Maynard Keynes Inventor of Quantitative Easing

Report on the work of John Maynard Keynes, civil servant ,economist, member of the British Bloombury Group, inventor of quantitative easing in 1932 (money created by central banks from purchasing assets,treasuries and bonds ). Includes debates with British civil servant Lord Skidelsky who is also author of new book on Maynard's work and Liam Halligan, the Chief Economist of Prosperity Capital Management. Keynes economic theories have been re-introduced by Britain and America in the last year.

Category:

News & Politics

Tags:

• Britain
• England
• U.K.
• America
• Bloombury
• Group
• economics
• socialism
• liberalism
• John
• Maynard
• Keynes
• quantitative
• easing
• money
• credit
• bank
• treasury
• bond
• inflation
• unemployment
• depression
• recession
• Wall
• Street
• Stock
• market
• trade

[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.

[temporaldisplacement]

@freedomthrough 1: Pretty much.

2: Derp.

[freedomthrough]

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

2. What?

[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 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.

[freedomthrough]

@GnomesAmok They, more than people on unemployment benefits, are 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

[GnomesAmok]

@Hunterkirk

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

[Hunterkirk]

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