some of his ilk some much needed HUMILITY.

J.M Keynes defines the word "tosser".

Mon, 11/19/2012 - 18:50 | 2997194 Urban Redneck
Urban Redneck's picture

When it comes to matters on a grand scale - steer well clear of overgrown children living off the charity of their parents (or the socialist State).

Problems are solved successful problem solvers, however, that success is not necessarily measured in wealth or predicted by education.

The challenge is to find experience (hopefully coupled with wisdom and judgment) which has not been corrupted by the very acts of gaining experience.  If you can find those rare gems, then the sizes their wallets or the numbers of their academic certifications are irrelevant.


Mon, 11/19/2012 - 19:05 | 2997235 Global Hunter
Global Hunter's picture

Urban Redneck,

I agree with you, I wish they'd start teaching that in our schools.  I'd also teach logic and I'd teach empathy.  Empathy, logic and experience. 

I'm of the opinion that they have deliberately tried to teach those things out of us.

Mon, 11/19/2012 - 18:12 | 2997031 Kantbelieveit
Kantbelieveit's picture

Professor Krugman's calls have been accurate, and the austerity advocates have been consistently wrong. He has been correct about the "confidence fairy" not appearing in Europe. He has been correct about the sharp cutbacks in state budgets in the USA undoing the benefits of Federal stimulus. He has been correct about the absence of inflationary developments related to stimulus. It is the consistent logic and soundness of Professor Krugman's views that infuriates his ideologically blinkered detractors.

As for nothing useful coming out of Europe, perhaps the name Tim Berners-Lee will ring a bell.

Mon, 11/19/2012 - 18:21 | 2997052 Global Hunter
Global Hunter's picture it was you who thumbed me down so soon after I posted!  Read above about the punch in the nose, you could do with one.

Tim Berners Lee is that you?  For anybody else wondering what the hell your post is about or who the hell he even is, I provide this, now I could say "do one" troll-you've been exposed!

In June 2009 then British Prime Minister Gordon Brown announced Berners-Lee would work with the UK Government to help make data more open and accessible on the Web, building on the work of the Power of Information Task Force. Berners-Lee and Professor Nigel Shadbolt are the two key figures behind, a UK Government project to open up almost all data acquired for official purposes for free re-use

Mon, 11/19/2012 - 18:27 | 2997113 Kantbelieveit
Kantbelieveit's picture

Has it ever occurred to you that a person's intellectual contribution should be evaluated apart from the circumstances of his birth? Alexander Hamilton was a poor bastard. Thomas Jefferson was a rich man's son.

Keynes may have been an English aristocrat, but his General Theory was a quantum leap in economic management. His policies still work, despite the demonization of his views, and you should be deeply grateful that they are still applied by the government of the USA.

Mon, 11/19/2012 - 18:46 | 2997164 Global Hunter
Global Hunter's picture

Has it occurred to you that I was born to BOTH aristocratic and working class parents?  Has it occurred to you that those who are born of a certain material and social privilege should "do the right thing"?  People should speak the truth, they should seek the truth no matter their station in life.  Being educated and being persuasive should be an honour, not something that is used to further one's one career advancement (and in the case of Keynes millions upon millions of deaths as a result of his or her theories?).

My best friend growing up in Canada was the son of DP (Displaced Persons) from the Ukraine who settled in Canada in the late 40s, they were the lucky ones.  At Yalta Churchill signed over or gave up rights to millions and millions of Soviet DPs who had escaped the Soviets behind the German lines in 1944-45, he knew that signing them over would have consigned them to a life of GULAGS at best, at worst summary execution.  Churchill writes about it in his memoirs. 

Tens of millions of lives lost or destroyed because of "elites".  He made that decision, most working class people would have attempted a great big soup kitchen. 

