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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (853729)5/2/2015 1:58:57 AM
From: i-node  Read Replies (2) of 1578341
 
>> some like Ireland, Portugal, Spain, Italy and Greece were forced to reduce their spending considerably. For those 5 countries, the recession has been particularly severe with very high unemployment and with debt as a percent of GDP growing:

I don't necessarily want to interfere in Tim's discussion with you but has it occurred to you that the same things that "forced" those five countries to reduce their spending is what causes their economies to face difficult times?

There are no better examples of failed Keynesianism than the United States in the 1930s and in 2009. Henry Morganthau understood it -- "We've tried spending money. It doesn't work." And we tried in 2009 a massive spending program, the biggest in history, and here we are six years later with 0.2% economic growth and record high unemployment.

If the dragging out of the Depression and this Recession through all manner of absurd spending can't pull our economies out of the tank it is time to recognize that Keynes didn't have a solution. Milton Friedman, who knew Keynes well and believed he was an honest and honorable economist, has gone so far as to state that it was his opinion that had Keynes lived long he would have recanted on his famous policy proposition as he would have recognized its failure. Himself.

You can't just keep spouting the same nonsense when it fails, fails and fails again.
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