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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: bruiser98 who wrote (99917)	11/25/2008 8:09:37 PM
From: Robin Plunder	Read Replies (1) \| Respond to of 110194

"KEYNES was a great economist and a great speculator. Folks who became "Keynesian" didn't realize that he believed in running deficits during bad times and surpluses during good times. They only understood the first half of the first part, and ran deficits all of the time. We also have to remember that any country that followed Austrian economics soon saw their govt. disappear under the "tough love."" The abuse of Keynes view was to be expected, anyone who would think a politician would take away the punch bowl would not be too bright. Robin

To: bruiser98 who wrote (99917)	11/25/2008 9:28:40 PM
From: bart13	Respond to of 110194

Thanks. Hard to say if he & I agree wholeheartedly about Keynes, but he sure does at least have a fuller picture of what Keynes actually said and believed. I think the prime error of Keynes was in believing in banks, bank loans and fractional reserve too much, closely followed by a lack of understanding of the darker side of some humans. Here's Keynes on Hayek - they really did admire each other underneath it all: "In my opinion it is a grand book ... Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement." ... "What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger is the probable practical failure of the application of your philosophy in the United States." -- John Maynard Keynes, after reading after reading Hayek's "The Road to Serfdom"