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What a Good Keynesian Wants You to Believe.
News From Around the World
Monday, November 29, 2010
Ed DeShields

If you’re wondering why our world economy is crumbling around us, you won’t believe what our great economic leaders want you to believe.

To find out, you can simply read Hunter Lewis’ brilliant new book, Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts".   It’s a fabulous book that anyone can easily read.   Be prepared however.  You’ll be fist-clinching angry or jaw-droppingly dumb-founded.  

John Maynard Keynes died fifty years ago, but his economic theory had been adopted by world’s leading nations.   And the biggest Keynesian of all?  You guessed it;  President Obama and his economic prognosticators. 

What they would have you believe is how a good Keynesian would run a government.    Let me run you down a dozen theories, in plain language, as Lewis explains in his book:

  1. A state’s control of the economy should not stop with internal rates, investment, taxation and exchange rates.  Move over, over time, the very distinction between private and public economic activity should gradually fade.  Private companies will become semi-socialized.
  2. The state should not leave the economy to just anyone.  It should be left to only experts.  But not just any expert; these experts must have the right values.  They must have a particular moral position. 
  3. A financial crisis, like an economic slump, requires prompt and decisive government intervention. 
  4. If too much debt is the problem, the solution is to add more debt.
  5. If government control of interest rates has encouraged too much bad debt, nationalize all interest rates and drive them down further.
  6. After printing enough new money to drive down all rates in order to encourage more borrowing, add some new legal controls on borrowing to that no one borrows too much. 
  7. If the public seems to be opposing the idea of borrowing and spending more, their elected representatives in government can do it for them. 
  8. The more indebted an economy is, the more important it is to increase borrowing.
  9. Spending is the way to wealth.
  10. Each dollar of government expenditure magically multiples itself as it move through the economy. 
  11. We do not need to save to invest.  New money printed by government is a form of savings just as genuine as traditional savings.

If you want to predict what will happen if sovereign governments fail (like Greece, Iceland, Ireland, Portugal, Spain etc.) just think like our current world leaders:

  1. When a company fails, it is supposed to die.  When a government fails, it should given more power and even more freedom from legislative oversight. 
  2. Although Wall Street (and other private markets) is corrupt, bringing governments in to run our financial affairs will not corrupt government. 

Keynesian doctrine guides almost every significant government in the world. Their thinking is that government could actually become the ultimate solution if only given the chance. 

Note:  The world is awash with the talk of a new global currency; one run by a Central Bank controlled by The International Monetary Fund  (IMF) under the guidance of the United Nations is the most favored idea.  In a classic Keynesian policy directive is has set forth a new global currency (and with it an implementation plan) called Bancor (more on this next week).   It is hot money, just waiting on a crisis.  

The Keynesian doctrine and its political role in government thinking can’t be believed by even the most enthusiastic conspiracy theorist.    You just can’t make this stuff up. 

We’d better fasten our seat belts.

About Ed DeShields

Last week: Luck of the Irish

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