Comment Re:Free market economy (Score 1) 529
While I don't 100% agree with Keynesian explanation for the Great Depression, the events leading to the Depression, and the immediate monetary responses to it were anything but Keynesian.
You are talking straight out of your asshole.
Keynesian economics took off after the Great Depression precisely as a way of preventing it from happening again, and still largely holds today on several of its tenets. Did you see monetary *deflation* during the recent recession?
The Great Depression was a result of unregulated market speculation going batshit crazy over the Smoot–Hawley Tariff Act, and government and monetary laissez-faire reactions to the sudden massive contraction of the money supply caused by the bank's responses to the crumbling market value. It's pretty goddamn hard to get *further* from Keynesian economics than that. The cascade of events was practically a fucking advertisement for a change to Keynesian economics, which isn't much of a surprise, since he formulated it *right in the middle of the Depression*
Private banks formed buying cartels in an attempt at keynesianesque bailouts of the failing stocks, but in the end, their pooled resources weren't enough to add confidence in the market and stop the collapse, but they did stave it off.
Is it any surprise to you that Keynesian economics are starting to come into favor again after 2008, after almost 30 years erosion to their mind-share?
Interesting how we forget, indeed.
You are talking straight out of your asshole.
Keynesian economics took off after the Great Depression precisely as a way of preventing it from happening again, and still largely holds today on several of its tenets. Did you see monetary *deflation* during the recent recession?
The Great Depression was a result of unregulated market speculation going batshit crazy over the Smoot–Hawley Tariff Act, and government and monetary laissez-faire reactions to the sudden massive contraction of the money supply caused by the bank's responses to the crumbling market value. It's pretty goddamn hard to get *further* from Keynesian economics than that. The cascade of events was practically a fucking advertisement for a change to Keynesian economics, which isn't much of a surprise, since he formulated it *right in the middle of the Depression*
Private banks formed buying cartels in an attempt at keynesianesque bailouts of the failing stocks, but in the end, their pooled resources weren't enough to add confidence in the market and stop the collapse, but they did stave it off.
Is it any surprise to you that Keynesian economics are starting to come into favor again after 2008, after almost 30 years erosion to their mind-share?
Interesting how we forget, indeed.