Creative Quotations from John Maynard Keynes for Jun 5

[stephenabm]

Keynes was not correct with his economic theories, Adam Smith's theories were good for having a sound economy.

[Huibon71288]

Loving the Economic Banter.

[nikolayzou]

This guy is so creative he creates money from thin air and now the world is suffering. Can we dig him up and kick the shit out of him.

[PrCleburne1828]

Keynes is living proof that a man can be simultaneously brilliant , and completely wrong in his theories .

[epmorris]

@PrCleburne1828 Keynes was brilliant and correct in his theories . The world economic crisis has its roots in Monetarism .

[mintoo2cool]

@PrCleburne1828 dude hes been dead for decades ...

[nikolayzou]

@mintoo2cool I still want to dig him up and beat the shit out of him.

[kkmarivate]

@PrCleburne1828 im not keynesian but keynes ideas weren't "completely wrong". even his opponents use keynesian maxims and methodology to justiy their research; this reinforces the notion that keynesian economics has its advantages at certain levels. but what keynes' detractors dont understand is that it was the application of keynesian economics that was wrong not his whole thesis. for a long time now its been easy to criticize keynes because he isnt alive to defend himself of modify his theory.

[kuzzlenuzzle]

@kkmarivate Plus his theories are the only ones in action, so *of course* all problems will be blamed on them.

I don't see anyone rushing to create a libertarian Hayek-esq state. Do that, see how it goes, then come back and weight Keynesian economic theory against it.

[waketheoblivious]

On animal farm it was Corruption not Capitalism that lead to the farms failure. The Federal Reserve is a private Corporation controlled by members of the World Bank. All ten Members of the World Bank are owned by Rauthschilds. If you do not know the history of the Jesuits and do not understand the term illumanati, do your homework and do it soon.

[soundmoneyfan]

keynes is the reason for all our problems right now, screw this guy.

[skellington93]

keynes is the guy to get us OUT of our problems right now, the abandonment of his ideas throughout the end of the 20th century is the reason for our problems right now

[soundmoneyfan]

haha, we didn't abandon Keynesian economics we just didn't listen to his warning when he said "If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer." Keynesian economics is a fraud that is based on deception. We need honest money, not credit growth! Wake up roob!!

[TimeWarp66]

@soundmoneyfan

hear hear!

[nocheenlatierra]

You want real economics? Don't learn it off youtube from douches who can't spell "baloney" correctly. Read a textbook or two.

[allgoo19]

Economics is one of those things the result speaks louder than anything else. If it doesn't show in the result, it should be reconsidered.

Criticizing the Keynes's theory is like criticizing Einstein's theory. People criticize it are not necessarily smarter than him but don't understand the theory but it only shows in the result.

[Elasaltaculos]

And that is why China and India, which has been moving towards capitalism in great part because of Milton Friedman, are going to be the great economic powerhouses of tomorrow. The west, heeding the advice of JM Keynes is headed for economic collapse.

Comparing Keynes to Einstein is like comparing Jim Cramer to Isaac Newton, I mean really.

[allgoo19]

Elasaltaculos:

Last 8 yr. US followed conservative economic policy (de-regulation, trickle down) then failed miserably.

Or did it follow Keynesian policy then got the failure as a result?

[Elasaltaculos]

Conservative my ass. Do you really think that the Bush administration was a conservative administration? they doubled the deficit, increased the size of the federal government and started a doctrine of preemptive war.

Keynesians supposedly deal with market bubbles by lowering taxes and increasing government spending. Not that Bush really lowered taxes, but it sounds to me like he is very much a Keynesian.. Obama is even worse, because he is increasing gov't spending and hiking taxes.

[allgoo19]

Elasaltaculos:

I don't think you have a clear understanding of spending temporally as a stimulus and permanently.

What W, Bush did was not stimulus spending, both military spending and stimulus to high income (thus trickle down, as they say). He wanted the tax cut to be permanent.

