/biz/ - Business & Finance

[Anonymous No.15804691]

Are we Keynesians because he said what we wanted to hear?

[Anonymous No.15804844]

>>15804691
He said what the politicians wanted to hear the piece of shit.

[Anonymous No.15804848]

Keynes was a pedo faggot

[Anonymous No.15804874]

>>15804848
Where is the problem? Now please, let's return to the main topic.

[Anonymous No.15804921]

>>15804844
This. Keynesian economics is basically "kick the can down the road" but eventually, you run out of road. That piece of shit has a lot of fucking blood on his hands.

[Anonymous No.15804922]

>>15804848
>she thinks males aren't all pedophiles

[Anonymous No.15804978]

Keynes' book was translated to German, in 1937, in the height of the Nazi era, and in the introduction to the German edition, Keynes wrote: “The theory of aggregate production, which is the point of the following book, nevertheless can be much easier adapted to the conditions of a totalitarian state than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire.”

The depression of 1920-1921, which was termed the “last natural recovery to full employment”, by economist Benjamin Anderson, where taxes and government expenditures were reduced and wages were left to adjust freely, leading to a swift return to full employment in less than a year42. The 1920 depression saw one of the fastest contractions of a recession in American history (9% in a 10-month period from September 1920 to July 1921), and also the fastest recovery. In other depressions, with Keynesians and Monetarists injecting liquidity, increasing the money supply, and increasing government spending, the recovery was slower.

[Anonymous No.15804991]

>>15804691
>>15804978
Why is it that the US has never suffered a financial crisis in the 19th century during the period when there was no central bank, except in the two instances when Congress had directed the Treasury to act like a central bank: during the Civil War with the printing of the greenbacks, and in 1890 after the monetization of silver? Thirdly, and most tellingly, how did the US manage one of its longest periods of sustained economic growth without any financial crises between 1873 and 1890 when there was no central bank at all, and the money supply was restricted, and the price level continued to drop?

As Rothbard explained, there is nothing inherent about the workings of a market economy that will create a persistent problem of unemployment. The normal workings of a free market will witness many people lose or quit their jobs, and many businesses will go bankrupt or shut down, for a wide variety of reasons, but these job losses will roughly cancel out with newly-created jobs and businesses, leading to a small number of people being involuntarily unemployed at any point in time, as was the case during the years in which the gold standard was not abused in the 19th century, and as was the case with Switzerland pre-1992. Only when a central bank manipulates the money supply and interest rate does it become possible for large scale failures across entire sectors of the economy to hit at the right time, causing mass waves of layoffs in entire industries, leaving a large number of workers jobless at the same time, with skills that are not easily transferable to other fields. As Hayek put it: “The cause of waves of unemployment is not “capitalism” but governments denying enterprise the right to produce good money.”

[Anonymous No.15805001]

>>15804991
>>15804978
>>15804691
Savings is bad in a Keynesian economics system because a Keynesian economic system is a ponzi scheme and requires constant spending.

In an Austrian system, if someone saves their hard earned money, the system doesn't collapse because the system is not a ponzi scheme.

[Anonymous No.15805167]

>>15804691
Keynes was a fucking retard

[Anonymous No.15805199]

>>15804991
>the US has never suffered a financial crisis in the 19th century
it did though, worse than the great depression

[Anonymous No.15805216]

>>15804691
>we

[Anonymous No.15805263]

>>15805199
>except in the two instances when Congress had directed the Treasury to act like a central bank: during the Civil War with the printing of the greenbacks, and in 1890 after the monetization of silver