As soon as you're born they make you feel small
By giving you no time instead of it all
Till the pain is so big you feel nothing at all
A working class hero is something to be

They hurt you at home and they hit you at school
They hate you if you're clever and they despise a fool
Till you're so ****ing crazy you can't follow their rules
A working class hero is something to be

When they've tortured and scared you for twenty-odd years
Then they expect you to pick a career
When you can't really function you're so full of fear
A working class hero is something to be

Keep you doped with religion and sex and TV
And you think you're so clever and classless and free
But you're still ****ing peasants as far as I can see
A working class hero is something to be

Mon, 11/19/2012 - 18:51 | 2997199 Parrotile
Parrotile's picture

You'd (not) be surprised to know just how very few "intelligent, well-informed" people have even heard of Sir Tim. Considerably fewer would be aware of his contributions to one of the defining characteristics of "today's Civilisation".

Mention Steve Jobs however, and "everyone" knows who he was.

Same with Stephen Hawking (well known) and Roger Penrose (Just as smart, but almost ignored by the "Twittering Set").

Mon, 11/19/2012 - 18:54 | 2997206 venturen
venturen's picture

Being a Blowhard and inflating a debt bubble doesn't cure one's ills. Ireland...the poster child for tough austerity and taking it to corrupt banks...just got a debt outlook upgrade...when do you think the USA is getting their upgrade?

Mon, 11/19/2012 - 18:12 | 2997032 bigkansas
Mon, 11/19/2012 - 18:26 | 2997069 falak pema
falak pema's picture

perfect reasoning by Keynes; I don't have a problem with that; it corresponds to the inevitability of battle imposed by the Reich.

Keynes was not saying like Krugman lets "fabricate" a war. He was saying lets use this government spending imposed by others to surge into total employment.

The point is all rational logic BEGINS with fact : imminent war, and then says "guns to ploughshares"; once the ordeal imposed is over. AND IT WORKED.

Krugman says we have a problem lets fabricate war with Mars.

That is not the same thing. From an ethical viewpoint he is bending reality to fiction and so is ZH to prove its "anti-keynesian" meme. An artificial war is like filling up pot holes you dig the day before...sterile effort as creating no value added, unless it opens a new world by finding ...the philosopher's stone! 

Mon, 11/19/2012 - 18:30 | 2997120 Global Hunter
Global Hunter's picture

Falak, you make a good point(s), I beleive your post and views have very real merits.  I object however to the confidence of J.M Keynes, to his attitude of this "it will be OK because I know" (admitely I put words into his mouth).  The upper classes, and the educated, should be the ones that know best, they should be the ones looking out for their fellow man and teaching them to prepare, sadly as is too often the case, they put their efforts into maintaining the status quo.


Mon, 11/19/2012 - 18:39 | 2997158 falak pema
falak pema's picture

Global, lets stick to facts and to problem solving which is what FDR asked Keynes to do in dire circumstances created by the OTHER meme "crazy laisser faire" which got us into depression.

And Keynes's solution was kick-start by government spending. And it worked FOR THE COMMON MAN. He built the welfare state middle class society in terms of economic model. At least lets give him credit for that. Keynes did not maintain the status quo ante; aka 1929 and depression, as you imply, he changed it! 

As economia is NOT a perfect science and men always screw up because of hubris, it didn't work in the mid 60s onwards when Government spending went ballistic in Nam War and Great Society. Keynes was long dead and he was not responsible for gluttonous misuse of the "demand side" meme by LBJ/Harold Wilson.

And, unlike what ZH says, in this video, there is no mention by Keynes to a "perpetual war" theme. Just saying.


Mon, 11/19/2012 - 18:57 | 2997216 Global Hunter
Global Hunter's picture

I know this is fight club Falak, but I appreciate your views.  I believe our western society/economy is very dependent on government, so I wouldn't propose austerity.  Our modern society has produced a lot of dependents, the things we use in production, food and medecins have produced dependents that require some sort of financial assistance.  Ideologically I am a Libertarian, but I would NEVER go to bat or put my life on the line to defend Libertarianism.  If you include children and the senior population we probably have 60% of the population dependent on assistance. 