The idea of temp stimulus is to spend money to speed up the economy, once the economy starts moving, they'll have bigger tax revenue to pay off the debt.

[Elasaltaculos]

Nonsense. If you knew Keynesian economics, you'd know that he advocated government spending even if it were non-productive, just to keep people employed.

Do you really think that the United States can spend itself back into prosperity? More nonsense.

The only thing that will "speed up the economy" as you put it is to become productive again. In order for that to happen, we need government out of the picture, we need bad companies to go bancrupt so that the resources get reallocated

[allgoo19]

Elasaltaculos:

More companies goes out of business = more unemployed workers = fewer consumers = stores sales goes down = slow down the economy even further.

[Elasaltaculos]

Americans should not be consuming, Allgoo. That is the problem to begin with. Americans have been consuming too much and not saving anything.

You fail to see that the real problem is not the recession. It is the rampant credit-funded consumption. The recession (depression in my opinion) is a consequence of American's spending habits.

The economy needs a severe readjustment that should take place in the free market. Not by government mandate.

[allgoo19]

Elasaltaculos:

More saving= less money moving =slower economy

[Elasaltaculos]

Wrong. More saving = more lending to businesses = more productive economy.

[allgoo19]

Elasaltaculos:

It's not a good time to start a business when nobody's spending.

People will invest money only when they see the sign of the recovery.

The recovery has to come first.

As for the "Just wait and watch." strategy doesn't work. It can get worse and worse endlessly.

[Elasaltaculos]

You are damned right it is not a good time to start a business. However, when people actually have money in the bank, that means that people have the means to spend. They actually have money.

People charging money to their credit cards to buy shit that they dont need on the other hand, is one of the reasons we are in the current mess.

How do you know it doesn't work? The depression of 1920 was resolved by the free market. The great depression however, lasted over a decade, thanks to gov't

[allgoo19]

Elasaltaculos:

Having money to spend and not spending are totally different. To the stores, waiting for the customers that never come, it doesn't matter who has the money unless they are spending it.

No response to the video I posted?

[Elasaltaculos]

That is such nonsense. You are really dense.

So we should just print money and spend it at the store and suddenly the economy is up and running again? What the hell, why dont we use tree leaves and stones to trade, everyone would be rich and buy stuff then!!!

You obviously didn't understand that I said that the Japanese recession took over a decade to recover from. Great, let's have government prolong a recession for a decade. We only have..... 10 years to go.

[allgoo19]

Elasaltaculos:

Japanese recession lasted ONLY 10 yrs. because they reacted quickly.

Great depression didn't start in 1929, it started slowly in 1920, then lasted 20 yrs. In 1920's everything was following conservative idea, including the prohibition. They didn't react quickly until the real crash took place.

The great depression didn't have to go that long if they reacted quickly.

[Elasaltaculos]

HAHAHA, how creative. Now you are just pulling "facts" out of your ass.  I have yet to see one source that cited the beginning of the great depression as 1920,

There has never been a depression longer than that, quit making shit up.

You probably think that the New Deal actually helped us out of the depression too, dont you? You know, because slaughtering pigs and burning crops of cotton is such a great idea when people are starving and can't afford clothes...

[allgoo19]

Elasaltaculos:

I haven't seen any report says the recession in 1920 fully recovered. They had a short boom, just like before other recessions. I don't call it a recovery, unless it's sustainable.

It is strange to see that sitting president refused to be nominated for another term. The sign of the big crash was there, and he knew it.

By the way, according to conservative economic theory, spending makes the recession worse. Why it didn't in 1933 and in 1990 Japan?

[Elasaltaculos]

And like I said before, the depression of 1920 was over withina year and a half.

It is amusing that you spend so much energy trying to convince me that wealth is created by consumption, not production. In that case, you should go on a shopping spree and spend all your money. I mean, that is how you make money, right?

[allgoo19]

Elasaltculos:

That's how to get the economy rolling, not make one richer.

Individual savings make the economy stabilize but not get it rolling. There has to be a balance.

