Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

Posted on February 8, 2010. Filed under: Blogroll, Climate, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video, Wisdom | Tags: , , , , , , , , |

“The unprecedented success of Keynesianism is due to the fact that it provides an apparent justification for the “deficit spending” policies of contemporary governments. It is the pseudo-philosophy of those who can think of nothing else than to dissipate the capital accumulated by previous generations.

“Yet no effusions of authors however brilliant and sophisticated can alter the perennial economic laws. They are and work and take care of themselves. Notwithstanding all the passionate fulminations of the spokesmen of governments, the inevitable consequences of inflationism and expansionism as depicted by the “orthodox” economists are coming to pass. And then, very late indeed, even simple people will discover that Keynes did not teach us how to perform the “miracle … of turning a stone into bread,” but the not at all miraculous procedure of eating the seed corn.”

~Ludwig von Mises, Lord Keynes and Say’s Law, 1950

 

26A. ORIGINAL INTENT – Negative Influences

 

Keynesian Economics Is Wrong: Bigger Government Is Not Stimulus Stimulating The Economy 

 

Eight Reasons Why Big Government Hurts Economic Growth

The Empirical Evidence Against Big Government

Moving Beyond the Fake Stimulus: Reviewing Policies that Produce Real Growth

Don’t Turn America Into Another France

 

Best Books Criticizing Keynesian Economics

 

Most of President Obama’s economic advisors are Keynesians not to be confused with economists.

Unfortunately much of Keynes’ economic policies have been proven to not work.

Yet President Obama like President Obama is totally ignorant of economics and must rely upon Keynesians.

This is only natural since President Obama is a progressive radical socialist who believes the solution to every problem is  bigger government.

Instead President would be well advised to fire his Keynesian team of advisors and replace them with economists that believe that the government should not interfere with the free market economy.

Since this is highly unlikely the American people must resist President Obama intentional plans to take the US economy off the cliff by ever rising Federal Government spending, taxes, debt, and regulations.

These economic policies will only destroy more jobs, wreck the economy and kill the American Dream.

 Only a  grassroots movement of the American people can stop the political class from destroying free market capitalism.

The time is now.

Join the Second American Revolution.

The American People March on Washington D.C.–August 28, 2010–At The Lincoln Memorial! Mark Your Calendar–Be There–Three Million Minimum–Join The Second American Revolution

Tea Party time is now!

Inflation: Unemployment and Inflation

by Ludwig Von Mises

“…The most important thing to remember is that inflation is not an act of God; inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy–a deliberate policy of people who resort to inflation because they consider it to be a lesser evil than unemployment. But the fact is that, in the not very long run, inflation does not cure unemployment.

Inflation is a policy. And a policy can be changed. Therefore, there is no reason to give in to inflation. If one regards inflation as an evil, then one has to stop inflating. One has to balance the budget of the government. Of course, public opinion must support this; the intellectu­als must help the people to understand. Given the sup­port of public opinion, it is certainly possible for the people’s elected representatives to abandon the policy of inflation.

We must remember that, in the long run, we may all be dead and certainly will be dead. But we should arrange our earthly affairs, for the short run in which we have to live, in the best possible way. And one of the measures necessary for this purpose is to abandon inflationary policies.”

http://www.capmag.com/article.asp?ID=2765

Background Articles On Pronk Palisades 

Barack Obama’s Favorite Economist–John Maynard Keynes–A Great Guy?

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

John Maynard Keynes: Hero or Villain?

 

Keynesian Predictions vs. American History

Is Ron Paul Trying To Take Over The Republican Party?

Henry Hazlitt and the Failure of Keynesian Economics

By Richard M. Ebeling

“…The central flaw in Keynes’s thinking, Hazlitt insisted, was his unwillingness to acknowledge that the high unemployment in Great Britain in the 1920s and the United States in the 1930s was caused by government intervention, including the empowering of labor unions, that made many prices and wages virtually “rigid.” Political and special-interest power prevented markets from competitively re-establishing a balance between supply and demand for various goods. Hence, the market was trapped in wage and price distortions that destroyed employment and production opportunities, resulting in the Great Depression. (Hazlitt did not deny that the contraction of the money supply in the early 1930s increased the degree to which prices and wages had to fall to re-establish full employment.)

Hazlitt considered Keynes’s inflationary “fix” crude and dangerous. First, Hazlitt pointed out that Keynes’s focus on macroeconomic “aggregates” concealed the microeconomic relationships among a multitude of individual prices and wages. The price level, wage level, total output, aggregate demand, and aggregate supply were all statistical fictions that had no reality in the actual market. Thus the wage level could not be too high relative to the general price level. But in the 1930s many wages for different types of labor were out of balance with the prices of individual goods sold on the market. What was needed to restore full employment was an adjustment of numerous individual wages and resource prices to the lower prices of many consumer goods. The extent to which any individual money wage or resource price might have to adjust downwards depended on the distinct supply and demand conditions in each of the individual markets. …”

“…If The General Theory had so many fundamental flaws, how did it become, in the words of one of his most enthusiastic followers, “the Keynesian bible”?19 Hazlitt offered some possible reasons in his introduction to his edited volume, The Critics of Keynesian Economics, which appeared a year after his own book. He suggested that Keynes’s theories rationalized the politics of special-interest groups that desired to reap the benefits of an inflation. Also, while much of The General Theory is written in difficult language, Keynes could dazzle the reader with literary imagery and wit that hid his central logical flaws. Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions,” Hazlitt said. And finally, Hazlitt conjectured that the success of the book may have had a lot to do with its appearing to overthrow the existing orthodoxy in favor of radical and fashionable ideas about social engineering. “But whatever the full explanation of the Keynesian cult,” Hazlitt concluded, “its existence is one of the great intellectual scandals of our age.”20 …”

ttp://www.thefreemanonline.org/featured/henry-hazlitt-and-the-failure-of-keynesian-economics/

Hayek on Keynes

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