Again I appreciate your thought out views, but in my mind this isn't a left or right issue, its about the truth.  Our "elites" for lack of a better term, need to find ways to get our dependents help that provides the recipient with dignity WHILE doing good for the economy.  It is the lack of clear fundamental ideas that makes me want to punch Keynes in the face, it is nothing to do with class warfare or ideology. 

I just think as a trained economist he should know better.  If the people can be provided with the basics, even those who don't know how to get it themselves, we can move forward.  Keynes was too tied in to the politicians of the time to make any real lasting impact, IMO.

Mon, 11/19/2012 - 22:08 | 2997685 David449420
David449420's picture

Your Elites ARE the Problem.

Our "elites" for lack of a better term, need to find ways to get our dependents help that provides the recipient with dignity WHILE doing good for the economy.

Your Elites are mostly psyopathic parasites who care nothing whatsoever about our "dependents".

THEY are the Problem.

And Mankind, if we are to survive, HAVE to face up to, and ERADICATE this problem.

Mon, 11/19/2012 - 18:29 | 2997123 Seasmoke
Seasmoke's picture

well if we really want to follow this, then war should be declared on Israel

Mon, 11/19/2012 - 18:32 | 2997135 Snidley Whipsnae
Snidley Whipsnae's picture

Sounds like Keynes is promoting the broken window fallacy.

A hell of a lot more than broken windows came from WW2. Of course, megalomanics like Keynes didn't care about ~ 60 million dead people and most of the remainder of the population of the world with broken minds and spirits.

Some on this board seem anxious to repeat the debacle. War always sounds a great adventure to young men/women until people start killing the friends beside you and shooting at you. Then, suddenly you realize that you have made a tragic mistake and may not live through this 'new experience' unless you have an extrodinary amount of luck.

Mon, 11/19/2012 - 18:38 | 2997160 Kantbelieveit
Kantbelieveit's picture

For those with reading comprehension problems, Keynes was NOT advocating war. His point was that war had been forced upon England, and, as a result, massive deficit spending would be tested as a means of pulling the country out of depression.

Republicans in the USA are MILITARY Keynesians. They are keen to create stimulus and jobs when weapons are to be made, but they howl about deficits when hospitals, bridges, and schools are built. Either deficit spending is stimulative in a recession or it isn't. If it is, you should spend on useful projects.

Mon, 11/19/2012 - 19:51 | 2997375 nmewn
nmewn's picture

Rachel Maddow?

Mon, 11/19/2012 - 18:40 | 2997146 Kantbelieveit
Kantbelieveit's picture

The anti-Krugmanites are eager to plunge us into a global depression that would make 1929 look like a picnic. Their advice is like what was given to Hoover: let everything burn down so that a healthy forest grows back. Keynes understood that the wild swings of boom and bust could be controlled, and that vast suffering could be averted. This was his great contribution.

How is it that people are so intent on forgetting everything that has been learned in Macroeconmics since the Great Depression? How did ignorance and amnesia become fashionable? This is what bewilders Professor Krugman.

Mon, 11/19/2012 - 18:47 | 2997183 Seasmoke
Seasmoke's picture

do not worry Bernanke is a scholar of the Great Depression.....we are in solid hands

Mon, 11/19/2012 - 18:59 | 2997219 Snidley Whipsnae
Snidley Whipsnae's picture

" Their advice is like what was given to Hoover: let everything burn down so that a healthy forest grows back. "

Like it or not that is the way capitalism works.

Liquidate them all!... Andrew Mellon

Of course, you know more about capitalism than Mellon, right?

Mon, 11/19/2012 - 19:39 | 2997339 Kantbelieveit
Kantbelieveit's picture

The alchemists were the experts in chemistry at one time, and learned doctors recommended bleeding patients to cure them. Ancient astronomers spent their lives explaining the irregularities of the Ptolemaic system. Hitler called quantum theory "Jewish physics." Mellon didn't know shit about the dynamics of multiplier effects. His theory was wrong and inadequate.

