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Noah and the Ark
Are We All Keynesians Now?
Long term we are all dead, said Fabian Socialist Cambridge Mathematician turned Economist, Baron John Maynard Keynes. My dear brave patient resource investor father passed this recent Thanksgiving Black Friday at 88.
http://www.time.com/time/time100/scientist/profile/keynes.html
Incidentally, Baron Keynes, whose fantastic economic theories are still applied by governments and global agencies from America to Japan to Zimbabwe, said of his work in 1927, We will not have any more crashes in our time.
http://en.wikiquote.org/wiki/John_Maynard_Keynes
President Richard Nixon uttered his infamous statement about US being all Keynesian’s now, after closing the international gold currency redemption window in August 1971.
That was a fateful 38 year generation after FDR made gold illegal in America and devalued the dollar 75%.
Without precious compass or precise rudder, markets traded on full faith in government credit since then. That faith may be slipping.
We are not all Keynesians or even Neo-Keynesians.
Beggar borrow economics may be most taught in most schools. They may still be practiced by government economists. They may be a shibboleth for those who believe they can make mathematical models of mind, money market to get something from the people with nothing, the money usury illusion.
But that does not make flawed academic economic theories work.
Nearly a billion people are hungry today according to the UN Food and Agriculture Organization, while global GDP recently surpassed $60 Trillion.
http://news.yahoo.com/s/nm/20081209/wl_nm/us_hunger_fao_1
Oh, the hubris turned to trepid shock as neo-Keynesian monetarists fail to resurrect economies built on deficit sand instead of asset rock.
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