Imagine a world everyone spends no money, saving all of it in the bank?

[allgoo19]

Elasltaculos:

Great depression didn't start within a year, what you see is a spike. Other signs like banks losing bus. started happening way before withe exactly the same reason the banks going out of business today(speculative investment).

What you think of producing merchandise that nobody buys? Do they still make money? You must be joking. They lose money by over stocking the inventory. I'm guessing you have no experience of business?

[Elasaltaculos]

Speculative investment happen more than anything in a bubble economy. What do you think happened here in the US when people were buying houses that they couldn't afford because they thought that they'd be able to sell them at a profit in a couple of years? That is not speculation?

Producing merchandise that no one buys means that the merchandise is overpriced. Unless there is no demand for it at all, even dropping prices will not help sell them.  It is, and should happen to the chinese.

[allgoo19]

Elasaltaculos:

At first, you said "Production" without any other description, meaning, if you make anything, it'll sell.

Now you are saying it'll sell as long as cheap enough, some merchandise have no demand. You finally start making sense just like people with normal IQ.

You understand that when the economy is bad, the demand for the merchandise in general decrease. For the marketeer, harder to sell the products, don't you? Production without buyers help the economy get going?

[Elasaltaculos]

omfg dude. You are the one with such low IQ that you cdan not understand simple english.

Goods will always find a market if there is demand for them. You know, talking to you is so fucking tedious because you are so stupid, I mean really. You still dont fucking understand that other countries have money, we do not. Because we have been consuming beyond our means. We need to produce and export, not consume. consumption does not drive an economy production does

[allgoo19]

Elasaltaculos:

"Goods always find a market" is totally false.

"If there's demand for them" marketing people don't know that for sure. That's why there are far more failed products than hit products.

Everybody understands this even if they don't have real life marketing experience, except you.

"We need to produce and export." it's global economic slump now. Nobody's buying it. If this works, it should get better result when the economy is booming.

[Elasaltaculos]

How is it totally false? If you produce some a chair for example. If you put it out for sale and want $50 dollars for it and it doesn't sell, it doesn't mean that there isn't a market for it. It means that it no one is willing to pay $50 dollars for it. Sorry, you fail.... again.

The global economy is in a slump largely because there is a massive shift in purchasing power in the world. It has been transfering from the West to the East.

[allgoo19]

Elasaltaculos:

Your idea of "Production" is that it? Selling chairs when the economy is bad? You must be genius, but has no marketing experience. Your strategy in the bad economy is selling chairs? How dies it help the economy? Have you suggested that to the president yet?

"The global economy ....... to the East." Which countries of East you are talking about that have booming economy? It's the global recession(depression) and you didn't even know that?

[Elasaltaculos]

Don't fool yourself, China and India, along with several south east asian economies are growing.

They have been saing their money, and been stupid enough to let us borrow it. Several eastern countries, China, Saudi Arabia and Japan in particular, hold a lot of US dollars. Since we are undermining the purchasing power of the dollar, they are losing the money that they lended us.

But if the chinese started consuming what they produce and not selling us anything, they'd be just fine.

[Elasaltaculos]

Production of marketable goods, for you, who fucking fail to realize that things in the market need to have a demand because I didn't specify it.

You expect to go into details in less than 500 characters? get fucking real. Take a fucking class in economics and stop bugging me. I am fed up with your lamebrainedness.

[allgoo19]

Elasattaculos:

You know what sells, what doesn't before marketing? You must be genius! It's such a rare talent that you'll be in great demand. Why you have never been in marketing business with such rare talent then?

Oh by the way, if it's so obvious to you that the products will sell, there is a good chance, somebody else already doing it and you'll be in tough competition.

Remember, we are talking about selling product in the bad economy. That means there's a shortage of demand. Understand?

[Elasaltaculos]

Our economy is not in the shitter because there is a shortage of demand. It is because we have overconsumed to the point that even our creditors will not let us borrow money anymore. We have spent more than we are good for.