Keynes was funamentally correct in that deficit spending could restart demand and restore growth to the point that the deficits could be retired. That is exactly how Keynsian policy worked under FDR. It has been tested and it works.

Mon, 11/19/2012 - 20:29 | 2997473 EINSILVERGUY

Sone facts  beg to differ with the Liberal writings of History

"We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. … I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot."[12 

Henry Morgenthau, Jr.   the U.S. Secretary of the Treasury during the administration of Franklin D. Roosevelt. He played a major role in designing and financing the New Deal.


Mon, 11/19/2012 - 20:41 | 2997511 Snidley Whipsnae
Snidley Whipsnae's picture


"It has been tested and it works."

Even if I give you 'it worked'... The question remains; will it work under the present set of circumstances? This is not as benign a situation as the 'great depression' of pre WW2. We are not the worlds largest exporter of oil, ag, autos, machinery, etcetera. We are the worlds largest debtor and no longer the worlds largest creditor. You seem to believe that a Keynesian solution that worked then will work now. I don't believe it will.

I will make this prediction: No way do we 'retire the debt', as you believe, without enormous inflation or an outright default on soverign debt.

Anywho, to 'retire all the debt' would wipe out all 'money' in this screwed up fractional reserve system. I don't believe even Keynes would reccommend that course of action.

Mon, 11/19/2012 - 21:13 | 2997580 BigJim
BigJim's picture

 "It has been tested and it works."

Even if I give you 'it worked'...

Why would you give 'Kantbelieveit' even that? It didn't work! There's a reason the depression following the crash of 1929 is called the Great Depression; it lasted 16 years (until the end of WWII) despite FDR's post-1933 Keynesian meddlings.

FDR perpetuated the depression, which was caused by

  • everyone re-adopting a (half-baked) gold standard in 1923 at paper exchange rates that reflected pre-WWI specie-to-paper ratios that ignored the massive wartime inflation of the involved countries
  • The Fed's expansion of money (M2 tripled between 1913 and 1929)
  • Smoot-Hawley tariffs bringing on a global trade war
  • The virtual command economy FDR and has band of Statist ignorami imposed on the US economy

Kantbelieveit - are you genuinely this ignorant, or are you a new MDB?

Mon, 11/19/2012 - 22:40 | 2997757 Kantbelieveit
Kantbelieveit's picture

Spare me the revisionist claptrap. After the Great Depression, which was demonstrably ameliorated by FDR's policies (the declining unemployment figures are indisputable facts), Keynesian policies worked to avert further such collapses. Had we continued with Mellon's policies, there would have been a few more 1929-style disasters, which you would have declared "necessary."

The craziness of the Internet allows for the accumulation of counter-factual stores of "knowledge" that become refuges for cranks and reactionaries of all sorts. This is how people "know" about vaccines causing autism and Obama's Kenyan origins.

Once an ideologue has stocked up on his carefully selected "facts" (e.g., FDR worsened the Great Depression), he is impervious to reason. People like you will never be able to accept one of the best quotes from Keynes:

When the Facts Change, I Change My Mind. What Do You Do, Sir?


Tue, 11/20/2012 - 09:30 | 2998349 BigJim
BigJim's picture

 Spare me the revisionist claptrap.

I see you don't (can't) debate any of the four key points I brought up. Or is actual reading of previous posts too 'revisionist' for you?

 ...Once an ideologue has stocked up on his carefully selected "facts" (e.g., FDR worsened the Great Depression), he is impervious to reason.

I quite agree, except what you should have written is: Once an ideologue has stocked up on his carefully selected "facts" (e.g., FDR ameliorated the Great Depression), he is impervious to reason.

If FDR's policies worked, why did the Great Depression only end when he did? Or are you one of those flibbertygibbets who think the jolt in GDP from wartime deficit spending from '41 marked the end of the depression? If so, perhaps you should consider that the production of consumer goods declined until the end of the war? Or do you consider vast fleets of B-17s a form of wealth?

