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| Subject: | Keynes and His Followers |
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| Date: | Fri, 30 Nov 2012 15:09:54 -0800 |
| From: | Jas Jain |
Keynes and His Followers
Excerpts are from a short book on Keynes from an author, Robert Skidelsky, who has written a three-volume biography of Keynes.
"…although he [Keynes] was intellectually over-confident—a trait inherited by his followers—he was notably modest about what policy could achieve in a free society—something his followers tended to ignore."
In neo-Keynesians, the most influential among Keynes's followers, we are dealing with egomaniacs like Joseph "We Know What to Do" Stiglitz, and the younger crowd like Ben Bernanke and Paul Krugman are even worse who are confident that govt policies can create full employment and avert recessions and depressions. For how long?! The reason why Bernanke wants out by January 2014 is that he finally is worried about the fact that his policy since 2008 would end as badly as Greenspan-Bernanke policy during 2003-2007. Bernanke wants someone else to be the sacrificial lamb.
"There is nothing in Keynes's social philosophy, or the Liberalism of hi day, which would have supported the seemingly relentless expansion of the welfare activities of the state which contributed so heavily to the fiscal crises of the 1970s [now we will see the fiscal crises of the 2010s unfold in front of our own eyes]"
That is where a fraudulent version of Keynes ideas had to be created to justify the welfare state funded by ever-increasing deficits. Neo-Keynesians, not unlike neo-conservatives, are deceptive versions the two ideologies and they attract those who are better at the art of deception and manipulation. Their influence is entirely due to propaganda.
More later.
Jas
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