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Debt, Spending, & Keynesian Foolishness
#89
And speaking again about Keynesian economics, here is a nice essay, offers a refreshing analogy: the Cargo Cult fallacy. It's rather long, but I like this short part, which is illuminating.

Quote:Fast-forward several steps in civilization to John Maynard Keynes. There exists a misunderstanding about Keynes and his economic theories. These comprise no formula for gross evil or the undermining of democracy. In fact, they are serious attempts to create something on the order of a unified field theory for the economic universe. As such, they are marked by serious flaws, the most critical originating in a profound misunderstanding of human nature. As an upper-class Englishman, Keynes had little grasp of the concept that human beings will use any excuse to act badly, even if it's an abstruse economic theory. (The Keynes dictum that our current predicament is derived from, by the way, goes like this: "run surpluses in good times so that you can run deficits in bad times." Nobody but nobody ever pays attention to the first phrase. With modern "Keynesians," it's all deficits, all the time.)

So take these two concepts -- run surpluses and like begets like -- and mingle them. The product is cargo-cult Keynesianism -- the notion, promoted by such witch doctors as Benjamin Bernanke and Paul Krugman, that if you print or otherwise create vast amounts of false money, then the real money (like attracted to like!) will return to the economy, like cans of Spam magically winging their way toward remote Pacific islands.

Anyway, you will have to read the whole thing to get the entire picture, as to how this VooDoo Cargo Cult idea of Keynesian economics is about to again deliver a swift kick between the legs to the American citizen.
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