It is not lack of demand, it is lack of funds. And real wealth is not just printed and exchanged, it has to be produced. That the american cost of living has been artificially inflated by taxation and inflation doesn't help american goods in the global marketplace.

[allgoo19]

Elasaltaculos:

"Our economy is not......good for." Never heard of un-employment rate rising?

And how does this relate to selling chair? People who can't borrow money will by chairs only because somebody starts making chairs? lol

I can't believe what I'm hearing. Comparing what you are saying, one to another, there's no relation among them.

[Elasaltaculos]

I guarantee you that there is an overwhelming demand for food in Bangladesh, North Korea and several African countries. Are their economies booming because of it?

Every time someone starves, there is a demand for food. So why isn't that economy thriving?

I was using a chair as an example, to illustrate a good in a market. A chair is a good, is it not? Houses need chairs, do they not? Then there is demand.

[allgoo19]

Elasaltaculos:

"Production of marketable goods"

What goods you have in your mind?

[Elasaltaculos]

Coal, oil, natural gas, automobiles, arms, computer software, hardware, shoes, t-shirts, books, magazines, transporation, security services, gold, silver, platinum, palladium, architectural design, engineering design, education, reference books, reference software, lumber, chairs, tables, dining sets, insulation, construction materials, plastics, graphite, appliances, electronics, food, water purification products, recreational services, hospitality services, farm equipment, livestock...........

[allgoo19]

Elasaltaculos:

That's just about everything then.

You know we are in the middle of recession, all the companies are cutting their production because they can't sell their products. You should be able to understand this even if you have less than average size brain.

Increase the production>leads to over stock>sell it below the cost>company will lose money>company goes broke>bankruptcy>laying off workers>more un-employment>deeper recession.

[Elasaltaculos]

Name one American product that is produced to overstock that would not sell if the price was lowered.

If it is sold below cost, then it should not be produced to begin with. What you seem to forget is that the cost of living in the US is too high to begin with. That is because of government, not free trade. If we had free trade, our cost of living would be lower, therefore the cost of production would be lower as well.

You don't seem to understand anything an average sized brain could.

[allgoo19]

Elasaltaculos:

I'm starting to see this illusion you are having like if someone makes something, then take it to certain place, it'll start selling no matter what the product is.

I ask you one more time, do you have any marketing experience? Do you know how hard it is just to place your products on the store shelf? Your product at least has to be better than the competition, you have to have a superior marketing strategy than others, when people have money to buy. Then maybe it'll sell.

[Elasaltaculos]

I am not the one with the illusion. You are the one who is too stupid to understand what I am saying.

The fact remains that production of goods drive a market, not consumption. Without production there can not be consumption. How fucking hard is that to realize?

You dont have to be better than the competition. Never heard of comparative advantage? It is one of the basic concepts of economics.

Because you are clueless about economics doesn't mean I hav4e an "illusion".

[allgoo19]

Elasaltaculous:

watch?v=1N9-nt3xgls

Video above gives you some idea.

Japanese government spent $6 trillion to get it out of recession in 1990's. Now they are the second biggest creditor to the US.

[Elasaltaculos]

Yeah, but then again, Japan had a severe recession for over a decade.

It took them a decade to come out of a recession, and that is the example you want to follow?

Laissez-faire economics will be a painful implementation, but we would recover much faster.

Besides, Japan's manufacturing sector is in good standing, the US's is not. Our cars dont sell, our products are too expensive in the global market thanks to taxes and regulations by the government.

[allgoo19]

Elasaltaculos:

Another thing I want to point out, you are mixing up tax to riches and poor as the same thing.

Tax cut to the riches=more money goes to the bank. (less money moving)

Tax cut to the poor= more money goes to purchase. (more money moving)

[Elasaltaculos]

more nonsense.

Rich people keep most of their money in capital (means of production) and other assets. The fact of the matter is that government shouldn't be taxing the income of anyone, period.

Besides, who do you think employs more people? a rich person with a successful business, or someone barely making ends meet, buying bare necessities at the store?

