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Forum Post: What would John Maynard Keynes tell us to do now—and should we listen?

Posted 12 years ago on Oct. 25, 2011, 3:16 p.m. EST by NielsH (212)
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http://www.newyorker.com/reporting/2011/10/10/111010fa_fact_cassidy#ixzz1bp46CDhS

6 Comments

[-] 2 points by TommyNYC (730) 11 years ago

Read the article. New Yorker articles are always a good read, intelligent but not too wonky. Worthy of a bump I guess, to show how OWS was thinking almost a year ago.

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[-] 2 points by looselyhuman (3117) 12 years ago

Yes, and I sincerely hope people will read the entire article before they fall back on Austrian soundbites. Keynes; we continue to ignore him at our grave peril.

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[-] 2 points by NielsH (212) 12 years ago

I agree... It's a long article, but totally worth the read.

It's time to move beyond ideology and apply reason.

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[-] 0 points by hchc (3297) from Tampa, FL 11 years ago

"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. Those to whom the system brings windfalls . . . become 'profiteers', who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished not less than the proletariat. As the inflation proceeds . . . all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless."

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[-] -1 points by Grimreaper2 (-318) 11 years ago

His economic theoris have never worked.

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