Maynard Keynes Inventor of Quantitative Easing

[rodneyorondeaujr]

Governments change numbers up in the sellers banks reserve account at the fed when it spends and does the reverse when it taxes. Unlike us the users, the government has to spend its currency of issue before it can collect a tax liablilty in it. Can the New York subway system collect tokens before it spends them. No. It doesn't work the way you think it does and that makes people who do not know better dangerous.

[rodneyorondeaujr]

Skildesky is a smart man. Look, any government with a nonconvertable currency on a floating exchange rate will never run out of money. I know it feels natural to worry about the government debt but it is the issuer of currency. We are the users. BIG difference. The inflationistas would have you beleive that the government spends one way when times are good and prints money when things go bad. Not true. The government never prints money.

[Hunterkirk]

The State saved us from the depression.... LOL.... LOL... We are SAVED!!!! 16 % Unemployment, Record housing decline, and 14 Trillion National Debt... Yeah we are saved... LOL

[GnomesAmok]

@Hunterkirk

16%?

[Hunterkirk]

@GnomesAmok If you include those on unemployment with those who are no longer looking for employment... yes 16% or higher

[GnomesAmok]

@Hunterkirk

No longer looking for employment? Well thats bullshit. People not on unemployment are no detriment to the economy.

[Hunterkirk]

@GnomesAmok So you are claiming that the current 9.1% unemployment is fantastic? I bet you were one of those guys saying that unemployment was disastrous when it was on 5% under Bush. You man Obama has really improved it as we all know 9.1 is lower then 5

[freedomthrough]

@GnomesAmok They, more than people on unemployment benefits, are detriment to the economy.

[5thgeorge]

Keynes explained an economic phenomena, which until his publication in 1936 of the General Theory, could not be explained by any economic theory. That is he explained in that publication the reason that markets sometimes operate at less than maximum utilization, which although obvious classical economic theory denied. Keynes however did not advocate in any publication any of the policies currently utilized in attempting to controll the U. S. economy, and criticized Rosevelts pump priming.

[d1bx4pp]

If Barry Obama's and Labour's economic policy is Keynesianism then I'm a banana.

The PPE graduates in the media simply equate Keynes = spend, Hayek/Mises = don't spend. Both of these equations are wrong.

[temporaldisplacement]

Keynes theory applied to indebted nations = Dumb.

[GnomesAmok]

@temporaldisplacement

America was in debt when Keynes theory was applied the first time.

[temporaldisplacement]

@GnomesAmok And now america is in how many trillions of dollars in debt?

[GnomesAmok]

It doesn't matter, you enact a recovery and the debt gets payed down when the economy is better, not worse. Pretty simple, really.

[temporaldisplacement]

@GnomesAmok Are you predicting economic growth?

[GnomesAmok]

@temporaldisplacement

If they manage this shit properly, overhaul the regulatory system, raise the debt ceiling, create a few million more jobs then, yeah, OF COURSE!

[temporaldisplacement]

@GnomesAmok I'm up for all of the above. (with the exception of rasing the debt ceiling.)

[freedomthrough]

@temporaldisplacement As JM Keynes, Milton Friedman and others have pointed out, a deficit does not have to accumulate as extra debt. It can perfectly well accumulate as extra monetary base.

[temporaldisplacement]

@freedomthrough 1: Your first mistake was to quote Keynes on economics.

2: Deficit: deficiency in amount. [not to be confused with: 'extra' anything.]

[freedomthrough]

@temporaldisplacement 1. I guess you're a Hayekian hyperinflationist, then?

2. What?

[temporaldisplacement]

@freedomthrough 1: Pretty much.

2: Derp.

[bonfirejovi]

there has been non 're-introduction' of keynesianism. keynesianism was replaced by monetarists for a brief period in the 1980s, other than that keynesianism has been ruining the economy for 70 years. for any dissenter... stagflation... that is all.

[aviomaster]

Production is colomn for the strong economy with that comes savings = POWER ...