How many poor people have you worked for? and if so, did they pay you well? didn't think so.

[Elasaltaculos]

Quite honestly, it is easy to see that you are the one who is out of touch trying to discuss economics, when you use terms like "trickle down", and do not even actually know what Keynesian economics is.

Also, that you think that we have a free market shows how out of touch you are with economics. The United States has one of the most heavily regulated and taxed markets in the world. That was true under Bush, and it is true under Obama.

[allgoo19]

Elasaltaculos:

What other economic recovery plans you have besides letting the companies go bankrupt?

[Elasaltaculos]

Economic recovery plan? There is no such thing. It is a lie that has been sold to you and millions like you to justify the goernment for taking your money and spending it. It is the justification for inflating the currency and destrying the purchasing power of the dollar, that is the "economic recovery plan".

The fact of the matter is that for the economy to grow again, new companies have to emerge. That can only happen if the old and unproductive ones go bancrupt and free up that capital

[soundmoneyfan]

Friedman was a fool who didn't understand money!  Rothbard was right!

[Elasaltaculos]

Well, calling Friedman a fool isn't quite right. But yeah, Rothbard is right, and from what I heard Friedman turned towards Austrian economics towards the end of his life.

I love Friedman, but his endorsement of central banks is where I parted paths from him

[soundmoneyfan]

The man and his wife wrote a wonderful about the monetary history of the US but the man didn't understand money. Monetarism is foolish. Milton pisses me off because he (and the Chicago school) is the poster boy for free markets for majority of this country and it puts people like me and libertarians at a disadvantage. He had a lot great one liners but I think he hurt the cause of people that advocate for free markets. I'm glad you don't endorse his documented view of money and central banks

[pthompson2010]

@Elasaltaculos when did friedman endorse central banks? If I know anything about him at all, he thought a central bank, such as the Fed is the most evil harmful thing you can imagine, Keynes economics requires a central bank, Friedman parted ways with Keynes philosophy decades ago

[Elasaltaculos]

It seems that way here:

watch?v=9V5OP-VmXgE&feature=Pl­ayList&p=7D32E460381CBA2F&play­next=1&playnext_from=PL&index=­2

His explanation of the Great Depression seems to indicate that he thought that the Central banks "did the wrong thing", as if they can ever do anything better than the free market. It seems to me that he genuinely believed that there was a legitimate role for central banks in the economy. I heard he parted from that view towards the end of his life. He also praised Greenspan

[EdMan2012]

keynesian economics is behind all of our financial and economic woes. Yet it's funny that we are all taught this phoney balogne in school.

You want real economics. You know, the type that predicted the mess we are facing?

Then google the Austrian School of Economics

The sh!t you will learn will blow your mind.

Keynsian economics = blue pill

Austrian economics = red pill

Vist:

campaignforliberty,com

click on the education link, then hit economics for a crash course.

[Elasaltaculos]

I agree with you. JM Keynes is however, the darling of the political class because he gives "economic authority" to their massive spending agendas.

Austrian economists are marginalized because they have the courage to speak the truth, even when it is bitter. That is the problem with economics and politics today, people do not like to hear the truth because it makes them uncomfortable.

[jampot92]

But i liked his quote "in the long run we are all dead"

[NetzKaiser]

Me too. I like it. Because it reveals his evil idea: "The important thing is that we are past, when the catastrophe starts after us."

And so his strategy is to better the present by means which confuse the issue.

[jampot92]

cool, I'm learning about him in economics

[EdMan2012]

don't believe whatever they're teaching you about keynsian economics. It's bullsh!t.

Vist campaignforliberty,com

click on education, then on economics.

Next time you're in class, you can be the smartass student who f*cks with the professor. You can counter their b.s. with real economics.

[oliversinhell]

Keynes was a facist !!!!!!

[phddddd]

I guess citing an ignorant remark from someone else deserves multiple quotation marks, for surely this could not be your opinion, so well-balanced and fair your history.