Dig deeper, chum(p).

The craziness of the Internet allows for the accumulation of counter-factual stores of "knowledge" that become refuges for cranks and reactionaries of all sorts. This is how people "know" about vaccines causing autism and Obama's Kenyan origins.

Nice try, but I think you'll find ZHer's are wise to such ad hominems, conflations, and straw-men. Should work for you on HuffPo, though.

When the Facts Change, I Change My Mind. What Do You Do, Sir?

And what 'facts' might we be referring to here? The ones I presented and which you refused to tangle with? You really are an intellectual lightweight, aren't you?

Mon, 11/19/2012 - 20:51 | 2997533 Snidley Whipsnae
Snidley Whipsnae's picture

'alchemists'... lol... some analogy you pulled from your azz.

We are not talking alchemists or quack doctors. We are talking about your favorite know nothing... the Krug.

No need to compare apples to oranges; ie, alchemists to economists.

Try sticking to the topic and defend your favorite against other economists that are saying that this course of action, printing unlimited money, WILL NOT WORK in the long run.

So the Fed/treasury has gotten away with putting a bandaid on an elephants azz for a short while. You believe that this is sustainable? Guess again.

Wed, 11/21/2012 - 06:11 | 3001384 smacker
smacker's picture

Keynesianism and its army of mindless followers among the political elites and sycophantic so-called "economists" (ho-ho), seeks to relieve people of the corrective pain that is inevitably caused by their own gross mismanagement/incompetence/criminality.

Thus we have fraudulent banks being bailed out at taxpayers expense and scores of other actions being taken, again, at taxpayers expense. Not only does this punish and impoverish the very people who played no part in the mayhem the fraudsters caused, it also provides no incentive for the perps to get their house in order. AKA moral hazard.

Mon, 11/19/2012 - 18:37 | 2997154 Piranha
Piranha's picture

it will work....just need a BF war first

Mon, 11/19/2012 - 18:37 | 2997155 Snidley Whipsnae
Snidley Whipsnae's picture

If Krugman want's to see 'ignorance and amnesia' he merely need look in a mirror.

Mon, 11/19/2012 - 18:44 | 2997172 Temporalist
Temporalist's picture

Pretty birdies in the background.  How pretty they sound when he is describibing weapons of war for peace.  It sounded like the pretty birdies were saying "Gold Bitchez!" but it is likely a figment of my imagination.

Mon, 11/19/2012 - 18:48 | 2997186 Seasmoke
Seasmoke's picture

those were canaries

Mon, 11/19/2012 - 19:01 | 2997224 Parrotile
Parrotile's picture

Gold may be this blog's favourite asset, but I'll prefer information anyday.

Relevant and up-to-date Information is real power. Information may be used to shape your future and help navigate uncertainty. Information provides all the skills you will ever need to survive.

Gold might "look nice" but if you're regarding it as a "store of wealth" never forget that just like any other hard asset - it's only worth what someone else is willing to pay you at the time you need to trade it, assuming they are even interested in your gold, which, if times become really "interesting" may well not be the case.


Mon, 11/19/2012 - 19:09 | 2997246 Temporalist
Temporalist's picture

What is with the horde of Capt. Obvious Brigade trolls lately?  X is only worth what people are willing to pay for it?  That applies to everyfuckingthing!  Does suddenly your premise not apply to fiat currencies?


How about this platitude for you - When your only tool is a hammer everything looks like a nail.


Here is some information: gold is rare, fiat...not so much.  You can always take that to the bank (but I'd hide it and keep it a secret instead).

Mon, 11/19/2012 - 18:52 | 2997200 Kantbelieveit
Kantbelieveit's picture

The evils of the Gulags have nothing whatever to do with Keynes. If you are incapable of divorcing a man's writings and theories from the circumstances of his birth and class, then you can't think straight.

