At 14:52 04/05/2012, Ed wrote:
Where is Keynes when you need him?
<http://www.washingtonpost.com/opinions/europe-finds-austerity-a-tight-fit/2012/05/03/gIQAVIG0zT_story.html?wpisrc=nl_opinions>http://www.washingtonpost.com/opinions/europe-finds-austerity-a-tight-fit/2012/05/03/gIQAVIG0zT_story.html?wpisrc=nl_opinions
Who needs Keynes? America has Bernanke and the Eurozone has
Draghi. Both are more Keynesian than John Maynard would ever have
been. (The only difference between them is that Bernanke, having
been longer in the job than Draghi, is now showing clear signs of
nerves now that great dollops of money and near-zero interest rates
are not having any significant effect.)
Keynes was a brilliant man and not afraid to change his mind. No-one
praised Hayek's, "The Road to Serfdom", higher than Keynes. Even the
few reservations he had about Hayek's ideas concerning independent
banking and the danger of too welfare a state were disappearing. If
Keynes's life hadn't been cut short tragically (for want of using
antibiotics for his heart condition) then the two greatest economists
in the world might have had chance of working on some joint endeavour
which might have got the world out of the American inflationary trap
which followed from the Bretton Woods 'Agreement' in 1944.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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