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My second favorite philosopher (after Kierkegaard) has to be, without a doubt, John Maynard Keynes
*Super* fascinating excerpt from his first book, "Indian Currency and Finance", about how Indians' love for precious metals likely saved England's economy several times by being a perpetual inflation sink (due an influx of gold bullion from new mines in South Africa)
Also incredibly fascinating; Western central banks may have developed fiat currencies *specifically in response* to the threat of countries like India waking up to the inflation / money market game; if India started selling off gold, traditional gold notes would tank in value
Keynes sat in during the Versailles treaty process, argued vehemently that the Allies should go easy on Germany, and was stymied by Wilson, who wanted a harsher punishment.
This dude is like the Forrest Gump of 20th century geopolitical affairs
This dude is like the Forrest Gump of 20th century geopolitical affairs
Keynes literally calls out crypto-communist MMT types a full century ago
Keynes, from beyond the grave, issues a stunning condemnation of AoC and Sanders. Hot *dang* this is brutal.
Inflation is not only destructive; it is an active bourgeoisie plot to rob wealth from the proletariat!
Take extreme note of the 4th screenshot
http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_inflation.html
Inflation is not only destructive; it is an active bourgeoisie plot to rob wealth from the proletariat!
Take extreme note of the 4th screenshot
http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_inflation.html
I've never thought of "profiteer hatred" this way, but it kinda makes perfect sense. Existing old nobility (who own land / military strength) get jealous of new merchant class, try to tank financial system to reclaim power.
Has anyone tried a Marxist critique of communism yet?
Has anyone tried a Marxist critique of communism yet?
Man, every Keynes quote I read unfolds a basket of new understanding
I'd no idea he vocally opposed parts of the New Deal, and that New Deal architects rejected Keynes' ideas (because, get this, they were worried about a balanced budget)
True Keynesianism has never been tried?
I'd no idea he vocally opposed parts of the New Deal, and that New Deal architects rejected Keynes' ideas (because, get this, they were worried about a balanced budget)
True Keynesianism has never been tried?
Can anyone actually point to a single instance in history where:
- Economy experiences a downturn
- Government boosts aggregate demand by purely deficit spending (direct payment, public works, whatever)
- Government raises taxes *AFTER* economy has recovered to balance budget?
- Economy experiences a downturn
- Government boosts aggregate demand by purely deficit spending (direct payment, public works, whatever)
- Government raises taxes *AFTER* economy has recovered to balance budget?
Keynes, free-trade-advocate-extraordinaire, even makes an explicit exception in the General Theory that if aggregate demand investment is used to (say) purchase foreign exports, it's pretty much wasted on the whole "increasing domestic employment" thing
This dude had it all
This dude had it all
Man. Actually reading Keynes is super blackpilling me on the whole civic democracy thing. We fucked everything up so, so hard.