As for working class heroes, Orwell correctly predicted that the aftermath of WWII would bring socialism to England. There was no bloody revolution, nor was there an Orwellian boot crushing the proletariat. Instead, there was the National Health Service and the end of colonial imperialism.

The advocates of jungle capitalism in America seem blissfully unaware that they are advocating a future society that resembles that of Dickensian England, where inherited money dominates all other social considerations.

There will always be elites. The genius of the American Founders was to play them off against each other in a balanced social scheme. Tearing down the government and worshipping corporate chieftains is sabotaging the machinery of egalitarian America.

Mon, 11/19/2012 - 21:15 | 2997588 BigJim
BigJim's picture

We have a new MDB_!

Tue, 11/20/2012 - 12:41 | 2999024 Pseudolus
Pseudolus's picture

MDB is funnier

This one has some lernin' in him

Tue, 11/20/2012 - 12:44 | 2999038 Pseudolus
Pseudolus's picture

Plebs don't read, so Orwell was never a working class hero

Stanley Matthews, maybe



Mon, 11/19/2012 - 19:13 | 2997234 earleflorida
earleflorida's picture

I'd like to throw out a comparative mirrors image of the past Caesar's... all twelve [45BC-96AD /141 yrs.] of them-- to our last twelve real-time POTUS.  Starting with #32 FDR and ending with #44 BHO [1933-2013/80yrs.]. The only exclusion from this list is JFK [#35/ 1961-63] respecting this apt and cryptic thorny quote; "Et tu Brute"... follow'd with but a hush from a silenced whispering whimper `wind de`voice' of, "There's a divinity that shapes our Ends"?  

My point being in this abstract context of Utopian peace through perpetual, and barbaric [past is the present?] war are but a symbiotic primordial pile of petrified genetic junk! Something?, that mankind will never unshackle from his ignorant hardwired amphibious beginnings?  

Couldn't help but put this mosaic timeline in a prescient narrative of quasimoto's never ending "Remembrace of Things Past",  never... ever, Rhymeing with ashortliv'd History... where mankinds ventures are but an illusion of a meaningless existence, but for the playwrights grace we should all exit to a better lift?! 

thankyou tyler


Mon, 11/19/2012 - 19:13 | 2997259 AU5K
AU5K's picture



Oceania has always been at war with Eastasia.




Mon, 11/19/2012 - 19:21 | 2997275 WhiteNight123129
WhiteNight123129's picture

Does anyone know where his ashes are located exactly?



Tue, 11/20/2012 - 12:39 | 2999013 Pseudolus
Pseudolus's picture

Keynes was an Apostle -> he would probably have been into that

"He was cremated in Brighton on 24 April ... His ashes were scattered on the Downs above Tilton where he and Lydia used to walk. Lydia's ashes were scattered beside them 35 years later." 
"Keynes's will stated that his ashes were to be deposited in the crypt at King's, but Geoffrey Keynes, 'not a very conscientious executor' according to his son Richard, forgot about that instruction and scattered them on the Downs. Thus when Richard Keynes, acting as Lydia's executor, had to deal with Lydia's ashes, he too could not follow the instructions in the will to put them beside Keynes's in King's and scattered them on the Downs." 
(D.E. Moggridge, Maynard Keynes: An Economist's Biography

Mon, 11/19/2012 - 19:28 | 2997302 neutrinoman
neutrinoman's picture

That's the pure expression of what in the US began under Wilson: trying to harness war-time methods of governing for a peacetime society. Of course, it can't work. Americans, because we haven't "hosted" a war in a long time (except for the South), are especially prone to this idea that a "total war" economy is a good thing.

Mon, 11/19/2012 - 19:45 | 2997351 Kantbelieveit
Kantbelieveit's picture

Why stop at denouncing Keynes? Why not throw out everything that has been done in chemistry, physics, and biology since 1929? All of the same sophistry can be applied. After all, the Bible is all you need to know. The Earth is 6000 years old, and we are not descended from apes. Darwin was just another elitist with a fancy English accent.


