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Politics : The Trump Presidency
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To: neolib who wrote (44612)11/11/2017 10:46:31 AM
From: RetiredNow  Read Replies (1) of 361166
 
The problem with Keynes and with modern economists is that they ignore human behavioral issues. It is hard to imagine a system like what Keynes proposed can work when we know all politicians think only in the very shortest of terms. They will very seldom, if ever, think it would be a good time to pay down debt with surpluses. Then we have all of this compounded with a fractional reserve banking system and a fiat currency based on debt. That amplifies the issues in our monetary system and makes our economy exceedingly fragile now that we are saddled with so much debt. The fact is that humans are bad at managing chaotic systems. That is why systems that allow for the wisdom of the crowd through supply, demand, risk, reward, and price discovery are superior to centrally planned economies. We've forgotten those fundamental economic truths in the US. With the manipulation of the price of money, which is the US interest rate, we have embraced ponzi money. This never ends well.
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