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Htsthbjig | 10 years ago
Everybody in power is Keynesian today. Everybody. That is an ideology created from Keynes books once he is dead. The last part is important because if you get to read Keynes, which most Keynesians have not, you would discover what Keynes said and what is Keynesianism is different, so it is very important that he is dead for him to agree with the current system.
In elite schools people are Keynesian, in central banks, in Government,and the media of course(New York Times, The Guardian,everybody) because they benefit from it basically taking resources from the majority of people into their pockets.
You find Austrian economist only in the private sector, but they had lost the war so far.
We had multiple QE, zero interest rates, now into negative territory, we had bail outs, now into bail ins(bank deposit confiscation).
That has a name and it is Keynesianism. It did not work and we are worse today that before.
Their solution: double down. Banning cash so they could confiscate your savings. Higher taxes. And of course making Hayek and Mises alternatives the Scapegoat of all the mess that we suffer today.
By the way, Austrian economics and Neoliberalism are two different things.
donkalypse|10 years ago
Long term, we may be worse off. But short term, Keynesian macro economic policy works. Collectively, society is too stupid for the alternative to work: don't centralize and don't panic.
bubuga|10 years ago
You hit the proverbial nail in the head.
Sometimes it appears that the people in power picked up Keynes' book and instead of reading "borrow and spend away in recessions, cut spending and pay the debt during economic expansion", they just read "borrow and spend away" and that was it.