Mon, 11/19/2012 - 21:20 | 2997598 BigJim
BigJim's picture

 ...Why stop at denouncing Keynes? Why not throw out everything that has been done in chemistry, physics, and biology since 1929?

Hmmm, I don't know - maybe because everything that was found to be wrong in chemistry, physics and biology since then has been discarded, whereas Keynesian crackpottery flourishes to this day? To the point we have clearly highly educated people (yes, I'm referring to you here, pillock) advancing completely ahistorical analyses of the consequences of his policies?

Mon, 11/19/2012 - 19:59 | 2997401 Kantbelieveit
Kantbelieveit's picture

The anti-Keynes jihad on ZH is profoundly puzzling. The site was started by some very smart people who presumably made it through macro in college. Do these folks really want to revert to specie or a gold-backed currency where there is no monetary policy apart from what miners can dig up? There is NO NATION ON EARTH with a gold-backed currency. This economics retro trip in America is some kind of fundamentalist hoo-hah that resists all reason.

The mistake I made was to assume that ignorance could be permanently defeated once knowledge is codified. But it just keeps coming back. The same nonsense keeps coming back like the Zombie ideas Professor Krugman rightly denounces.

Mon, 11/19/2012 - 20:58 | 2997555 Snidley Whipsnae
Snidley Whipsnae's picture

"The mistake I made was to assume that ignorance could be permanently defeated once knowledge is codified."

No knowledge has been 'codified' because economics is not a science. No experiment in economics can be duplicated. What worked in the great depression cannot, with assurance, be said to cure what ails an economy today that faces a totally different set of circumstances.

Krug has no more idea what will work today that Bernank and the Fed know what interest rates should be. Only a market can set interest rates.

And, only a people can choose what they prefer as money. Of course, the Krug doesn't think so and obviously you trolls don't think so... but that is the way it will work when the dust settles. Mr market always wins no matter the road blocks that are thrown up.

Well, we got here with your preferred 'expandable money'... we always go back to gold for a while when the phony fiat collapses. Best get ready.

Mon, 11/19/2012 - 22:30 | 2997727 besnook
besnook's picture

another fn utopian troll. the only thing left from the roman empire with any intrinsic value are the gold and silver coins and jewelry. non gold coins can be bought for a few dollars for numismatic value only. throughout history gold based currencies are replaced by fiat currencies because the gold based currency has been defrauded by .gov. fiat currencies have a 100% failure rate. when they fail gold and silver make anotner appearance until it's value is again defrauded by .gov and on and on. the only people who would reason that the logic of a gold backed currency "resists all reason" are thebankers who can manufacture fiat money at will and .govs who can spend it at will. gold backed currency is good for the people and business.

not only are defenders of fiat who do not belong to or having their livlihood paid for by the groups that benefit from its printing fn stupid, they are dumb, also. so the mistake you made was to delude yourself into thinking you might be smart because you compared yourself to the bottom of the class and not the top of the class.

Tue, 11/20/2012 - 05:01 | 2998131 honestann
honestann's picture

You, sir, are a psychopath.

Tue, 11/20/2012 - 08:06 | 2998243 smacker
smacker's picture

There are probably good reasons for Keynes being slagged off all over the place. Here's one: Keynesianism -- often with local manipulations -- is by far the most widely practiced model of economics across the world. Yet it has brought us to where we are today.

But it is so popular because it provides the political elites with the perfect justification for interfering, meddling, manipulating, taxing, borrowing and of course spending and more spending, in a vain attempt to demonstrate that they really do have an effect and are worthy of re-erection.

To believe their slime we have to ignore the massive wastage of taxpayers' money on socialist vote-buying programmes, the huge misallocation of investment capital and of course the huge sovereign debts they run up, let alone the countless distortions they create in the economy and society.

Do NOT follow this link or you will be banned from the site!